ROMANIA PROPERTY CLUB

Leading Sustainable and Innovative Real Estate Development in Romania

RPC Talks with Mariana Garștea, Sixense România
RPC Talks with Mariana Garștea, Sixense România 2560 1999 ROMANIA PROPERTY CLUB

RPC Talks to Mariana Garștea

Director General, Sixense România

Profile of the company

Sixense Romania is a company that provides technologies, solutions and expertise related to the monitoring of structural and geotechnical risks associated to the built environment.
The company is part of Sixense Group, the global leader of this industry, and has been established in Romania for more than 14 years. During this period of time, it has run complex monitoring projects during both the execution and the operational phase of construction and infrastructure projects.

What were the main business results for 2024?

In 2024, we exceeded the threshold of 1.4 million euros from services related to monitoring the behavior of buildings over time. We estimate a healthy, sustainable growth for this year as well.

Regardless of volumes or figures, maintaining high standards of quality is and will remain our priority, especially in an industry like ours, where, unfortunately, things are not always done by the book or with the necessary expertise. Therefore, we always balance business results with how we manage to bring specialists into the team and with the investments we make to improve certain processes and standards.

What are the company’s business targets and plans for 2025?

Our plans for 2025 focus on several directions. On one hand, we wish to strengthen our presence in the western part of the country, thanks to the opening of our second office in Cluj just last year.

On the other hand, I want us to continue confirming our position as the leader of the building behavior monitoring industry, a position we have earned through many years of work and achieving our goals at the highest standards.

As before, our plans include collaboration with public authorities on critical infrastructure projects, the continuous development of our team of specialists, and the integration of real-time monitoring solutions whenever the project context and objectives require it.

What role do you think technology and smart building solutions will play in shaping residential and commercial developments in 2025?

I believe technology already plays an extremely important role, at least in what we do. We are advocates for digitalization and modern geotechnical and structural monitoring solutions – something we’ve been doing for many years. Of course, as I always say, the introduction of technology requires at least several favorable factors: 1) openness from all players involved in a construction project, 2) the necessary education and professional skills to allow us to use it to its full potential, and 3) the know-how to understand when technology should be integrated, when it truly serves the project, and when it’s more about technology for the sake of technology.

As we use it, however, technology has long entered the realm of geotechnical and structural monitoring and provides us access to transparent, real-time data, alerts when safety thresholds are exceeded, and the visualization of the bigger picture that enables responsible, informed, and efficient decision-making.

What economic pressures (e.g., inflation, material costs) or regulatory changes do you anticipate impacting the market in 2025, and how is your company preparing for them?

The measures taken for the beginning of this year – I’m referring here to the elimination of fiscal facilities in the construction industry – are already putting pressure on everyone. It’s not at all easy to maintain the level of quality we want at Sixense Romania, which also involves constant investments in professional development, technology, and better processes, in this context.

But if I were to take it a step further, the changes we’re looking at for 2025 are more related to the adoption of the new CATUC (Code for Territorial Planning, Urbanism, and Constructions), which we’ve been waiting for some time now – and which should clarify and unequivocally define how the monitoring of building behavior over time is done.

Otherwise, strictly related to regulatory changes, the industry we are part of has an anomaly: I believe we already have the legislative framework and quality standards to successfully complete our work, we just need to truly adhere to them. We’ve been ready for all of this for a long time, and we hope the market itself will move closer to the same mentality in 2025.

RPC Talks with Sebastian Mahu, IULIUS
RPC Talks with Sebastian Mahu, IULIUS 2171 2560 ROMANIA PROPERTY CLUB

RPC Talks to Sebastian Mahu

Head of Asset Management, IULIUS

Profile of the company

IULIUS Company is the only developer and operator of mixed-use urban regeneration projects in Romania, with more than 20 years of real estate experience and operating in four major Romanian cities, namely Iași, Timișoara, Cluj-Napoca, and Suceava. To date, the value of IULIUS investments exceeds 1.2 billion euros.

What were the main business results for 2024?

Our 2024 results for the retail segment were similar to those in 2023, when we achieved a 140 million Euro turnover. Across the network, we achieved 8,8% more sales and 3,5% more footfall.

It has been a good year for fashion retailers, including those specializing in men’s fashion, who have recorded increases of up to 30% in some IULIUS centers. Similarly, some footwear retailers saw sales grow by as much as 24%. Jewelry stores performed well, with increases of up to 27%, as did cosmetic stores, which saw a rise of up to 15%. Customers, especially women, are investing more in beauty services, which is reflected in the figures from certain centers, with network-wide growth exceeding 40%.

A trend confirming that customers increasingly seek entertainment facilities when visiting malls has also been reflected in the numbers, with such operators registering increases of up to 25% in some Iulius centers across the country. The food & beverage segment also saw record-breaking performance, with some partners reaching sales of up to €5,000 per square meter per month over several months.

Palas Iași stands out with the best sales results in our group in 2024, achieving a 10% increase compared to 2023. We have started an extensive remodeling and transformation process for this mixed-use project, which will allow us to increase the leasable area up to 80,000 sqm and address international brands’ demands to enter the shopping center, while also including several other entertainment formats and uses.

Also, in 2024, across our network, we inaugurated 65 stores and over 140 island-type units. If we consider the total mall space that has been reconfigured to accommodate these new stores – approximately 22,000 sqm – we can say that, in 2024, we effectively opened a new mall.

As such, we opened themed restaurants, as well as fast food joints, new entertainment concepts, and fitness centers. However, the most exciting dynamic was in the fashion area, so we focused on attracting the brands that are highly anticipated by our clients. This led us to sign the two largest leasing transactions of 2024 in Romania, namely Primark (3,800 sqm) and Lefties (5,000 sqm) which opened in Iulius Town Timișoara and are performing well above expectations. Considering our 98-99% occupancy rate, it was truly a challenge to identify additional GLA to allow us to accommodate these brands. For example, the leasing team reconfigured 14,000 sqm in order to open the two department stores in Iulius Town.

The grand opening of these stores and our focus on events have reflected in the figures, making 2024 a very good year for Iulius Town Timișoara, drawing 11% more footfall compared to 2023. Here we have consolidated what is, to the best of our knowledge, the largest retail area in Romania: leasable area upwards of 190,000 sqm, of which 108,000 sqm in the form of retail space. We strived to create a complete shopping component including all the fashion anchors in Romania, as well as a wide and diverse range of restaurants and coffee shops, sports and wellness venues, necessary services, as well as entertainment options.

As a first in our mall network, at Iulius Mall Iași, which is located in the heart of a student campus, we inaugurated the region’s first common area coworking space last year. This space has been highly popular among both students and freelancers.

The Family Market convenience shopping centers that the company developed in the metropolitan area of Iași have also achieved good results. Both projects have consolidated their market presence, reporting an increase in sales by approximately 45% in the second year as of their grand opening. We are delighted that retailers have seen the same development potential as we did on the outskirts of Iași and have brought first-to-market formats, such as Stay Fit, who opened the first gym in Miroslava Commune in 2024, as well as dm-drogerie markt, who opened their first store in this area.

In the office segment, in 2024, IULIUS signed groupwide leasing agreements for 53,200 sqm of a total 242,000 sqm of office spaces developed in the country, and more than 50% of such agreements are concluded with new partners. The office occupancy rate across our network is between 98-100%. One of last year’s standout transactions was a partnership with a new client from the IT sector (product development) for an 8,500 sqm space in Cluj-Napoca. To our knowledge, this is the largest transaction outside Bucharest in 2024. Also in Cluj, last year we signed contracts for 20,000 sqm out of the total 30,000 sqm covered by the three office buildings developed by IULIUS in the city. Of this, 13,000 sqm were new lease agreements. Notably, the transactions signed by IULIUS accounted for 50% of the total leased office space in Cluj-Napoca in 2024.

What are the company’s business targets and plans for 2025?

Our long-term plans focus on two directions. The first is to maintain the regional leader position of the Iulius Mall network by optimizing the tenant mix, adding new experiences and entertainment uses, as well as through various redesign, modernization, and expansion works.

Thus, one of the Iulius Mall network milestones in the first half of this year will be the completion of the expansion works for our mall in Suceava. Following the 40 million Euro investment in this expansion, the mall will have the largest retail area in the north of Romania, upwards of 60,000 sqm. The exciting new highlights will include: first to region stores by international fashion brands like Lefties Digital Store, Stradivarius, Reserved, Cropp, Mohito and House, restaurants, coffee shops, ice cream parlors, drive thru locations, a gym, green spaces, and additional parking spaces.

The IULIUS centers are not just about shopping, but rather about experiences. Therefore, we are looking into various stores concepts and entertainment, edutainment and dining formats that we could bring into our developments in the upcoming period, both in the Iulius Mall network, and in Palas Iași and Iulius Town Timișoara.

Over the last decade, IULIUS has developed mixed-use urban regeneration projects, and we want to remain committed to this type of investment. Starting from 2025, our company marks a new strategic development stage and will collaborate with Foster+Partners, one of the most innovative and world-renowned architecture firms, for the redesign of Palas Iaşi and for the new mixed-use project in Constanța.

The reconfiguration of the Palas Iași will be an extensive process, carried out in stages starting this year. Foster+Partners is reimagining the multiple uses in the complex – experiences, retail, food, and park – focusing on reconfiguring and optimizing the existing spaces to expand the retail area up to 80,000 sqm GLA.

The project will be redesigned and upgraded in order to address the demands we have from several international retailers. This includes brands that want to access the Iași market, in the mass market and premium category, as well as the anchor brands that already operate in Palas that want to implement their latest store formats. Furthermore, we will also add several entertainment options and dining concepts, and this update will consolidate the market position that Palas holds as the best performing project outside the Capital.

In Constanța, we are planning a large-scale urban reconversion project, entailing an investment upwards of 800 million Euro. The project targets the Oil Terminal platform, which will be completely decontaminated and reconnected to the rest of the city, in a modern, vibrant, and sustainable urban environment. The concept proposed by Foster+Partners offers a vision for the redevelopment of this area, now completely isolated from the rest of the city, transforming it into an attractive urban hub with integrated functions that will support the economy, tourism, and social life. The project will revitalize Constanța City and strengthen its status as a strategic economic, social, and cultural hub, while also contributing to its regional and national competitiveness.

Also, a major focus in 2025 and the upcoming years is on continuing our ongoing development project in Cluj. The urban regeneration project in the heart of Transylvania (an investment upwards of half billion Euro) is further along in the development process, in that we are expecting to obtain the building permit this year, after the Local Council approved the urban zoning plan (PUZ) back in 2024.

What are the main challenges and opportunities for the office and retail markets in 2025?

2025 will certainly be a challenging year for business. The office and retail markets will also be impacted, as will other industries, by certain fiscal changes in our country, as well as by what will happen at a global level. However, it is too early to make any projections. Besides this, solid companies in Romania that have already sailed through several difficult moments also have the required know-how to manage potential turbulence.

From our perspective, the office market in the three cities where we operate (Iași, Cluj, Timișoara) is somewhat stable. Given the lack of deliveries in terms of new office space, the upper hand goes to the energy efficient, green certified modern buildings that are already developed, located in well-connected, central areas, and especially in proximity to various facilities required by the employees.

We believe that last year’s trends will continue in 2025, in that clients are particularly seeking office spaces with smaller areas and allowing for potential short or medium term growth. Similar to 2024, we also expect to see requests from industries other than IT, such as financial services, marketing, healthcare, etc.

Our office network has a 98-100% occupancy rate, so we are focused on finding solutions to our current partners’ requests, whether in relation to additional office space, premises reconfiguration or remodeling, in the context of the dynamics we see within the companies in the Unites Business Center office buildings. Many are pushing for employees to return to the office and gradually phasing out remote work, while others have their employees fully back to the office, which means they are focused on remodeling their existing premises to best address the changes in their organizational culture and the need for direct team collaboration.

The retail market continues to show growth potential and an appetite for expansion both from developers and from major international chains that either want to access the Romanian market or have recently started to expand in the main cities here. Naturally, their first step is to look at the best performing shopping formats on the market, which poses the challenge to be creative and identify additional GLA.

Clients pay increasing attention to the quality of services and how these support their need for convenience; they want a streamlined purchasing process, ergo the need to implement in-store digital solutions, and ultimately make the buying decision based on the price-to-quality ratio. They also want shopping centers to include as many leisure experiences as possible, so in 2025 developers should continue to focus on bringing new food & beverage options, entertainment and edutainment concepts for children and youth, as well as events and activities for diverse target audiences.

Which secondary cities in Romania are expected to see significant office & retail space development, and what factors are driving these expansions?

Markets such as Cluj and Constanța, where we are currently developing investments, certainly have major growth potential, and the mixed-use concepts we wish to implement are complex and integrate multiple facilities in areas that are either insufficiently or not at all tapped in these cities. Iași and Timișoara remain abundant in terms of their offers, particularly with the leisure facilities that people in different age and income groups want to access.

In Cluj, the market research we have conducted for RIVUS revealed certain gaps in the retail area, particularly in segments such as premium retailers, entertainment, major anchors, and services. We were glad to see the project be embraced so enthusiastically by retailers wishing to operate here, so in this initial phase we have 50% of partnerships agreed upon for the retail component, which will have a 145,000 sqm leasable area and is set to become the largest retail area in Romania. However, RIVUS will be more than just retail, as we will integrate many features that are currently missing in Cluj: the first live arts center and the first auditorium integrated in a real estate project; the first Jumbo store din Cluj (8,000 sqm); entertainment centers for all ages, including the Hype Arena concept; first-to-region cutting edge cinema technologies and an open air cinema; fresh market; a DIY anchor; more than 30 new concept-restaurants and coffee shops overlooking Someș River, and a park spanning more than 5.2 hectares. The project will also include 15,000 sqm of premium office spaces.

The project in Constanța will be our most extensive one to date, and our goal is to provide the local community with a useful project that is accessible to all, combining mixed uses, and set to become a regional business hub, as well as a year-round destination for all categories of the public. The investment will feature various facilities, making it a year-round attraction: office, retail, entertainment, educational and cultural facilities, retail park, botanical garden, public facilities, Aqua Park, coffee shops and restaurants, a fresh market, etc.

How will Romania’s economic outlook, labor market trends, and regulatory changes affect office space absorption rates and new project launches in 2025?

We could only speculate for now, but we believe that the effects will be felt in the second half of the year. We are closely monitoring what is happening in the market, the decisions that could also impact us, we maintain a continuous dialogue with our partners and, as mentioned earlier, we strive to provide them with the support they need. We believe that standalone office developments, located in peripheral areas or in areas that are less attractive for companies are the most vulnerable.

We have an office space network with a solid market position and central locations, with buildings that are included in mixed-use projects, with occupancy rates reaching almost 100% and long-term partnerships. Furthermore, we have a solid portfolio of (mainly multinational) companies in various industries, that have grown organically in our networks, and their know-how and management make them much more resilient to disruptions with economic impacts.

How is the demand for retail spaces expected to change, particularly between high-street locations, shopping centers, and retail parks across urban and rural areas?

As I was saying, Romania continues to be attractive for developers and retailers alike. If we look at the evolution of retail space stocks in our country, we can see that developers have focused on retail park centers addressing the need for convenient services, developed either in metropolitan areas of major cities (as is the case for Family Market), or in tertiary cities in Romania. Then, developers have ramped up investments in mixed-use projects, understanding that the future belongs to large-scale centers where leisure facilities gain an increasingly larger share in the tenant mix, anchored by parks and including office and residential components. We believe that this will also be the dominant trend in the period ahead.

RPC Talks with Dana Bordei, VGP România
RPC Talks with Dana Bordei, VGP România 2560 1707 ROMANIA PROPERTY CLUB

RPC Talks to Dana Bordei

Commercial Country Manager, VGP România

Profile of the company

VGP is a pan-European developer, manager and owner of high-quality logistics and semi-industrial real estate, operating in 18 European countries.
VGP operates a fully integrated business model with capabilities and long-standing expertise across the value chain, from land acquisition to development and asset and property management.
With origins as a construction company, today VGP’s strategic focus is on the development of large multi-tenant business parks.

What were the main business results for 2024?

In 2024, VGP achieved significant milestones, meeting our business targets and consolidating our position in Romania. Highlights include:

  • A 53,000 m² building in VGP Park Brașov, the largest in our portfolio, leased to ILS Balkan and recognized as the ‘Best Warehouse Development & Developer of the Year.’
  • A 20,000 m² space in VGP Park Timișoara leased to Continental Tires for tire storage.
  • Construction of a 20,000 m² production facility for VAT Romania in VGP Park Arad, set for delivery in 2025. VAT Group is a renowned developer, manufacturer and supplier of high-performance vacuum valves, critical components for advanced R&D and production processes of semiconductors, LEDs, solar cells, displays and other products requiring high vacuum.

What are the company’s business targets and plans for 2025?

For 2025, VGP aims to finalize projects in strategic locations like Bucharest, Arad, and Brașov, attract new tenants from diverse and innovative industries, aligning with market trends. VGP will continue integrating green technologies, such as heat pumps, as a standard in our developments, strengthen partnerships to respond quickly to market demands and maintain our role as a “one-stop shop” for clients.

Additionally, Romania’s integration into the Schengen Area in 2025 will boost the logistics sector, and VGP is well-positioned to capitalize on this opportunity by developing projects in key locations that benefit from enhanced infrastructure and regional market connectivity.

What are the main challenges & opportunities for the logistic & industrial market in 2025?

Near-shoring strategies are becoming increasingly important in the logistics and industrial market due to global supply chain disruptions. Companies can innovate, enhance efficiency, and stand out in a competitive market by embracing green technologies and prioritizing near-shoring.

For VGP, sustainability remains at the core of our strategy. By integrating eco-friendly solutions, such as heat pumps and photovoltaic systems, we aim to meet the growing demand for energy-efficient and modern logistics spaces.

Additionally, we are actively contributing to the reindustrialization of Europe by providing industrial companies with prime-located, efficient premises that support their operational needs. A strong example is our collaboration with VAT, a leading supplier of high-performance vacuum valves, which is establishing a new facility in VGP Park Arad.

Which regions are expected to see the highest demand for new industrial & logistic developments? Which areas in Romania are positioned to become major logistics hubs by 2025, and how will proximity to regional markets and infrastructure upgrades (e.g., roads, rail, ports) play a role?

Romania’s strategic position as a logistics hub in Central and Eastern Europe continues to attract significant investments. In 2025, regions such as Arad, Timișoara, Bucharest, and Brașov are expected to experience the highest demand for industrial and logistics developments.

Key factors include:

  • Proximity to transportation hubs: Improved infrastructure such as highways, railways, and ports facilitates efficient logistics operations.
  • Schengen integration: Romania’s 2025 inclusion in the Schengen Area will eliminate border controls, reduce transport times, and enhance connectivity to European trade routes.
  • Local economic growth: Infrastructure upgrades and foreign investments make these regions attractive for businesses looking to expand near major markets.

VGP’s strategic projects in these areas leverage these advantages, ensuring that our developments are positioned to support Romania’s transformation into a key logistics hub on the European map.

RPC Talks with Tatiana Fiodorov, Fiodorov & Partners
RPC Talks with Tatiana Fiodorov, Fiodorov & Partners 1668 1734 ROMANIA PROPERTY CLUB

RPC Talks to Tatiana Fiodorov

Managing Partner, Fiodorov & Partners

Profile of the company

Fiodorov & Partners (“AFP“) is a law firm composed of a team of persevering professionals whose experience is embodied in a package of legal services designed to meet all customer requirements efficiently and in compliance with the highest standards of competence. The expertise of AFP lawyers includes structuring and negotiating transactions, but also representing clients before the courts and public authorities.

What were the main business results for 2024?

In 2024, AFP achieved significant milestones, reinforcing our position as a key player in the Romanian real estate sector. We successfully expanded our team, further strengthening long-term client relationships built over the years. Our financial performance reflected this progress, with a notable increase in profitability. Given the dynamic regulatory landscape, we remained proactive in monitoring and swiftly implementing legislative changes to ensure compliance and operational efficiency. Our legal advisory team played a crucial role in navigating these complexities, providing strategic guidance to safeguard our clients’ interests in an evolving market.

What are the company’s business targets and plans for 2025?

Looking ahead to 2025, AFP aims to further solidify our market position by maintaining the highest standards of legal expertise and client service. Our primary objective is to ensure the successful continuation of ongoing real estate projects, recognizing that the permitting process begins well before construction and operation. This requires heightened diligence from our legal team to navigate the evolving regulatory framework effectively.

At the same time, we are committed to launching initiatives that contribute to local communities, reinforcing our dedication to social responsibility. A key focus will be supporting young students in their professional development, providing mentorship and legal education opportunities.

Despite economic uncertainties and geopolitical challenges, we remain confident in our firm’s resilience. We anticipate sustained demand for legal expertise in real estate and regulatory matters, positioning AFP for continued growth and an increase in revenue, even in a complex business environment.

What are the most significant legal and regulatory changes impacting the Romanian real estate market in 2025, and how should developers and investors prepare for them?

In 2025, several significant legal and regulatory changes will shape the Romanian real estate market, requiring developers and investors to adapt their strategies accordingly. One of the most impactful developments is the introduction of fiscal changes effective January 2025, including amendments to the Fiscal Code. Notably, the implementation of the Pillar Tax is expected to have substantial implications for the industrial sector, affecting investment decisions and financial planning. Additionally, the ongoing systematic registration process in multiple administrative-territorial units presents both opportunities and challenges. While this initiative aims to enhance property records and legal certainty, it also raises concerns regarding ownership rights. Overlapping property claims resulting from registration inconsistencies could create legal barriers to project development, necessitating thorough due diligence and proactive legal intervention.

Which areas or segments of the Romanian real estate market (residential, commercial, industrial) are facing the most legal complexity in 2025?

In 2025, the Romanian real estate market continues to face legal complexities across multiple segments, with distinct challenges emerging in residential, commercial, and industrial developments. From a local perspective, Bucharest appears to be increasingly constrained in the residential sector. The recently passed referendum in the fall, along with the centralization of traffic approval procedures, has significantly impacted urban planning and permitting processes. These regulatory hurdles are likely to delay or even block new residential developments in the capital. At the same time, we are witnessing substantial permitting challenges in the renewable energy sector, particularly for large-scale projects requiring zonal urban plans. The forthcoming Urban Planning Code is expected to provide much-needed clarification and restore a balance of decision-making power, but its impact remains to be seen. The commercial sector is also vulnerable, as expansion strategies depend heavily on Romania’s overall economic climate. Uncertainties surrounding economic growth and consumer demand could influence investment decisions, making legal due diligence and risk assessment more critical than ever.

International fashion brands Lefties and Stradivarius to open in north-east Romania: the latest store concepts in Iulius Mall Suceava!
International fashion brands Lefties and Stradivarius to open in north-east Romania: the latest store concepts in Iulius Mall Suceava! 1600 723 ROMANIA PROPERTY CLUB

IULIUS Company and fashion retailer Inditex are bringing the most modern store concepts by the Lefties and Stradivarius brands for the first time in north-east Romania in Iulius Mall Suceava. Lefties is a fashion brand catering to the entire family, combining modern design with affordable prices and digital retail technologies. Stradivarius is the women’s fashion brand in the Inditex portfolio, acclaimed for its youthful and sophisticated style. The expansion of Iulius Mall Suceava, set to be completed by the middle of this year, will also include other international brands, drive thru type restaurants, coffee shops, a gym, green spaces, and additional parking spaces.

IULIUS Company is consolidating its partnership with Inditex Group, one of the world leading fashion retailers. Starting the first half of this year and for the first time in the region, Iulius Mall Suceava customers will be able to explore the most modern store concepts available around the world and the latest collections by brands Lefties and Stradivarius.

Lefties will open the latest Digital Store concept, set to integrate advanced technologies that allow for a straightforward and efficient shopping experience. The store will include smart fitting rooms, easy pay cash registers, in-store return stations, and a clothing and accessories customization area. Lefties will have a generous floor area spanning 3,000 sqm, offering timeless, sustainable and high quality essentials for the entire family. The collections for women, men, teenagers, girls, boys and babies are created considering the customers’ everyday needs, with an emphasis on versatile and easy to wear clothing at competitive prices. This will be the first Lefties store in the east of the country and the fourth in Romania.

Stradivarius is one of the Spanish concern’s most beloved brands, operating 850 stores in 64 countries. The brand exclusively addresses women and is recognized for its youthful modern style and versatile design, as well as its affordable pricing. Through every season, the brand offers collections inspired by the latest trends on international catwalks, from everyday clothing pieces to formal wear and accessories.

The two Inditex stores will open in the first half of this year, upon completion of the Iulius Mall Suceava expansion, which is set to deliver a total leasable area of 60,000 sqm. The new shopping area will integrate modern shopping and dining concepts, including department stores and fashion brands, some for the first time in the region, as well as restaurants, coffee shops, drive-thru venues, ice cream parlors, a gym, and additional parking spaces. Furthermore, new access routes will be created, connecting the mall and the additional parking spaces, and the area will benefit from landscaping features, green spaces and ambient features to improve the visitor experience.

Romanian premiere: Foster + Partners, a world leader in contemporary architecture, is designing IULIUS’ developments in Constanța and Iași
Romanian premiere: Foster + Partners, a world leader in contemporary architecture, is designing IULIUS’ developments in Constanța and Iași 750 536 ROMANIA PROPERTY CLUB

IULIUS Company, one of the largest real estate developers in the country, marks a new strategic development stage and will collaborate with Foster + Partners, one of the most innovative and world-renowned architecture firms, to implement the company’s new urban development vision. The two projects that IULIUS is developing in Iași and Constanța will harness Foster+Partners’50-plus years of global expertise.

The architects’ holistic approach will be reflected in these two major projects:

  • Palas Iași reconfiguration: the company’s landmark project and its best-performing one in the retail segment outside the Capital will be reconfigured to meet the current demands of the market and the community. The transformation will highlight the uniqueness of the location by integrating the Palace of Culture and positioning it in the city’s civic and cultural center and thus enhancing the visitor experience.
  • Large-scale urban reconversion project in Constanța: an investment upwards of 800 million Euro targeting the Oil Terminal platform, which will be completely decontaminated and reconnected to the rest of the city, in a modern, vibrant, and sustainable urban environment. The concept proposed by Foster + Partners offers a vision for the redevelopment of this area, now completely isolated from the rest of the city, transforming it into an attractive hub, with integrated functions that will support the economy, tourism, and social life. The project will revitalize Constanța and strengthen the city’s status as a strategic economic, social, and cultural hub, while contributing to regional and national competitiveness.

“Our entire activity over the past 25 years has revolved around projects that transform cities into better spaces for communities. The projects initiated with Foster + Partners are two of the most complex initiatives we have undertaken so far. In Iași, we are upgrading an existing complex in an iconic historical location, where reverence for the surrounding monuments, such as the Palace of Culture, is paramount. In Constanța, we are likely dealing with one of the largest decontamination projects in Europe and the opportunity to give an identity to an area currently isolated and contaminated. We propose to fully reintegrate this urban space, now an enclave, into the city and transform it into a vibrant center with functions that the city currently lacks. With the expertise of Foster + Partners architects and by working closely with the authorities and the respective communities, we are confident that we can implement a vision that redefines urban development standards in Romania,” said Iulian Dascălu, President of IULIUS Company.

“We are honored to work with IULIUS in addressing the challenges of urban regeneration in two cities of great significance in Romania. Both the Palas Iași project, with its historical and cultural complexity, and the reconversion of the platform in Constanța, a large-scale industrial area, offer opportunities for creating lasting positive impact. It is rare to find a developer with the courage and vision to take on such ambitious challenges. We are proud to lend our expertise and we are confident that, through this collaboration, we will transform these locations into sustainable and attractive destinations, serving as models for the future,” said Maximilian and Daniel Zielinski, Senior Partners Foster + Partners.

FIA Imobiliar BT Property acquired Prima Shops Oradea
FIA Imobiliar BT Property acquired Prima Shops Oradea 1600 777 ROMANIA PROPERTY CLUB

The BT Property Alternative Investment Real Estate Fund, managed by BT Asset Management SAI SA, is expanding in the retail market by acquiring Prima Shops Oradea park from Oasis Group. It has over 9,000 sq m and is located in a prime area of the city.

BT Asset Management SAI SA announced in May 2024 the fund’s entry into the retail market and its objective to expand. Since its launch in 2022, BT Property has reached assets of €40.4 million. The fund has so far invested in real estate assets providing premium conditions in the retail and office area and in healthcare buildings.

BT Property is aimed at professional investors and is set up for an indefinite period. It is the first alternative investment fund specializing in real estate investments, authorized in Romania by the Financial Supervisory Authority.

BT Asset Management SAI SA is one of the leaders in the Romanian investment management market and is part of the Banca Transilvania Financial Group. The company manages 17 investment funds, with investments in a broad spectrum of financial instruments, including real estate investments. The asset management business started in 2005 with 500 clients and has grown to over 250,000 investors and approximately RON 6 billion in assets under management.

MEDCITY Begins Construction of the First Dedicated Medical Hub in Timisoara
MEDCITY Begins Construction of the First Dedicated Medical Hub in Timisoara 1080 1452 ROMANIA PROPERTY CLUB
  • MEDCITY expands its network to 11 buildings in Romania, introducing the medical hub concept in one of the country’s most dynamic economic centers in the western part.
  • Over €7 million invested in a project set to become a landmark in the local healthcare system.
  • Currently, 40% of the project is already leased.

MEDCITY, the only developer in Romania exclusively focused on real estate concepts dedicated to the healthcare sector, announces the start of construction for the first medical hub in Timișoara. MEDCITY aims to transform a commercial building into a benchmark ecosystem in the healthcare domain, facilitating access to high-quality medical services provided by renowned operators. This hub will become a unique medical destination, designed to make a positive social impact on the local community.

Located centrally on Corneliu Coposu Boulevard, near the Bega River promenade, the MEDCITY hub is easily accessible: just a 15-minute walk from Victory Square, a 5-minute drive from the County Emergency Clinical Hospital and the “Victor Babeș” University of Medicine and Pharmacy, as well as other public and private medical institutions.

The new MEDCITY Timișoara project aims to create a premium medical ecosystem where medical operators—tenants within the building—will offer innovative services in a modern, safe environment, fully compliant with medical infrastructure regulations.

The MEDCITY Timișoara medical hub will serve as a unique synergy platform, fostering collaboration among healthcare service providers and enhancing access to quality care for the local community.

“MEDCITY Timișoara will be more than just a medical facility; it will function as a collaborative space where top healthcare providers unite under one roof to deliver high-quality care to the local community. We are excited to inaugurate this center of medical excellence, which we are confident will become a reference point for the entire community,” stated Alexandros Diamantis, Managing Director of MEDCITY.

The building will offer approximately 1,100 sqm of leasable space across four floors, exclusively dedicated to medical services and related activities. The €7 million investment includes the building’s conversion and the installation of state-of-the-art equipment. Currently, 40% of the MEDCITY Timișoara project has already been leased, and the building is scheduled to open in the spring of 2025.

MEDCITY Timișoara will include specialized features to ensure optimal ergonomics and safety for medical professionals and patient comfort. It will also include special facilities such as lifts for people and stretchers, easy access for individuals with disabilities, multiple entry points, backup water and electricity sources, and more. The building is designed to meet the nZEB (nearly Zero-Energy Building) standard, ensuring low energy consumption during operation.

In Romania, MEDCITY owns a portfolio of 11 buildings across several cities, making it the largest network of properties specifically designed for medical services. These properties represent over €30 million in investments, offer a total leasable area of over 20,000 sqm, and boast a 95% occupancy rate across the portfolio. MEDCITY plans to develop new projects in Bucharest, Cluj, and other key locations nationwide.

Nhood Services Romania supports Spartan Restaurant chain’s international expansion into Spain and Poland
Nhood Services Romania supports Spartan Restaurant chain’s international expansion into Spain and Poland 1080 607 ROMANIA PROPERTY CLUB

Bucharest, November 2024: Nhood Services Romania, a provider of integrated real estate services, has been selected to support the international expansion of the Romanian restaurant chain, Spartan. This partnership will facilitate the opening of new Spartan restaurants in Spain and the brand’s entry into the Polish market. Known for its modern take on Greek cuisine, Spartan operates in the Quick Service Restaurant (QSR) segment, offering an innovative alternative to traditional fast food, with 70 locations in Romania and one restaurant already established in Castellon, Spain.

Nhood has been appointed as a consultant for Spartan’s franchise expansion into Spain and Poland. The collaboration involves key activities critical to the brand’s long-term success in these new markets, including identifying and selecting franchise partners as well as finding the best locations for future Spartan restaurants. While Spain and Poland have distinct culinary traditions and specific market behaviors in the Food & Beverage sector, the QSR segment, in which Spartan operates, is experiencing growth, offering the Romanian brand a promising opportunity.

“The launch of our collaboration with Spartan marks an important milestone in diversifying our services, demonstrating Nhood’s ability to be a reliable partner for local brands in their international expansion efforts. We are excited to offer Spartan our full support, from finding local partners to selecting prime locations for their new restaurants, contributing to their success in Spain and Poland. Projects like this highlight Nhood’s development strategy, providing integrated solutions for ambitious brands ready to expand internationally,” stated Gabriela Piștalu, Head of Property & Asset Services at Nhood Services Romania.

“This collaboration is strategically significant for Nhood as it represents our first international expansion project for a brand via franchising, executed simultaneously in multiple countries. This partnership allows us to leverage our extensive real estate expertise and showcase our ability to manage complex projects across diverse European markets. At the same time, it confirms Nhood’s capacity to adapt its services to meet the specific needs of our clients, offering unified but tailored solutions based on our deep understanding of the local markets we operate in. Supporting brands in their international growth and helping them find the best solutions for sustainable development is a key priority for Nhood,” stated Bogdan Aldea, Head of Business Development at Nhood Services Romania.

Nhood’s expertise in managing complex real estate projects, combined with its network of local and international partnerships, ensures that Spartan’s expansion will be implemented efficiently and in alignment with the specifics of each market. With extensive experience in managing commercial spaces and facilitating durable partnerships, Nhood is well-positioned to identify optimal locations for each brand, reinforcing its status as a trusted partner for expanding brands across European markets.

NE leader is undergoing important changes in the retail landscape
NE leader is undergoing important changes in the retail landscape 2560 1707 ROMANIA PROPERTY CLUB

The most important event on the local retail market is the redevelopment of the former Era Shopping Park into Moldova Mall.

Prime Kapital leads the transformative effort that will bring the largest hypermarket in the region, more than 200 shops with the most diverse fashion retailers, 30 restaurants, a novel leisure concept, a home design solution, and the flagship IKEA store. The opening of the regional super-mall is expected for Q2 2025.

The development of Silk District triggered important changes in the South side. In addition to the residential and office components, Silk District will bring c.a. 10,000 sq m of commercial spaces to the market. The success of Silk District raised motivation for the owners of the land plots in the area to bring to life residential, commercial, and office concepts.

Dedeman filed for PUZ for a commercial development adjoining Felicia Shopping Center. The development is on 4.6 ha concessioned by the City Hall; while the plot was leased more than 15 years ago, Dedeman chose to develop once the area brought qualitative residential developments. Kaufland is building a large 35,000 sq m retail park in the immediate vicinity.

The established retail leader, Iulius Group, has ambitious plans to revamp one of Romania’s best-performing shopping centers – Palas Mall, to accommodate new tenant demand. Over the past year, the group welcomed new fitness and cosmetics retailers across the shopping centers and retail parks the company developed in the region. Through community-oriented events, Iulius Group nurtures a solid relationship with the people of Iasi and generates traffic that is hard to match by other schemes in Romania.

“Thus far, 2024 has been a very good year for Palas, recording increased sales and footfall figures in the first nine months of the year compared to the same period last year. IULIUS Company has invested approximately half-billion Euro in Iaşi to this date, and we continue to believe in the potential of this city, which is why we have new investments planned here. This is in reference to a revitalization and refurbishment process for Palas, whereby the project will reconfirm its dominant position as the strongest entertainment and shopping center outside of Bucharest. Considering the footfall upwards of 22.1 million visitors in 2023, the financial results, central location and mixed-use concept, Palas Iaşi is a destination of major interest for retailers planning to expand in Romania, both in the high-end and mass market brand segments. For this reason, Palas will be coming soon with a series of novelties, following a comprehensive refurbishment process, set to make a substantial update to the multiple experiences available to our customers, whom we have accustomed to being pleasantly surprised.”

Gabriel Iaţco, Shopping Center Manager Palas

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