BRD led banking consortium provides €190 Million loan to NE Property BV

A banking consortium led by BRD, together with UniCredit Bank and Garanti BBVA Romania, granted NE Property BV, part of the NEPI Rockcastle group, a revolving loan linked to sustainability objectives in the amount of EUR 190 million.

“This financing allows us to accelerate investments in projects that reduce the carbon footprint and contribute to the development of a more resilient community and a cleaner environment,” said Eliza Predoiu, CFO of NEPI Rockcastle.

This financing, structured as a “club loan” for a period of three years, with the possibility of extension for another two years, represents one of the most significant financings linked to sustainability objectives in the commercial real estate sector in Romania in 2025.

The transaction was legally assisted by the law firms CMS, which represented the banking consortium, and Dentons, which advised NEPI Rockcastle.

Cărturești to launch Romania’s largest bookstore at RIVUS in Cluj-Napoca

The RIVUS Cluj-Napoca project will include a new edutainment concept by the Cărturești brand – a lifestyle type format integrating cultural components along with educational, entertainment and leisure experiences. Thus, Cărturești will be an anchor brand for the RIVUS project based in Cluj-Napoca and will accommodate the largest bookstore in Romania, spanning a total area of 2,500 sqm laid out on two floors. In its concept-location, the bookstore chain will include a generous book offer, new brands of stationery items, home décor, toys and gifts, as well as a coffee shop, spaces for events, art exhibitions and for promoting Romanian designers.

“Through RIVUS, we promised an experiential project for the Cluj community, a destination for all categories of the public, one that caters to the locals’ need for development, socialization through culture and education, quality entertainment, and new experiences. Together with the Cărturești team, we will provide Cluj with a first-ever edutainment concept by scale and variety of proposed options. As every new project we develop is different from our other projects, the Cărturești concept in RIVUS will mark several premieres: bigger, more diverse, more exciting, a mixed-use venue set to encourage reading, as well as experiences, play and play-based learning, socializing, and artistic events. All of this in a unique and surprising setting that transports us in a world of pure imagination,” said Oana Diaconescu, Head of Leasing Retail for IULIUS.

CEDER 2025 in review: Legal and Lease Evolution in Romanian Real Estate

Romania’s real estate sector operates within a sometimes challenging legal and regulatory environment. Bureaucratic hurdles in the permitting process can cause significant delays. Adding to this is the challenge of local authorities sometimes interpreting urbanist regulations inconsistently.

Addressing these issues, Ioana Niculeasa, Head of Real Estate at NNDKP, highlighted a recent governmental effort: “It’s a government emergency ordinance […] that actually simplifies the measure in respect to urbanism and construction, and its aim is to accelerate real estate investments. […] So, they have enacted this emergency ordinance in order to […] give maybe more predictability, to give, let’s say, certain timelines. Because they saw the problem with the issuance of the permitting documentation and building permit.” The hope is that this “brand-new piece of legislation […] will be correctly implemented by the relevant authorities, and we will see the permitting process being accelerated and enabling an acceleration of the real estate investments in general”.

Parallel to regulatory changes, lease agreements are also evolving, particularly in the retail sector. Ioana Niculeasa observed the shifts since the pandemic: “the retail landscape has changed a bit, mostly after the pandemic. And everybody, I mean tenants and lenders together, they are aiming to find maybe more creative and flexible solutions, trying […] to enhance occupancy or to balance the risk”. This has led to practical changes: “in retail agreements, for example, there is a hybrid rent structure […], base rent and turnover rent. And this is pretty much a standard […] in shopping centres and in high street locations. More importantly […] the terms are no longer 10-year lease terms, […] they are shorter, the renewal terms are being more flexible. There are more […] midterm break options, in order to enable or to address the market volatility and the tenants’ opportunities as well”.

Furthermore, sustainability is gaining legal traction in leases. Ioana Niculeasa noted the rise of “sustainability link provisions […], the green lease agreements, they are gaining more legal weight. I mean, landlords and tenants are shifting the ESG responsibilities. Everybody speaking about waste management, about CO2 tracking, utility efficiency”.

In sum, the Romanian real estate legal and contractual landscape is actively adapting to market pressures and the need for increased efficiency and flexibility, from governmental efforts to landlords and tenants restructuring lease terms and embracing sustainability.

The Pavăl Brothers Launch Major Development Project in Bacău

Dragoș and Adrian Pavăl, the founders of the Dedeman retail chain, have unveiled plans for a significant real estate development in Bacău. The new project will rise on a plot of around 70,000 square meters in the Șerbănești district and involves an estimated investment of EUR 10 million.

A central feature of the future Dedeman Campus complex will be a modern 10-storey hotel designed to serve both tourists and the business sector. In addition to the hotel, the development will include two office buildings, each eight stories high, incorporating commercial spaces on the ground floor. Residential components will feature four apartment blocks with 11 floors, complemented by a shopping center, recreational areas, green spaces, decorative fountains, and a seasonal ice rink. The complex will also offer facilities dedicated to health and sports activities, aiming to transform the urban landscape along the banks of the Bistrita River.

To realize this large-scale project, the Pavăl brothers plan to acquire additional plots of land in the surrounding area. Supporting this initiative, the Bacău City Hall, under the leadership of Mayor Lucian-Daniel Stanciu-Viziteu, has already put two plots of 1,000 square meters each up for auction at a starting price of EUR 103 per square meter, responding to growing investor interest in the region.

eLog leased 4,000 sqm of warehouse and office space at CTPark Bucharest North

CTP announces that eLog, a Balkan-based provider of reusable transport packaging systems for the retail sector, has leased 4,000 sqm of modern warehouse and office space at CTPark Bucharest North. The facility will serve as eLog’s first operational hub in Romania and is dedicated to serving clients on the local market.

“CTPark Bucharest North is a logistics and industrial park that can accommodate the most diverse business needs—from warehousing to light production and office space. We are glad to welcome eLog into our growing community of international and regional clients and to support their sustainable business model in Romania,” says Viorela Olteanu, Business Developer at CTP in Romania.

“Romania is a key market for us, with growing demand from modern retailers for efficient and sustainable packaging systems. CTPark Bucharest North stood out through its modern facilities, strong infrastructure, and professional support from the CTP team. This location allows us to be closer to our Romanian clients and to build long-term partnerships in the local fresh food logistics sector,” explains Ognjen Lescesen, Managing Director eLog.

Equilibrium 2 achieves WiredScore Platinum certification for operational buildings

Skanska’s Equilibrium 2 building, already a pioneer as the first project in Romania to achieve WiredScore Platinum certification in the development phase, has now proudly received the same highest-level certification for an operational building.

WiredScore Certification for Occupied Buildings evaluates how effectively a building supports digital connectivity in real time. It assesses various aspects, including internet quality, infrastructure resilience, maintenance, and tenant experience.

“Skanska continues to lead the way in shaping Romania’s office market with bold, forward-thinking decisions that truly reflect what tenants value: reliable connectivity, digital resilience, and infrastructure that supports long-term growth. We’re proud to support Skanska on this journey, and to see Equilibrium 2 not only break new ground as the first WiredScore certified building in Romania, but also as the first occupied building to achieve WiredScore Platinum,” declares Brett Hartle, WiredScore Head of Business Development – Central Eastern Europe.

“We’re proud to take our WiredScore journey one step further by achieving the WiredScore Platinum for occupied Buildings certification, WiredScore’s highest-awarded mark, proving that our building meets exceptional standards for the quality of its wired infrastructure, resilience, and wireless network. This demonstrates that Equilibrium 2 consistently provides the digital performance that our tenants expect every single day. We continue to invest in smart infrastructure because connectivity is essential for how people and companies work, collaborate, and grow. This recognition is a powerful testament to our long-term vision for urban comfort and digital resilience,” Bogdan Cristian Voicu, Project Manager, Commercial Development Division, Skanska CEE.

Senator Ovidiu Jitaru expands his real estate investments in Bucharest

New PNL senator Ovidiu Jitaru is expanding his real estate investments in Bucharest, together with The Corner group, by acquiring the former headquarters of the German group Henkel, in the Floreasca neighborhood. The old headquarters is to be demolished and transformed into a block of flats.

Ovidiu Jitaru founded the company Elsaco in 1994, together with Valeriu Iftime, Petru Parfenov and Doru Popa, and now owns 20% of the group and is the vice-president of the board of directors of Elsaco.

His first real estate deal in Bucharest was carried out in association with the Urban Housing group, developer of the real estate brand The Corner. Together they invested approximately EUR 2.5 million in the restoration of the Popp-Bunescu House, on Calea Moșilor, which was completed last year, and the project was named The Corner Armenească.

Source: Profit.ro

HanmiGlobal from Korea enters Romania

HanmiGlobal, the largest South Korean construction management company, has entered the Romanian market. The company, founded in 1996, introduced the concept of project management to the Korean market and has become one of the global leaders in the field over time.

The company has over 3,000 completed projects to date, from large office buildings to industrial parks, residential complexes, logistics spaces or transport terminals.
One of the most representative projects is the Seoul World Cup Stadium, an arena with a capacity of 67,000 spectators built for the 2002 World Cup. The network is present in over 60 countries, including North America, the Middle East, Africa and Asia. In Europe, the company, with 1,500 employees worldwide, has offices in Hungary, Poland and the United Kingdom.

Source: Profit.ro

CEDER 2025 in review: The Crucial Need for Regulation in Romanian Residential Real Estate

While the Romanian residential market shows signs of resilience, experts highlight a lack of comprehensive regulation for developers and contractors. Panellists taking part in the “Sector-Specific Trends part 2” panel discussion held at CEDER 2025 argued that this absence of clear standards creates uncertainty and risks, particularly for end buyers.

Adrian Stoichina, Co-CEO & Partner at Prima Development Group, stated: “I think that the thing that is missing today in the Romanian market is that there is absolutely no regulation”. He elaborated that this allows anyone to buy land, get a permit, create marketing, and ask for money without a guaranteed outcome regarding quality. Stoichina argued that good projects are predicted by the experience of the developer and general contractor, not just marketing. He firmly believes that this situation “can be only sorted out by doing regulation in the market. And I think the market is mature enough to have regulation both for general contractors and for developers”, suggesting a system similar to the public sector, where previous experience is required for contracts.

Simona Guțiu, Founding Partner at the Notarial Office EQUITY, echoed this sentiment, emphasizing the need for legal certainty and buyer protection. She asserted, “I think we are in a stage where a piece of legislation is absolutely necessary. We cannot grow and grow without having a regulating market”. Guțiu highlighted a critical vulnerability: “I cannot accept from legal setup that the developer may establish a company with 1000 RON […] and start selling stories […]. So, a minimal equity, a minimal credential is absolutely required”. This lack of minimal standards leaves end users, who invest significant lifetime savings, unprotected.

Beyond developer credentials, other regulatory aspects were discussed. Yannick Van de Parre, Country Manager at Speedwell, described the hurdles within the permitting process, noting: “I think the most challenging thing with permitting currently in Romania is that you need to go yourself to all the different ministries […] and that they all have different opinions”, and contrasting this process with more centralized systems in other European countries.

Victor Terheș, Sales Director at Bellemonde, pointed to the impact of upcoming regulatory changes like the P100 and P118 norms, calling them “truly game changer in the residential development” and affirming that they will fundamentally alter projects and likely increase prices.

While the built-to-rent sector already offers significant tenant protection through valid contracts, Luciana Giurea, Head of Residential at AFI Europe Romania, believes legislation will for sure adjust accordingly, as the market grows. She followed this up by noting that established developers with strong backgrounds, like AFI, are less concerned by potential regulation.

In conclusion, experts agree that, while the market itself may be resilient, stronger regulation is needed to ensure developer and contractor credibility, streamline processes like permitting, and provide essential protection and legal certainty for buyers.

Pandora jewellery brand moves its Romanian office to Business Garden Bucharest

Vastint Romania has concluded a new lease agreement with Pandora, world’s largest jewellery brand, who is relocating its office to Business Garden Bucharest.

Pandora is the world’s largest jewellery brand, specialising in the design, crafting and marketing of accessible luxury jewellery made from high-quality materials. Pandora jewellery is sold in more than 100 countries through 6,800 points of sale, including more than 2,700 concept stores.

“As Pandora approaches next year its 15 year anniversary in Romania—one of the key markets in CEE—we decided to establish a new Romanian headquarters that will significantly propel our long term growth ambitions. We selected Business Garden Bucharest because of our shared commitment to sustainability, much like Vastint. At Pandora, exceptional jewellery quality, strong business performance, and high ethical standards are deeply interconnected. We meticulously craft our jewellery with respect for resources, the environment, and people. Within the last five years, Pandora has significantly reduced its CO2 emissions while delivering strong organic growth, and the company’s crafting facilities are powered by 100% renewable energy and recycles 99.8% of the waste. The company crafts all its jewellery using 100% recycled silver and gold, and it has introduced Pandora Lab-Grown Diamonds, which have a carbon footprint that is 95% lower than mined diamonds”, said Florina Madalina Floricel, Country Manager Pandora Romania&Hungary.

Business Garden Bucharest, located in the Orhideea-Grozavesti area of Bucharest, has a rentable area of 43,000 sqm and tenants such as Sparkware Technologies, Sanamed, Regina Maria, Ikea, Schindler, Tchibo, Vel Pitar, Rail Cargo, Saint Roastery.

The rental transaction was facilitated by CBRE Romania.

“We’re delighted to have partnered with Pandora on crafting their real estate vision. Business Garden Bucharest provides an ultra-modern workspace, enhanced by lush greenery and state-of-the-art facilities, perfectly aligned with Pandora’s values and ambitious goals. Our collaboration with Pandora and Vastint is grounded in honesty, transparency and a shared commitment to sustainability. It’s truly a privilege to work with an iconic brand that promotes accessible and more sustainable luxury”, declared Anca Păuna, Senior Consultant CBRE Romania.

“We’re excited to share that Pandora, world’s largest jewellery brand, has become the newest member of the Business Garden Bucharest community. Their arrival enriches the vibrant mix of international names in this dynamic office complex and highlights the strong appeal of our workspace. We’re also in advanced talks with several other high-profile companies, responding to growing tenant demand. The first half of the year has been incredibly active for us”, declared Dorin Caplea, Leasing Manager Vastint Romania.

Vastint’s office portfolio will expand with the upcoming Timpuri Noi Square 2 project, set for completion in Q4 2026. This development is the biggest from the few office projects under construction in Bucharest. The additional area of the Timpuri Noi Square 2 will total an estimated GLA of more than 60,000 sqm and will include two new office buildings, resulting in a doubling of the available office and commercial spaces within the Timpuri Noi Square complex, up to 112,000 sqm of GLA.

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