CEDER 2025 in review: Key Challenges in Romania’s Logistics and Retail Market

The “Sector-Specific Trends, Part 1” panel held at CEDER 2025 opened with moderator Silviu Stratulat, Managing Partner of Stratulat Albulescu Attorney at Law, describing the contradictory status of Romania’s real estate market. While the country, recognised as a “strategic logistics hub” with “a maturing retail market”, continues to attract investment and international interest, the real estate sector is currently navigating increasingly challenging and complex times.

A significant area of concern lies within the construction process. Claudiu Bisnel, Managing Partner for Brisk Group, highlighted fundamental issues impacting project delivery and quality, like “inflation that is seen in the volatility of material prices”, as well as “a shortage of labour”, compounded by significant delays in obtaining necessary approvals. Bisnel pointed out: “Bureaucracy in the permitting process is contributing to [a] three to six-month delay in the actual delivery of the project”.

Ioana Niculeasa, Head of Real Estate at NNDKP, identified delays and inconsistent application of regulations as key issues, particularly with urban planning documentation. She noted: “the zonal urban plan, […] [is] one of the matters that are very much delayed, due to the fact that the local authorities at [the] level of whatever administrative territorial units interpret in their own way the application of the urbanist regulations”. While a recent government emergency ordinance aims to simplify procedures and accelerate investments, its success depends on correct implementation by the relevant authorities.

The structure of the Romanian real estate market also presents challenges for potential new investors. Gijs Klomp, Business Development Manager at WDP Romania, explained that across various sectors, including retail, office, and industrial, there is a prevalence of long-term holders. This makes it difficult for investors seeking to build a substantial portfolio through acquisition. Klomp articulated this difficulty: “It’s very difficult for me to go to my investment committee and come up with a credible business case of rolling out in Romania. […] It’s not a constant flow of product that I could acquire to build up a meaningful platform, […] which is, I think, a disadvantage of the current market, broadly speaking”.

Broader economic factors contribute to the prevailing uncertainty, such as the exchange rate volatility, which, according to Geanina Ungureanu, Head of Retail at CPI Property Group, creates a cautious market environment: “Everybody, I feel, is in a standby mode right now, towards investments and so on”.

The imminent increase in VAT is also a widely anticipated challenge, a fact confirmed by all the panellists. Robert Ioniță, Group General Counsel for NEPI Rockcastle, confirmed the expected impact, stating, “There is going to be an impact. The question is how much […]: how much is going to be the increase and how is going to be the impact”.

Gijs Klomp noted that VAT is an “easy to collect” tax increase, but questioned whether the market, which he sees as “soft in reality”, will allow the cost to be passed on to clients. Mihai Diaconescu, Director at Logicor Romania, feels the VAT increase “will accelerate a little bit […] the downward trends that that we’re on”. Geanina Ungureanu pointed out the direct impact on ongoing construction and refurbishment projects, requiring recalculation of budgets.

As outlined by several members of the panel, the general economic climate in Romania leads stakeholders to currently adopt a “wait and see” approach.

Bulgaria’s AmonRa to build logistics hub

Bulgarian solar photovoltaic equipment supplier AmonRa Energy has started manufacturing structures for PV systems and electric vehicle charging (EVC) stations in the western town of Dragoman.

The company expects to begin construction of a new logistics hub in the northeastern city of Shumen by mid-2025. The facility will support operations in Northeastern and Central Bulgaria and will include commercial and storage spaces for rent.

AmonRa is promoting the use of direct current fast-charging stations for EVs, aligning with EU regulations mandating the expansion of publicly accessible charging infrastructure in proportion to the number of registered EVs.

IULIUS brings CINEPLEXX to RIVUS Cluj-Napoca

RIVUS Cluj-Napoca, the most extensive urban reconversion project in Romania and an investment upwards of half-billion Euro by companies IULIUS and Atterbury Europe, will include CINEPLEXX brand state-of-the-art cinema technologies.

IULIUS Group announces that CINEPLEXX ROMANIA will open a state-of-the-art multiplex cinema concept that will be integrated in RIVUS Cluj-Napoca, its latest urban regeneration project that is currently in the final permitting phase.

“By integrating Romania’s most premium multiplex cinema concept brought by CINEPLEXX ROMANIA into the RIVUS project, we are expanding the entertainment offer in Cluj, offering access to a top-notch cinema experience facilitated by the latest technologies in terms of sound, image, and viewing experience. Besides the 8 premium auditoriums including an IMAX® LASER system, a premiere for the country, CINEPLEXX also marks another premiere in the form of an open-air cinema that will accommodate both screenings and events in various fields. This component complements the diverse entertainment mix we propose for RIVUS, a project set to become a regional shopping and leisure anchor, as well as a lifestyle landmark. The project will include many novelties, as the vision for RIVUS aims to cover segments with potential in terms of leisure experiences for the entire family. The project is advancing at a quick pace, as we have already signed partnerships for more than 50% of the 142,000 sqm leasable area in the retail segment,” said Oana Diaconescu, Head of Leasing IULIUS.

Vastint awaits approval for large-scale residential development in northern Bucharest

Vastint is awaiting approval for a major residential development planned in the Sisești area of northern Bucharest. The project, which will be developed over 15 to 20 years, depends on the release of the Zonal Urban Plan (PUZ). The nearly 50-hectare site was acquired by Vastint in 2016.

The developer has revealed initial plans, which include a central park spanning 14 to 15 hectares—comparable in size to Cișmigiu Park. According to Antoniu Panait, CEO of Vastint, the park is intended to be one of the first elements of the project to be completed once the PUZ is approved.

The master plan includes facilities such as a private school and high school, as well as spaces allocated for a kindergarten, a public school, and potentially a state high school. Other planned amenities include a police station, swimming pools, and various services positioned around the central park.

“We are waiting for the approval of the chief architect, after which the project will be submitted to the General Council. We hope the process will not be delayed much further,” Panait said.

The project will be developed in multiple phases.

Source: economica.net

NEPI Rockcastle to complete Promenada Mall expansion in Q1 2027

The lease terms have been agreed for 68% of the area that the expansion of Promenada Bucharest will occupy, the opening of which is estimated for Q1 2027, according to NEPI Rockcastle.

The investor has been working for several years on the expansion of the Promenada mall, which upon completion will become one of the most expensive properties in Romania, with a value of almost EUR 500 million.

NEPI Rockcastle’s initial plan was to add a multi-storey building to the expansion of the Promenada shopping center, with an area of 58,400 square meters, of which 27,500 square meters were dedicated to office space. The company is now analyzing the option of including in the project a 4-star business hotel with approximately 200 rooms, which would occupy two and a half floors of the new building. Specifically, the office space will also be reduced to two and a half floors from the planned four.

The investment in this project is calculated at EUR 282 million, a large value also because it will have a seven-story underground parking lot with about 1,600 spaces.

Source: Profit.ro

Bucharest will have the largest golf club in southeastern Europe

Turkish businessman Metin Dogan is investing over 60 million euros in the development of the National Golf & Country Club, a golf resort whose first phase will be completed this summer. The National Golf & Country Club (NGCC) is presented as the largest golf club in southeastern Europe. Located in the commune of Niculești, Dâmbovița county, the club covers an area of 75 hectares and includes a golf course, as well as a residential complex consisting of 173 villas and 111 apartments.

“We wanted to build much more than just a golf course – we wanted to offer Romania an international landmark, a space that would combine sport, architecture, hospitality and community spirit,” says Metin Doğan, founder of National Golf & Country Club.

Source: Profit.ro

Hercesa Romania continues the development of Stellaris Residencias

Hercesa Romania announces the launch of the third building in Stellaris Residencias near the Steaua stadium in western Bucharest, part of the project’s first phase. In recent months, the company has completed and delivered the first building, which is already inhabited by new residents, and continued construction on the second building, which is in an advanced stage of development.

“We are confident that the Romanian residential market, the second most important in our international portfolio, will overcome the current period of economic and political uncertainty. We are beginning construction on the third building while simultaneously preparing documentation for the fourth phase,” said Alejandro Solano, CEO of Hercesa Internacional. “The Stellaris community is starting to take shape, with residents already living in the first building, and it will expand with the completion of the second building, scheduled for the end of this year,” added Alejandro Solano.

The third building comprises 112 apartments with one, two, and three bedrooms, with prices starting from EUR 112,100 + VAT and approximate usable areas ranging between 56 and 107 square meters.This new phase brings several innovations to Hercesa’s portfolio, including energy-efficient technologies: combinations of heat pumps, hybrid heating systems, and air conditioning units, smart-home systems and heat recovery equipment. Additionally, space will be allocated for an educational facility dedicated to children in the community. This facility will become operational upon completion of the fourth building.

Stellaris Residencias is located in an area with easy access to public transportation (tram line 41, Parc Drumul Taberei metro), parks, schools, and shopping centers. Each residential building will feature 3,000 square meters of green space, basketball courts, relaxation areas and playgrounds exclusively for residents.

Additionally, the project includes the development of its own educational and road infrastructure, including 2.7 kilometers of roads, a kindergarten, and a school for grades 1–8.

Lio-Metal opens new metallurgy factory in Galați

Lio-Metal, a Romanian company in the metallurgy industry, is officially opening a new production factory in Galați, built to replace its old facility. With an investment of approximately EUR 5 million, financed with the support of ING Bank, the new unit represents a strategic step in the company’s development and a significant move towards modernizing industrial processes, increasing production capacity, and strengthening its position in the national market.

“After 16 years of activity, relocating to a modern factory is a natural step that allows us to operate at higher technological standards, ensuring an optimized, energy-efficient production flow that is much better adapted to current market demands. We are proud to have built this greenfield facility, tailored to our current needs. It represents the expansion of our capacity and reinforces our quality and operational efficiency standards. We have invested significantly in technology and people, and today we are better equipped than ever to deliver reliable and competitive solutions. We continue to build responsibly, following a clear vision of sustainable and long-term development,” stated Ion Luca, Founder and CEO of Lio-Metal.

Covering over 7,000 square meters and equipped with modern machinery, the new Lio-Metal factory will have an annual production capacity of around 25,000 tons. Over the next two years, it will enable an increase of estimated 50% in the total production volume.

STC Partners secures EUR 20 mln financing from Banca Transilvania for Quartier Ferdinand

Real estate developer STC Partners has obtained financing of EUR 20 million from Banca Transilvania for the development of the Quartier Ferdinand residential complex, located in the center of Bucharest.

Quartier Ferdinand, developed on a 4,400 sqm plot, is the first residential project in Bucharest to be pre-certified as a ZEB (Zero Emissions Building). The complex offers 170 apartments, street-level retail spaces, exclusively underground parking, a unique rooftop recreation area, and a children’s playground.

“The partnership signed with Banca Transilvania reconfirms the quality of the Quartier Ferdinand residential complex and represents an excellent opportunity for the sustainable development of central Bucharest. Trust in STC Partners’ projects guarantees a sustainable vision successfully implemented by a results-driven team that delivers homes on time,” stated Adi Steiner, Managing Partner at STC Partners.

Launched in the fall of last year, Quartier Ferdinand has already sold over 50% of the entire project. Quartier Ferdinand, which will require a total investment of over EUR 35 million, is currently under development and is expected to be completed in the last quarter of next year.

Marriott expands in Romania and brings new brands

The Marriott International hotel chain plans to expand its portfolio in Romania, with the expected addition of five properties and over 550 rooms by the end of 2028. The company’s growth plans are also anticipated to introduce the Residence Inn by Marriott and Four Points by Sheraton brands to the country, while expanding its presence in five destinations across the country.

Among the important aspects of the company’s growth in Romania until the end of 2028 are:
• The planned opening of the Residence Inn by Marriott hotel in the Cosmopolis area of Bucharest, marking the introduction of the extended stay brand in the country.
• Early entry of the Four Points by Sheraton hotel with an opening in Cluj-Napoca, a city famous for its historical and archaeological heritage.
• The planned continued expansion of the Courtyard by Marriott hotel in the country, with scheduled openings in Timisoara, Sibiu and Calimanesti-Căciulata.

Marriott’s operations in Romania currently include six properties and more than 1,380 rooms in Bucharest and Cluj-Napoca. Brands currently present in the country include JW Marriott, Sheraton, Autograph Collection, Moxy Hotels and Courtyard by Marriott. Romania is also home to five brands in the Marriott Bonvoy portfolio.

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