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Deal executives making peace with uncertainty

·         Despite market uncertainty, dealmakers are cautiously optimistic about Europe’s M&A prospects.

·         In our survey of 250 corporate and private equity dealmakers and executives, half of respondents expect activity to increase in the next 12 months - down slightly from last year, when 65% were expecting an increase. 85% expect to engage in M&A in the coming year, for corporates, particularly on the buy-side.

·         Deal volume in H1 2025 was 8,195, down 11% from the same period in 2024.

·         However, total deal value in H1 2025 reached €465 billion, a 3.6% year-on-year increase.

·         Over a third of the respondents (34%) believes that difficulties in arranging deal financing will be a major obstacle to M&A in the coming year. Buyer-seller valuation gaps (30%) are also a concern.

·         The impact of trade wars is weighing heavily on the market. 26% of the respondents describe trade-related disruptions as a major obstacle to M&A, up from just 10% last year.

·         More than a third of the respondents (38%) say distress-driven M&A will propel sell-side activity in Europe. Respondents expect buy-side drivers to be undervalued targets and turnaround opportunities (both cited by 31%).

·         The largest share of respondents (38%) expects the Benelux region to see the highest M&A growth in the next 12 months, placing it in top spot for the second year in a row. The UK&I, Austria and Switzerland are also expected to drive M&A growth.

·         Over half of the respondents (51%) believe that cash reserves will be the most available source of finance in the next 12 months, followed by debt capital markets (38%).

(Friday, 12 September 2025): According to CMS’s 2026 European M&A Outlook, half of dealmakers expect the level of European M&A activity to increase over the next 12 months, even in the face of considerable market volatility. The Outlook was published today in association with financial data firm Mergermarket.

Signs of recovery in 2024 were obscured in early 2025 by a pronounced period of market uncertainty, driven by trade tariffs. Deal volume in H1 was down by 11% relative to the same period in 2024 – however, aggregate transaction value proved more robust, rising by 3.6% year-on-year, demonstrating that dealmakers are still ready to put money to work for the right assets.

Louise Wallace, Head of the CMS Corporate/M&A Group, said: “While the first half of 2025 brought fresh and unexpected challenges—from tariff volatility to tightening financing conditions— European M&A continues to demonstrate remarkable resilience in the face of renewed uncertainty and the M&A landscape remains fundamentally healthy. Dealmakers are focused on transformational opportunities and strategic growth. As the market adapts to another ‘new normal’, we expect deal activity to strengthen across key sectors, in particular industrials & chemicals, TMT and energy.”

IN CEE INVESTORS FOCUS ON STRATEGIC DEALS AND TAKE A RISK-OFF APPROACH

In H1 2025, CEE M&A deal value increased by 7% to EUR 19.1bn, with a pronounced 24% decline in transaction volume compared to H1 2024.

Sentiment towards the region remains polarised: 10% of those surveyed expect CEE to attract the strongest M&A growth in Europe, while 8% take the opposing view and foresee the region will experience the lowest growth. CEE is identified by 11% of respondents as the leading investment destination in the coming year.

When asked to pinpoint the biggest risks to investing in their region of choice, respondents most frequently cited an intensifying competitive bidding environment (23%), followed by challenging compliance management requirements, and a heavy administrative burden (each selected by 15%).

Horea Popescu, Managing Partner at CMS Romania, and Head of Corporate M&A in CEE commented: “Central and Eastern Europe is poised to surprise us on the upside. With GDP growth in the region outpacing the eurozone average, and sectors like tech, defence, infrastructure and energy attracting strategic capital, CEE offers a compelling mix of resilience and opportunity for dealmakers. Improving financing conditions and strong domestic demand could result in CEE outperforming expectations in the next 12 months. It’s a region where strategic investment is increasingly translating into tangible momentum and dealmaking confidence.”

Rodica Manea, Corporate Partner at CMS Romania, stated: “Even amid economic and geopolitical volatility, Romania remains on investors’ radar due to its growth potential in sectors such as technology, energy and infrastructure.  We are witnessing sustained activity in the local market, with Romanian companies continuing to adapt swiftly and capitalise on emerging opportunities.”

Non-core divestments, digitalisation and strategic growth

Respondents expect the greatest sell-side drivers of M&A activity in Europe over the next 12 months to be non-core asset sales from larger companies (42% of top-two votes) and, relatedly, distress-driven M&A (38%). Private equity divestments (36%, including 25% of first-choice votes) are also expected to feature prominently, with funds under pressure to return capital to investors.

On the buy-side, dealmakers expect a variety of factors to propel M&A, from undervalued targets (31%) and turnaround opportunities (also 31%) to supply-chain security (27%) and the ubiquitous drive towards greater levels of digitalisation (30%). Many corporates though have their sights set on strategic growth – the most anticipated driver for their acquisitions being transformational deals, with 38% identifying this as a top two reason, followed in second place by growth in new geographies and customer bases.

Securing financing

Most respondents (78%) expect financing conditions in Europe to worsen over the next 12 months, including 29% who believe it will be much harder to secure capital. Unsurprisingly, a large share of dealmakers identifies financing difficulties as a major hurdle to their M&A plans (34% of top-two votes).

Cash reserves are expected to be the most available source of finance (51%), followed by debt capital markets (38%). Moreover, two-thirds of the respondents (67%) are considering using alternative deal structures, such as convertible instruments and earnouts, as part of their M&A financing strategy over the next 12 months.

Prizing political stability

The Benelux region is expected to see the highest growth in M&A activity over the next 12 months, according to our respondent group (38% of top-two votes), followed by the UK & Ireland (29%) and Austria and Switzerland (27%). Respondents are quick to highlight the Benelux region’s supportive investment ecosystem and strong logistics capabilities. Broadly speaking, dealmakers are showing a preference for regions with higher levels of political and economic stability.

Cross-border concerns

Domestic dealmaking will come to the fore over the next 12 months. Among corporate respondents, 51% do not expect to undertake any cross-border M&A. Trade-related and other geopolitical volatility is clearly a point of concern – 26% of the respondents cite trade wars as a barrier to M&A, up from just 10% in last year’s survey.

Outlook for 2026

Despite pronounced market volatility, particularly in respect of EU-US trade policy, dealmakers continue to see opportunity in Europe. A number of positive tailwinds are expected to drive M&A in the near to medium term. European nations are spending more on infrastructure and defence, while regulators are taking steps to improve the region’s competitiveness and attractiveness to international investors.

Read the full CMS European M&A Outlook 2026 here: https://cms.law/en/int/publication/cms-european-m-a-outlook-2026

– ENDS –

Methodology

In Q2 2025, Mergermarket surveyed senior executives from 240 corporates and 90 private equity firms based in Europe, the Americas and Asia-Pacific about their expectations for the European M&A market in the year ahead. Among the 330 executives interviewed, 70% are headquartered in Europe, while the remaining 30% are split equally between the Americas and Asia-Pacific. 92% of all respondents have been involved in an M&A transaction over the past two years and 95% plan to undertake an M&A transaction in the coming year. All responses are anonymous and results are presented in aggregate.

About CMS:

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 91 offices in 50 countries across the world, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment, Labour & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

Opinion article by Burcin Atakan, Partner, and Elton Mata, Manager, Advisory, Forensic Services, Deloitte Romania

In recent years, whistleblowing has progressed considerably into becoming a key aspect of an organization’s corporate governance. It started with the adoption of the EU Whistleblowing Directive (2019/1937) and was gradually transposed into national laws, including Romania’s Law no. 361 in December 2022. This legal framework sets clear obligations for establishing secure reporting channels, ensuring confidentiality, and protecting whistleblowers from retaliation.

Since 2022, EU member states have progressed at different speeds in implementing these rules. While most have completed their transposition, the maturity of the systems and legal enforcement varies widely.

For private sector companies, legal compliance is only the starting point. An effective whistleblowing framework is not about “ticking a box” — it’s about building a trusted environment where employees, contractors, and even suppliers feel safe to speak up, and where the organization can respond effectively. But how can organizations ensure that their whistleblowing system is effective? Below are various core aspects which companies can use in implementing a robust reporting system.

Implementing an effective reporting system

a) Choose the right channels

A one-size-fits-all approach rarely works. Employees should have access to multiple reporting options depending on the nature of the business: a secure online portal, a dedicated phone line, and the possibility of face-to-face reporting, the latter under confidential circumstances for protecting the whistleblower’s identity.

For smaller companies, anonymity options are essential to reduce fear of retaliation. Larger organizations often integrate multilingual and 24/7 availability to cover global teams, therefore, the risk of whistleblower identification is considerably lower.

b) Ensure accessibility and awareness

A reporting channel effectiveness relies on its reachability and familiarity. The better a company communicates to its employees or partners their policies, the existence of a safe reporting channel where misconduct can be disclosed, the more effective the system will be. How can companies educate their employees? By launching internal awareness campaigns using intranet posts, posters, and onboarding sessions, By training managers to encourage, and not discourage reporting, by using plain and simple language in policies for ease of understanding.

c) Guarantee confidentiality and security

Reporting systems should be encrypted, and the access should be strictly limited to authorized personnel handling the cases. An important feature to the effectiveness of a whistleblowing system is the appointment of independent professionals handling reported cases, be it internal or external parties of the company.

The organization should decide who leads the process: compliance, HR, internal audit, or an independent function. As an example, multinational companies ensure local laws are met in each jurisdiction depending on the requirements, while keeping central oversight within headquarters.

e) Stay compliant with data protection

Every organization should keep in mind and respect GDPR principles. Information should be processed with transparency and lawfulness. Data should be stored in a secure environment within EU.

Moreover, only necessary information related to the specific subject should be requested and processed.

Handling reports properly

Step 1: Acknowledge quickly

The EU Directive requires confirmation within seven days — but beyond compliance, it shows the whistleblower they’ve been heard, and necessary steps are being taken to remediate the situation.

Step 2: Triage the case

Assess severity and urgency. High-risk issues (criminal conduct, threats to health or safety) require immediate escalation. Each issue reported should represent high importance and should be treated seriously. Negligence can lead to potential financial losses and reputational impact.

Step 3: Assign an independent investigator

Avoid conflicts of interest, particularly in cases involving senior management. Independent internal auditors or external specialists can ensure neutrality. Although the decision on assigning the teams to handle the investigation relies solely on the organization, it is vital that the investigation team be independent from any parties involved in the allegations reported by a whistleblower.

Step 4: Protect the whistleblower

Anti-retaliation measures are not just legal requirements — they’re essential for maintaining trust. From a broader perspective, whistleblower protection promotes transparency, accountability, and integrity in both the private and public sectors.

Step 5: Investigate thoroughly

Collect evidence systematically: documents, interviews, digital forensics. Maintain confidentiality but ensure relevant stakeholders are informed as needed. Forensic expertise may be required in various cases when investigating delicate situations of any kind of misconduct.

Step 6: Provide feedback

Even if details are limited for legal reasons, inform the whistleblower about the outcome or the next steps. A better relationship with the whistleblower can help bring forward more details of the misconduct reported, making the investigation process much easier.

Step 7: Implement remediation

Address root causes. This may involve disciplinary action, policy changes, training, or internal controls improvement. Remediation actions should focus on the collective good of the company and employees, while sustaining integrity and fairness in any changes which the company may undergo due to the misconduct faced.

Step 8: Continuous improvement

Regardless of the field of activity or subject in review, any organization’s scope should be constant growth and development of their internal policies, procedures and surely their culture.

Final thoughts

In conclusion, an effective whistleblowing policy and setup can bring significant benefits to an organization. It provides the company with early detection of problems such as fraud, harassment, or safety hazards, allowing them to be addressed before escalating into unresolvable issues. It also serves as a safeguard against regulatory breaches, reducing the risk of fines and legal liability. Beyond compliance, such a system strengthens workplace culture. When employees feel safe to speak up, they tend to be more engaged and loyal. In the same way, a strong and trustworthy reporting mechanism helps decline the potential occurrence of misconduct within the organization.

Paul Cosmovici, Claudia Grozea, Ionela Cuciureanu

In global branding, few signals sell like the Swiss cross. There are few people that are not mesmerized by the red-and-white magic. “Swiss Made” whispers precision, purity and premium—and consumers pay for it. That halo is why brands love Swissness. It’s also why Switzerland drew a bright legal line around who may claim it and how.

When a Sneaker Trips on a Flag

In 2025, Swiss sports brand On Running ran straight into that line. Although founded and engineered in Zürich, most of its shoes are made in Asia. Yet certain models sold abroad carried the Swiss cross. Swiss watchdogs said: not so fast. A complaint in China—filed with support from Switzerland’s IP office (IPI) and the Swissness Enforcement Association  (SEA)—pressed On to stop. On countered that the cross reflected “Swiss engineering” and design. At home, it had already removed the cross from products sold in Switzerland; abroad, it kept the emblem—and now seeks a ruling from Switzerland’s Federal Court on what the cross may legally stand for. The case crystallizes a simple truth: national symbols aren’t decoration; they’re regulated claims about origin.

What Swissness Really Means

Since 2017, Switzerland’s Swissness regime has turned reputation into law. To call a product “Swiss”—or to wear the Swiss cross—you must clear concrete thresholds. For industrial goods, at least 60% of production cost (including R&D) must be Swiss and the essential manufacturing step must occur in Switzerland. For foods, the bar is even tighter (e.g., 80% Swiss raw materials by weight and key processing in Switzerland; dairy requires Swiss milk). Services must be truly Swiss-run and Swiss-based. Meet the test and you may use “Swiss Made” and the cross. Miss it and you may not. The coat of arms (the cross in a shield) is off-limits to private companies altogether.

The Thomy mayonnaise jar was formerly displaying a bold Swiss cross on its label – an example of branding that had to change under the new law. Nestlé, which makes Thomy, had to remove the cross from some 80 products after 2017, as those items didn’t meet the new “Swiss Made” ingredient thresholds.

The Art of the Almost-Swiss

Global supply chains are real. The law allows qualified, truthful nods to a Swiss contribution—Designed in Switzerland, Swiss Engineered, Smoked in Switzerland—if that specific step happened entirely in Switzerland. Two guardrails matter. First, no cross unless the whole product qualifies as Swiss. Second, the Swiss reference must not overshadow the product’s actual origin. That’s why cookware makers like Kuhn Rikon re-labeled certain ranges Swiss Designed and dropped the flag icon; and why even giants like Nestlé scrubbed the cross from dozens of SKUs (think Thomy mayonnaise) when recipes no longer met the post-2017 thresholds. Alpine colors and imagery (Matterhorns, edelweiss) live in a grey zone: suggestive but typically tolerated—unless the overall impression misleads.

Think of Swissness claims on a risk ladder. At the top—the danger zone—sit origin claims or symbols on products that don’t qualify: a cross on an Asian-made watch, “Swiss Made” on non-Swiss cheese. These trigger seizures, lawsuits, rebranding. In the middle: ambiguous phrasing (Swiss Quality, Swiss Style) or background flags that could mislead depending on context. At the bottom: clear, factual statements (Designed in Switzerland, Made in Italy) and non-deceptive Swiss-themed aesthetics without origin claims. Brands can market real Swiss inputs—but must say exactly what is Swiss, and nothing more.

Switzerland enforces at home through the IPI and customs, which warn, fine, and block deceptive goods.  Recognizing the limits of acting alone, Swiss stakeholders formed the Swissness Enforcement Association (SEA) in 2021. This is a coalition of government bodies (like IPI) and major companies/industry groups, joining forces to fight misuse of Swiss branding abroad. The SEA coordinates legal actions and shares intelligence on offenders. The On Running case is a prime example of the SEA’s work – a private association (funded by Swiss industry) teaming up with a Swiss government office to confront a misuse in a foreign jurisdiction. On called it a “prank” and “denunciation”, but from SEA’s perspective, it’s a necessary defense of the Swiss brand. This kind of public-private enforcement strategy is becoming the playbook for Switzerland: customs officers, IPI lawyers, industry reps, and even consumers all act as sentinels.

In cooperative jurisdictions (notably China), trademark offices routinely reject marks that smuggle in Swiss or the cross without authorization. Often, a firm letter does the job; when it doesn’t, proceedings follow.

No Shortcuts to the Alps

The Swiss halo tempts non-Swiss companies—especially in the EU—to borrow the aura. Don’t. EU consumer and unfair-competition laws punish misleading geographic claims; Swiss authorities can and do raise cross-border alarms. Once a term becomes generic or abused the original signal erodes and is hard to reclaim—hence Switzerland’s vigilance. A telling example of cross-border impact is the “Swiss cheese” in the US market. In America, “Swiss cheese” is commonly used to denote a style of cheese (holey Emmental-type), often made domestically, not in Switzerland. This generic use frustrates Swiss producers because it weakens the association of “Swiss” with authentic origin. While the term has become generic there, Switzerland has fought to protect names in other categories (like “Emmentaler” as a geographic indication in Europe). The point is, once a term or symbol becomes generic or misused widely, it’s very hard to reclaim. So Swiss authorities are extremely proactive in places where they can still enforce the meaning of Swissness.

 If you genuinely have a Swiss element—design in Geneva, a Swiss-made component—state it precisely and keep iconography restrained. If you don’t, signal quality another way. Authenticity scales, mimicry backfires.

Swissness isn’t a vibe; it’s a verifiable origin claim. Those who earn it may wear the cross proudly. Those who haven’t must resist the shortcut. The On case underlines the point: even a hip sneaker brand backed by a tennis legend can’t leapfrog legal thresholds by appealing to heritage alone. In branding—as in mountaineering—you don’t summit by cutting the switchbacks. There are no shortcuts to “Swiss Made.” Or, to put it in a metaphor that translates in any language: If you want to wear the Swiss cross, make sure you’ve earned it fair and square. The Swiss (and their enforcement squads) will be watching.

The Constitutional Court ("CCR/Court”) brings back into focus the delicate issue of the scope of the effects of the annulment of a normative administrative act, through Decision No. 208/2025, after many years in which case law followed a uniform line, without distinctions or nuances, as a result of the binding interpretation given by Decision No. 10/2015 of the High Court of Cassation and Justice ("ÎCCJ").

The provisions of Article 23 of Law No. 554/2004 expressly state only that the annulment of normative administrative acts has generally binding effects only for the future. The central legal issue under consideration concerns the interpretation of this text of law from the perspective of the scope of the effects produced by the annulment of a normative administrative act (or a provision of such an act) by a final court decision: does the annulment of the normative administrative act have effects exclusively on individual administrative acts issued after the publication of that final decision, or also on those issued previously, but which, at the date of publication of the court decision annulling the normative administrative act, are being challenged in cases pending resolution?

Basing its solution on a parallel between the effects of admitting an exception of unconstitutionality and the effects of admitting a request for annulment of a normative administrative act, on the right of access to a court and evoking the res judicata effect of the final court decision on annulment, the supreme court opted, starting in 2015, for the second interpretation, noting that:

"The provisions of Article 23 of Administrative Litigation Law No. 554/2004, as subsequently amended and supplemented, shall be interpreted as meaning that a final/definitive court decisionfinal court decision annulling in whole or in part an administrative act of a normative nature also has effect on the individual administrative acts issued on the basis thereof which, at the date of publication of the court decision annulling them, are being challenged in cases pending before the courts."

Asked by the Ombudsman to review the constitutionality of the law as interpreted by the High Court of Cassation and Justice, the Court changed its perspective: it held that the solution adopted by the supreme court violated the principle of legal certainty and infringed the right to a fair trial, creating the conditions for the rigid application of the law, which is why it upheld, by a majority opinion, the exception of unconstitutionality. 

In reaching this decision, the Court held that the interpretation given by the High Court of Cassation and Justice attributes an absolute character to the principle of annulment of the subsequent act and obliges the courts, regardless of the particularities of the administrative acts or the specifics of the dispute in administrative litigation, to issue predetermined solutions in cases concerning the annulment of individual administrative acts, issued on the basis of a normative act annulled by a final court decision and pending before the courts at the time of publication of the annulment decision.

The Court also held that such an approach undermines the principle of legal certainty, as a fundamental value of the state, which implies that "citizens must be protected against a danger that comes from the law itself, against an insecurity that the law has created or risks creating, by requiring that the law be accessible and predictable." This principle must protect the bona fide holders of rights who have relied on the presumption and appearance of legality of the administrative act on the basis of which those rights were recognized. 

Consequently, the Court has held that, in order to ensure a balance between the principles of legal certainty and legality, it is necessary to examine whether and under what conditions the individual administrative act should be annulled in each such dispute, by reference to all the specific circumstances of the case (i.e. the specificity of the administrative act, its effects) and by balancing public and private interests. 

The decision to uphold the exception of unconstitutionality, as well as the Court's reasoning, have a number of important practical consequences for disputes concerning the annulment of an individual administrative act following the annulment of the normative administrative act on which it was based, particularly in the real estate sector.

Firstly, the annulment of a normative administrative act (i.e., urban planning documentation such as a PUZ/PUG) does not directly and automatically entail the annulment of the individual administrative act issued on its basis (i.e., the building permit), for the simple reason that, on the date of publication of the final decision to annul the normative act, an appeal against the individual act was pending before the courts.

Secondly, the Court's decision should not be understood in any way to mean that all individual administrative acts issued on the date when the normative administrative act had not yet been annulled by a final decision remain automatically valid, invoking the need to examine the legality of the individual administrative act exclusively by referring to the provisions in force on the date of its issuance. 

On the contrary, as the Court held, "it is incumbent upon the judge hearing the case [...] to examine, in order to rule on the action for annulment of the administrative act [...], all the factual and legal circumstances of the case in the light of the principles of legality, legal certainty, and legitimate expectations, with a view to fairly reconciling the competing interests in the case, so that the solution reached reflects justice, the supreme value in the state, according to Article 1(3) of the Constitution." 

The reference decision handed down by the Constitutional Court marks a paradigm shift that will have important practical consequences in disputes seeking the annulment of an individual administrative act following the definitive annulment of a normative administrative act, with the courts analyzing all the legal grounds invoked, striking a fair balance between the principle of security and the principle of legality. 

An article signed by Andreea Stoica, Managing Partner – astoica@stoica-asociatii.ro – and Mircea Vasile, Junior Lawyer –mvasile@stoica-asociatii.ro – STOICA & ASOCIAȚII

Romanian hotel market experiences further performance growth in first half of 2025. The occupancy increased by around 4% in the first six months of the year compared to the same period of 2024, according to a study conducted by the Cushman & Wakefield Echinox real estate consultancy company based on the STR data, who tracks the hotel performance of a sample of properties. The average daily rate (ADR) grew by circa 8% in local currency. This resulted in a spectacular 12% increase in Revenue per Available Room (RevPAR) YTD 2025 versus 2024.

Bucharest, the capital city of Romania, registered similar trend: the occupancy increased by around 3% and the ADR by circa 7.5%, with resulting RevPAR increase of 11% (all based on STR sample) in Jan-June 2025 vs 2024.

Therefore, the room revenue evolution outpaced the inflation (six-month average of 5.28% according to Moody’s), making hotels an attractive investment opportunity.

The region saw a notable 9.3% increase in RevPAR compared to H1 2024, primarily driven by a 6.9% rise in ADR. Meanwhile, occupancy also improved by 3.4 percentage points, reaching 65% in H1 2025 (6.5 pp. behind 2019 levels). The RevPAR index for all CEE capitals exceeded 2019 levels, with Warsaw (138.9%), Sofia (128.4%), and Prague (125.5%) at the forefront. Warsaw and Sofia stand out as the only cities to have surpassed 2019 occupancy levels, reaching indices of 104.6% and 100.2%, respectively.

In H1 2025, approximately 20 hotels and serviced apartment projects were completed across the CEE-6 capitals, delivering an additional 1,600 rooms to these markets (+1.7% YoY supply growth). This was driven primarily by Warsaw (+3.8%), Prague (+1.8%) and Bucharest (+1.7%). Development activity was concentrated in the Luxury and Upscale segments, which recorded the most substantial supply growth. Notable openings included the Fairmont Golden Prague and the Corinthia Grand Hotel Bucharest.

The Bucharest market continues its positive development, getting more attention from both investors and international hotel operators. City supply is expected to grow at 3% CAGR over 2025-2027.

Alina Cazachevici Partner, Head of Valuation & Advisory, Hospitality & Alternatives, CEE/SEE Cushman & Wakefield: “Romanian hotel market continues its positive trajectory in both performance and investment attractivity. The growing interest from local capital towards the hospitality assets is supporting the segment development, as it successfully replacing the international demand, which remains cautious amid political uncertainties in the region – or along these lines”.

The capital market statistics confirm the investment sentiment, with transaction volume in the CEE-6 region reaching 682M in H1 2025, up 364% year-on-year and the highest level since 2019. Most deals involved Upper Upscale assets, with Luxury properties next in line. This positive momentum is expected to continue through the second half of 2025 and into 2026, supported by numerous transactions in the pipeline and new opportunities set to enter the market.

In Romania, the investment volume exceeding 50 mil EUR (including one transaction that is agreed upon but will officially close in September), compared to circa 35 mil EUR registered in the same period last year.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 80 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

Bucharest, September 8, 2025 – Deloitte Romania assisted the private equity company ROCA Investments, specialized in investments in local entrepreneurial companies, in taking over the 20% stake in the Adrem Group, which provides energy services. The transaction was signed in February 2025 and was recently completed, after obtaining regulatory approvals.

"We highly appreciate the professionalism of the Deloitte Romania team which assisted us in the process of signing this transaction. ROCA’s investment in Adrem is especially important, as it is a strategic step through which we reaffirm our commitment to support and strengthen key areas of the Romanian economy. This alignment with our investment vision reflects the belief that, through solid partnerships and targeted investments, we can contribute to sustainable development and long-term value creation," said Ionut Bindea, Senior Investment Manager, ROCA Investments.

The Deloitte Romania multidisciplinary team assisted ROCA Investments in the financial and fiscal due diligence stages and during the negotiation and signing of the sale-purchase agreement. Financial consultants Radu Dumitrescu, Partner-in-Charge, Vlad Balan, Director, Marina Nicola, Deputy Director, Ionut Grigoras and Andreea Voinea, Managers, as well as Andreea Dobrota, Senior Associate, contributed to the success of the project. From the Tax practice, the project team was made of Dan Badin, Partner, Laura Bobar, Director, Alexandra Pana-Bacescu, Manager, and Stefania Samson, Senior Consultant.

"This project proved to be particularly challenging for us in terms of complexity and implementation timeline, but we were also motivated by the development prospects that this transaction favors for both partners. Basically, through this deal, ROCA Investments aims to participate directly in increasing the positive impact of the Adrem Group in the energy industry, thus contributing to the development and modernization of this essential sector of the economy," said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

The Adrem Group has more than 1,000 employees in three companies - Adrem Invest (founded in 1992), Adrem Engineering (created in 1999) and Adrem Link (founded in 2016).

ROCA Investments is a Romanian private equity company that leverages sectorial potential by investing in local businesses. Employing a unique buy-and-build investment model in Romania, ROCA Investments offers promising Romanian companies the opportunity to become regional leaders in their respective industries, with an approach grounded in innovation, tangible value creation and sustainability.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Deloitte Romania expands its management team by promoting Laura Bobar, from the Tax practice, Alexandru Nae, from Advisory, and Florin Dumitrescu, from Audit and Assurance, to the role of director, effective as of September 2025.

“Our organization focuses on development and progress both externally – in the relationship with our clients – and internally – in the way we nurture a culture based on professional and personal growth. This is why I am proud to celebrate our colleagues who reach important career milestones, such as the promotion to the role of directors, and to thank them for their meaningful contributions to our purpose, which goes beyond business objectives, and for their impactful leadership,” declared Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

Laura Bobar, Tax Director, has 15 years of experience and has worked with multinational and entrepreneurial companies across various industries, combining technical and consultancy skills. Her professional journey also included an international secondment in Slovakia. For the last three years, she has played a pivotal role in developing Deloitte Romania’s tax practice specialized in mergers and acquisitions (M&A). She has supported clients through all phases of such projects – from tax due diligence and transaction assistance to structuring – and thus contributed to the success of some of the most complex deals in the market. Laura holds a bachelor's and a master’s degree in accounting, audit, and management of information systems from the Bucharest University of Economic Studies (ASE) and is a member of the Association of Chartered Certified Accountants (ACCA) and of the Romanian Chamber of Tax Consultants. She also holds the advanced diploma in International Taxation (ADIT).

Alexandru Nae, Advisory Director, has over 12 years of experience in the forensic field and joined Deloitte in 2018. Over the years, he has contributed to the development of services such as background checks, integrity due diligence, pre-employment screening and whistleblowing, supporting clients across Europe in managing reputational risks and building trust through intelligence-led approaches. He led the creation and development of Deloitte’s European whistleblowing managed service, now used by multiple European Deloitte firms and Clients. Alex also coordinates the Know Your Partner (KYP) services within Central Europe for external collaborators, and he is a member of the Association of Certified Fraud Examiners (CFE).

Florin Dumitrescu, Audit and Assurance Director, has 14 years of experience in his field and joined Deloitte in 2018. Over time, he has led complex audit engagements and contributed to key capital market projects, including an initial public offering (IPO) and a bond issuance on the Bucharest Stock Exchange. He has worked extensively with both public and private sector clients, particularly in industries such as real estate and food production, with a focus on financial reporting under RO GAAP and IFRS standards. Florin is part of the deployment team for Deloitte’s most advanced audit platform, which focuses on enhancing the quality of audits across Central Europe. He holds a bachelor's and a master's degree in accounting, audit, and management of information systems from the Bucharest University of Economic Studies (ASE), is a member of the Authority for Public Supervision of Statutory Audit Activity (ASPAAS), Chamber of Financial Auditors in Romania (CAFR), and of the Body of Certified Public Accountants and Authorized Accountants (CECCAR). He has also served as an associate lecturer at ASE for three years.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see www.deloitte.com/ro/about to learn more about the global network of member firms.

The retail team of Cushman & Wakefield Echinox has successfully provided strategic consultancy to the developer of Agora Mall Arad (formerly Galleria Arad), which officially reopened on August 28 following an extensive refurbishment and repositioning process. This milestone marks a significant step in revitalizing the retail landscape in western Romania.

As part of the repositioning strategy, the team secured approximately 7,300 sq. m of retail space for a diverse mix of brands, including Senic, Numero Uno, Hada, 18Gym, Maxi Pet, Kamalion. These additions reflect a curated tenant mix designed to meet the evolving needs of the local community and enhance the mall’s appeal as a proximity shopping destination.

Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox: “Agora Mall project reflects our ability to deliver tailored retail strategies that meet both market needs and consumer expectations. Romania’s retail sector remains dynamic, with regional cities like Arad offering strong growth potential. With a significant increase in the supply of modern retail space this year, and considering the development plans already announced by key players, this segment continues to be a vital engine of investment and growth within the local real estate market.”

Agora Arad, with an area of 36,000 sq. m, was opened last week following a significant refurbishment and refitting process, as the owners have a strategy to reposition the project as a proximity shopping destination with a varied mix of retailers adapted to the needs of the inhabitants in the area.

The mall now features over 1,000 underground parking spaces and is positioning as a modern, family-oriented retail hub. Visitors can enjoy the county’s largest indoor entertainment zone and a unique retail mix, including international brands entering for the first time Romania or Arad. Notably, Action, a major European non-food discounter, will open its first Romanian store here.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 80 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

A multidisciplinary team of lawyers specialized in financial and banking law from Reff & Associates | Deloitte Legal, and financial advisors, valuation, risk and regulatory experts, and auditors from Deloitte Romania, assisted UniCredit Bank in the process of obtaining prior approval from the National Bank of Romania (NBR) for the merger with Alpha Bank, completed in mid-August 2025. This involvement represented a natural extension of the services offered last year to UniCredit Italia in obtaining similar prior approval for the acquisition of more than 90% stake in Alpha Bank Romania.

Following the acquisition, the UniCredit Group has become one of the top three players on the Romanian banking market, with about 11% of the total assets in the Romanian banking system.

Within both projects, the members of the team involved coordinated the legal and business aspects related to the preparation and submission to the supervisory authority of the relevant documentation for the prior approval of the acquisition by UniCredit Italia of Alpha Bank Romania, respectively for the merger by absorption of the latter within UniCredit Bank S.A. The assistance provided covered the definition of the approval files strategy, the preparation of complex project management tools for both, the summarization in a centralized and user-friendly manner of the complete sets of documents and information required for approvals (mostly similar to the authorization of a new bank), as well as support in the preparation of the relevant legal and business documentation for each file, and also carrying out a mission based on agreed procedures on the financial forecasts, evaluation services and coordinating the collection and submission of relevant documentation.

"The quality and professionalism of the experts involved make any approach, no matter how complex, a success, and our collaboration with Reff & Associates and Deloitte Romania in this project proves it. Success is not just about actual results, but all the way towards them. The support and advice from Reff & Associates and Deloitte Romania’s colleagues were extremely valuable. And I say colleagues, because we were all part of a single team that made the impossible possible, at certain moments during the preparation of the approval files," said Diana Ciubotariu, Head of Legal, UniCredit Romania, who coordinated the legal aspects of the entire acquisition and merger process on behalf of UniCredit.

"The merger process was a complex one, which required careful coordination and multidisciplinary expertise. The collaboration with the Reff & Associates and Deloitte Romania team was excellent, their contribution being essential in the preparation of the file. We thank them for their professionalism and dedication," said Ani Cirstea, Head of Regulatory Affairs, UniCredit Romania, who coordinated the communication with the National Bank of Romania, on behalf of UniCredit.

The banking law team of Reff & Associates | Deloitte Legal involved in the project included lawyers Andrei Burz-Pinzaru, Partner, Patricia Enache, Senior Managing Associate, who coordinated the entire project, Bogdan Vlad, Senior Associate, and Andrei Banescu, Associate. Deloitte Romania's financial advisory team consisted of Andrada Tanase, Partner, Marius Vasilescu, Partner, Cristina Tache, Manager, Florin Iordanescu, Senior Consultant, as well as Andreea Micu, Senior Manager, Oana Ceban, Manager, Iulian Norocel and Victoria Tocan, Senior Consultants. At the same time, the team of auditors made up of Claudiu Ghiurluc, Partner, and Laura Gheorghe, Senior Manager, Deloitte Romania, also contributed to the success of the project.

"The success of these proceedings underlines the importance of a common and consistent approach, which combines the meticulous legal analytical skills of the lawyers with the deep understanding of banking activities and the implications of such transactions, from the advisory and audit teams. Our ability to effectively manage this complex process together, while ensuring compliance with all legal requirements, has provided us with valuable insights and enriched our expertise in navigating the legal and regulatory challenges specific to this type of proceedings, predicting potential challenges and opportunities in an ever-evolving financial environment, which positions us favorably for future similar transactions in the Romanian and regional banking sector. We thank the UniCredit team for the opportunity to be part of this complex, challenging process, which offered us multiple professional satisfactions," said Andrei Burz-Pinzaru, Partner at Reff & Associates | Deloitte Legal, and Head of the Financial-Banking Department.

"For Deloitte, this project represented a new opportunity to highlight the value of an integrated approach, combining legal, risk and regulatory expertise and managing the critical stages of a complex transaction. We are glad to have supported UniCredit Bank in navigating a difficult legislative framework and in transforming this stage of the process into a key moment of its evolution. This success confirms, once again, Deloitte and Reff & Associates' commitment to supporting the sustainable development of the local banking market and the creation of long-term value for clients, in a constantly changing regulatory context. We thank the entire UniCredit team for their trust and excellent collaboration during the projects carried out together," said Andrada Tanase, Advisory Partner, Deloitte Romania and coordinator of the risk and regulatory advisory practice for financial institutions.

UniCredit Bank is part of UniCredit Group, a European commercial bank, offering services in Italy, Germany, Austria, Central and Eastern Europe. Following the merger with Alpha Bank, the UniCredit Group consolidated its position on the Romanian market, both in the corporate and retail segments, reaching 11% market share in assets, 13% in total loans (together with UniCredit Consumer Financing) and 11% in total customers deposits. UniCredit Bank has now more than 4,800 employees, a wide network of 900 ATMs and a network of approximately 300 branches, in optimal proximity to the customers, providing them with efficient access to a wide range of financial solutions.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Reff & Associates | Deloitte Legal is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, competition, employment, energy and environment, insolvency, legal management consulting, litigation, corporate, mergers and acquisitions, public sector and real estate, as well as optimization of legal processes and the adoption of new technologies. The firm represents in Romania Deloitte Legal, a global network with more than 2,500 lawyers in 80 countries.

• As an independent company, AUMOVIO will pursue profitable growth and focus on technologies that generate value

• In Romania, AUMOVIO has approximately 13,000 employees across its sites in

Brașov, Iași, Sibiu, and Timișoara

• Dr. Liviu Bălan, Head of Country: “Our locations in Brașov, Iași, Sibiu, and Timișoara are future-ready: digitalized, innovative, and equipped with extensive capabilities. We are motivated to become a market leader together with AUMOVIO.”

Brașov, Iași, Sibiu, Timișoara. AUMOVIO, the new brand of the adaptive powerhouse for safe, exciting, connected and autonomous mobility of the future, was officially launched today in Romania. The company, to be spin off from Continental, operates in the automotive industry and is planned to become independent in mid - September.  It is expected to be listed on the Frankfurt Stock Exchange on September 18, 2025.

In Romania, AUMOVIO has a strong national presence, with operations in Brașov, Iași, Sibiu and Timișoara. The company runs four research and development centers (R&D) and two production facilities, located in Sibiu and Timișoara. The Romanian team includes approximately 13,000 employees, with more than half being engineers and IT specialists working in R&D.

“Same passion, a new identity - today marks the beginning of a new chapter – AUMOVIO - the adaptive powerhouse through cutting-edge electronic solutions and innovative technologies for software-defined and autonomous vehicles. Romania plays a key role in accelerating this transformation. Our locations in Brașov, Iași, Sibiu, and Timișoara are future-ready: digitalized, innovative, and equipped with extensive capabilities. We are motivated to lead the market alongside AUMOVIO and to contribute significantly from Romania, together with our teams in R&D, production, qualification laboratories, and global functions,” said Dr. Liviu Bălan, Head of Country AUMOVIO Romania.

AUMOVIO has implemented a comprehensive strategy program to support its value and growth trajectory as an independent company. The program has three strategic objectives:

1. AUMOVIO is to lead the market with pioneering, future-proof products. Products with a top three market position worldwide already account for more than 80 percent of global sales. AUMOVIO intends to expand this share with the help of its strong technologies in all profitable product segments.

2. AUMOVIO is to transform into a high-performance organization. This is underpinned by measures to further optimize the portfolio, improve processes, reinforce operational excellence and lower costs.

3. AUMOVIO is to deliver on its financial targets. This strategic pillar is driven by the long[1]term ambition of creating sustainable value for AUMOVIO’s future shareholder.

The technology and electronics company combines decades of experience and a strong market position with pioneering innovation and a global presence. From Romania, AUMOVIO offers a broad portfolio of solutions including sensors, displays, braking and comfort systems, backed by deep expertise in architecture platforms and advanced driver assistance systems for connected and autonomous mobility.

“At AUMOVIO, we believe success is not just a goal – it’s part of who we are. For 25 years, our people have been pushing the boundaries of technology and creating value in a constantly evolving market. They are the driving force behind our actions, and we provide them with the trust and support they need to shape the performance of our new company and contribute to the development of the entire community through their drive and work,” explains Lăcrămioara Dărăban, Head of Country HR AUMOVIO Romania.

All the company’s global business areas are also represented in Romania, ensuring a complete and well-established presence on the local market. The Autonomous Mobility (AM) business area offers a comprehensive range of products for automated and autonomous driving, holding a leading position in the global market for commercial vehicles and key autonomous driving components and systems (e.g.: sensors, radars, etc.). With its “as a service” approach, the business area is also tapping into new business models.

The Architecture and Network Solutions (ANS) business area is geared to the key requirements of the software-defined vehicle, with a product portfolio encompassing high[1]performance computers, telematics, drive systems, sensors and actuators. Today, ANS already occupies a leading market position with around 90 percent of its core product portfolio.

With more than 100 years of experience in vehicle safety, the Safety and Motion (SAM) business area is one of the global market leaders in brake systems, integrated safety systems and sensor systems. The business area is a pioneer in developing dry brake systems and was one of the first suppliers to receive a high-volume order for a semi-dry brake system. AUMOVIO sees tremendous potential for the future in these brake systems due to their improved product characteristics.

In the User Experience (UX) business area, AUMOVIO is a leading provider of display solutions and head-up displays. UX has a broad and diversified portfolio ranging from modern high-tech displays to competitive products for the high-volume market. UX expects the value of components installed per vehicle to increase in the future, driven by larger displays and new products such as scenic view head-up displays that extend across the full length of the dashboard. Furthermore, UX intends to consolidate its competitive strength by leveraging economies of scale in production in its megafactories.

AUMOVIO Romania aims to be recognized, even under this new organizational structure, as a trusted, agile, and responsible partner — both internally and externally.

AUMOVIO continues the business of the former Continental group sector Automotive as an independent company with its spin-off in September 2025. The technology and electronics company offers a wide-ranging portfolio that makes mobility safe, exciting, connected, and autonomous. This includes sensor solutions, displays, braking and comfort systems as well as comprehensive expertise in software, architecture platforms, and assistance systems for software-defined vehicles. In the fiscal year 2024 the business areas, which now belong to AUMOVIO, generated sales of 19.6 billion Euro. The company is headquartered in Frankfurt, Germany and has about 87.000 employees in more than 100 locations worldwide.

Termene.ro, the business intelligence platform that helps companies make fast and reliable decisions, announces the appointment of Radu Vucea as Chief Product Officer (CPO). He is one of the most respected Romanian specialists in digital design and product strategy, with over 14 years of experience at world-class technology companies such as Adobe, Fitbit, and Meta, where he contributed to the launch and scaling of digital products with millions of active users.

This appointment follows a series of strategic moves: two years ago, Termene.ro acquired Confidas — an innovative startup specializing in company credit reports, used by over 20,000 entrepreneurs and quickly integrated into the Termene360 AI strategy, further developed with artificial intelligence (AI) and machine learning technologies. Later, the company relocated its headquarters to Bucharest and welcomed Ionuț Bonoiu, former Editor-in-Chief at Forbes Romania, as Head of Context & Clarity, who now leads the launch of a data- and AI-driven editorial division. This division positions Termene.ro not only as a provider of information but also as a relevant source of contextualized economic analysis.

Radu Vucea’s move to Termene.ro marks a new stage for the company, which is entering a phase of development based on a Product-Led Growth (PLG) model. After years of accelerated expansion through direct sales, the company is transitioning to a strategy where the product itself becomes the primary engine for acquisition and retention, with user experience at the heart of its growth process.

“We’ve made history in our industry with a sales-driven growth model, but now it’s time for the product to take the lead. For this step, we needed a leader with global experience in building and scaling digital products. Radu’s expertise is essential for this new chapter of Termene.ro: he brings the mix of strategic vision and practical execution needed to scale intelligently and sustainably, and to build a truly product-led organization,” said Adrian Dragomir, founder of Termene.ro.

Radu Vucea’s career reflects a unique combination of product design, strategy, and organizational leadership. At Adobe and Fitbit, he learned how to validate and launch products from the ground up, turning them into solutions generating millions of dollars in revenue. Among his achievements at Fitbit are the launch of the company’s first kids’ product, the introduction of the Active Zone Minutes metric — highly relevant during the pandemic — and bringing in the first million paying subscribers to Fitbit Premium. His experience at Meta was complementary: there, he learned how to scale products that already had millions of active users, working in the Metaverse area (around 5 million users) and focusing on growth projects and the development of innovative products. In parallel, he has been active in professional communities and educational programs, being recognized as a mentor and trainer for new generations of specialists.

His motivation to join Termene.ro also has a personal side: for several years, he has used the platform as a client, directly experiencing its value.

“I discovered Termene as a customer and saw how useful the platform is in decision-making. I believe it has huge potential to become a strategic partner for the Romanian business environment and, over time, a key player in neighboring markets as well. The experience I gained at global companies helps me bring structure and rigor, but also a mindset of innovation and continuous experimentation. My goal is for Termene to become not just a data provider, but a platform that simplifies decisions and offers companies real competitive advantage,” said Radu Vucea, Chief Product Officer, Termene.ro.

In the short term, the new CPO will oversee the strengthening of the platform’s current user experience and balance innovation speed with a high level of quality. A major objective is the implementation of the Product-Led Growth model, in which the product “sells itself” through the value it delivers, reducing the time from discovery of the platform to generating concrete results for clients.

Through this strategy, Termene.ro aims for significant growth acceleration, based on rapid scaling of platform usage, shorter adoption cycles, and increased client retention. The Product-Led Growth model, combined with the integration of advanced AI functionalities, will enable the company to expand its client base and increase the average value generated per user. Internal estimates suggest that this transition could support annual growth of over 50%, while consolidating the foundation for expansion into neighboring markets.

Founded by entrepreneur Adrian Dragomir, Termene.ro is today the most comprehensive business intelligence platform in Romania, used by over 130,000 professionals and more than 6,000 subscribed companies. Through access to integrated data, up-to-date financial and legal information, and innovative digital solutions, Termene.ro has become an indispensable tool for the business community and journalists, who use the platform as a source of information and research. In addition, the company is developing Romania’s first economic journalism division built natively on data and artificial intelligence, thereby complementing its role as an information provider with that of a producer of context and analysis.

Bucharest, September 1, 2025 - Romania ranks fourth in the top of the European countries with the cheapest housing, after Turkey, Bosnia and Herzegovina and Albania, with an average price of 1,676 EUR/sqm in 2024, up 11.5% from 1,504 EUR/sqm in 2023, according to Deloitte Property Index 2025, conducted in the main cities in 28 countries (out of which 21 in the European Union). Luxembourg (reintroduced into the study after a few years of hiatus) is the most expensive country, with an average of 8,760 EUR/sqm in 2024.

Overall, 18 of the 28 countries analyzed recorded increases in average housing prices, the most important being in Poland (+19.3%) and Albania (+16.5%), while notable decreases were recorded in Turkey (-12%), Luxembourg (-3.4%) and the Netherlands (-2.3%).

Among the EU member countries analyzed by the study, high prices are also recorded in Austria (5,053 EUR/sqm), Portugal (5,049 EUR/sqm), Finland (4,889 EUR/sqm) and Germany (4,800 EUR/sqm), while prices below 2,000 EUR/sqm are recorded only in Greece (1,792 EUR/sqm) and Romania (1,676 EUR/sqm), noting that for Bulgaria and Ireland there is no data on the national average.

"Residential property prices in Europe continue to reflect a complex interplay between the constraints of the supply of new housing, namely rising construction costs, tighter financing conditions and more complex regulations, and concerns about the economic outlook and the evolution of living standards in the countries analyzed. Romania is among the countries with increasing prices in 2024 amid high demand and the shortage of new dwellings, and the trend continues, at least in the short term, given the VAT increase to 21% for new dwellings (including those that benefited from reduced rate), and urbanism uncertainty mainly in Bucharest. On the other hand, the reignition of inflation keeps financing costs high, making mortgage loans, which have largely supported the market in 2024, less affordable," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania.

Luxembourg dominates the ranking of the European cities, with an average price of 11,074 EUR/sqm in the capital city, while Munich ranks second (10,800 EUR/sqm) and Paris third (10,760 EUR/sqm). In Romania, the highest rents are recorded in Cluj-Napoca, 2,770 EUR/sqm, and Brasov respectively (1,897 EUR/sqm), while Bucharest ranks third, with 1,757 EUR/sqm. This places our country among the European states in which the most expensive city is not the capital, alongside Germany, whose ranking is led by Munich, Italy with Milan and Spain with Barcelona ranking first.

In the rental market the ranking is similar - Luxembourg City is first, according to the available data analyzed by the Deloitte study, with an average monthly rent of 43.4 EUR/sqm. The second highest is Paris, with an average rent of 32 EUR/sqm, followed by Dublin with 31.7 EUR/sqm. Other 15 cities in the analyzed countries recorded rents between 20 and 29.9 EUR/sqm (including Barcelona - 29.9 EUR/sqm, Oslo - 27.3 EUR/sqm, Madrid - 27.1 EUR/sqm and Amsterdam - 26.3 EUR/sqm). Among the cities in the EU countries analyzed, the cheapest in terms of rent are Plovdiv, Varna and Sofia in Bulgaria (between 5.7 and 8 EUR/sqm), and Patra in Greece (7 EUR/sqm). In Romania, Bucharest and Cluj-Napoca are ranked with the highest rents among the cities analyzed, with 10.3 EUR/sqm on average per month, both up from the previous year, followed by Brasov, where tenants pay an average of 9.2 EUR/sqm per month (similar to 2023).

"Limited housing supply is also reflected in rising rents, especially in large cities, with development potential above the national average. These areas were also the most active in terms of transactions last year, as well as in the first part of 2025, when activity also increased prior to the new housing VAT rate that came into effect. However, a revival of residential constructions is needed, after more than 20% decrease last year, to ensure the renewal of the housing stock in Romania and, implicitly, to improve the housing conditions for the population", said Marius Vasilescu, Advisory Partner, Deloitte Romania.

The 14^th edition of the Deloitte Property Index study analyzes the evolution of the residential real estate market in 28 countries and 77 cities in 2024. All price statistics collected are converted in euros to ensure comparable results.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

CTP, Europe’s largest listed developer, owner, and manager of industrial and logistics properties by gross lettable area (GLA), has appointed Ronald Binkofski as Managing Director for Romania, as it moves towards achieving its ambitious goal of reaching €1 billion of annualised rental income across its European portfolio in 2027.

Ronald will lead on driving CTP’s continued expansion in Romania, growing the firm’s footprint in the country where CTP already has a 3.1 million sqm GLA portfolio across 35 modern sustainable CTParks, alongside a 4.2 million sqm GLA landbank available to support substantial future growth. As Managing Director for Romania, Ronald will also support CTP and its Romanian clients with implementing systems to enhance key business operations focusing on areas including customer insights, supply chains, and distribution channels, leveraging his 30-years’ experience working in technology, big data and Central Eastern European (CEE) markets.

Ronald joins CTP from STX Next, the international data, AI and cloud solutions business where he was CEO, and drove delivery of advanced software development and AI solutions, enabling companies to grow digitally and embrace new technology. Prior to this he spent over 12-years at Microsoft, where he was responsible for expanding the company’s presence in Poland, Romania, and the wider CEE region while contributing to high-impact projects. He also served as President and Vice President of EMEA for US international conglomerate Honeywell. 

Romania is cementing its position as a European manufacturing hub. There is growing demand from businesses for the Grade A industrial real estate that CTP offers that can help them innovate and use technology to drive performance. Multinationals are also looking to Romania to meet logistics requirements attracted by its competitively priced labour, location within the EU and quality infrastructure connecting it to the rest of Europe. Occupier demand is also being supported by firms nearshoring their production to Europe in the face of a shifting geopolitical backdrop.

Remon Vos, CEO, CTP Group said: “We welcome Ronald to the business. His decades of experience holding leadership positions for major technology companies in CEE make him uniquely placed to expand CTP in Romania. He will provide us and our clients with long-term benefits by harnessing his knowledge of everything from AI to software to big data.”   

Ronald Binkofski, Managing Director for Romania at CTP, commented: “Joining CTP, a thriving company with an impressive footprint and ambitious vision, is an exciting opportunity. We have ambitious plans in Romania’s ever more dynamic market where CTP has already built a strong foothold with its network of modern sustainable Parks and the extensive list of major businesses that call them home. I look forward to contributing to the continued growth of the business and to creating sustainable value for our partners and clients.”

CTP is home to and helping businesses expand in Romania with CTParks in key locations including Bucharest, Timișoara, Arad, Oradea, Sibiu, Craiova and Brașov.

About CTP

CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.5 million sqm of GLA across 10 countries as at 30 June 2025. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP’s corporate website: www.ctp.eu

CONTACT DETAILS FOR ANALYST AND INVESTOR ENQUIRIES:

CTP 

Maarten Otte, Head of Investor Relations

Email: maarten.otte@ctp.eu

IR TEAM

Email:  investor.relations@ctp.eu

CONTACT DETAILS FOR MEDIA ENQUIRIES:

SEC Newgate UK

Email: ctp@secnewgate.co.uk

Sorina Florescu

Head of Marketing & PR CTP România

Email: sorina.florescu@ctp.eu

Parents are looking for back-to-school budget optimization, with 75% (up from 67% in 2024) willing to switch to cheaper brands if the preferred one becomes too expensive, 65% ready to shop at more affordable retailers over preferred ones, and 51% to choose private labels to save money, according to the Deloitte back-to-school 2025 study. This behaviour is based on parents' concerns about their personal financial situation - 83% estimate similar or worse household financial situation compared to previous year -, the expectations regarding economic slowdown (54%), and the potential for higher prices (52%).

Under these conditions, the estimated budget allocated for this purpose is projected to remain similar to last year (equivalent of USD 570 per child, down just USD 14 from 2024), and the overall market holds relatively steady al USD 31 billion. This year, parents will pay more for clothes and accessories (+6%), while school supplies (-3%, and technology products - computers, electronic gadgets, or digital subscriptions (-8%) will decrease.

Parents with lower income are expected to spend 10% more than last year because of higher price, while those with middle and higher incomes to pull back spending (-7% and -9%, respectively).

On the other hand, 90% of parents (compared to 86% in 2024) plan to enrol their children in extracurricular activities, for which they estimate to spend less than last year (USD 532 per child compared to USD 582 in 2024). They believe that such activities are important for developing skills that artificial intelligence cannot replace (83%), child’s mental health (87%), and keeping children engaged while the parents are at work (55%).

When shopping, 83% of parents (compared to 77% in 2024) prefer mass merchants and online stores (68%). In-store shopping is preferred for purchasing furniture (70%) and clothing and accessories (58%), while online retailers are favourite for electronic devices (71%), computers (69%), and school supplies (54%). At the same time, 71% of parents are willing to wait longer for free shipping.

At the same time, 41% of back-to-school shoppers plan to use social media for shopping (compared to 33% in 2024), with Gen Z embracing it at an even higher rate (75%). One-third of study participants say they will use artificial intelligence, including generative AI, when shopping, mainly to compare prices and find deals. On the other hand, 32% of parents said influencer content is more trustworthy than brand content.

"The results of the study indicate that price is becoming the main criterion in buying back-to-school products, as parents are increasingly concerned regarding budget optimization in the current economic context, marked by uncertainty in most of the economies worldwide. The budgetary constraints faced by governments are also prompting European consumers to approach their spending plans with caution, and those in Romania even more so, given the return of high inflation rate, due to energy cap removal and general VAT rate increase from 19% to 21%. According to the National Bank of Romania, annual inflation rate is expected to exceed 9% in September 2025 and to be around 8.8% at the end of the year. Thus, retailers must adjust their pricing policies to remain relevant to customers looking for the best deals,” said Raluca Baldea, Tax Partner, Deloitte Romania, and Leader of the Retail and Consumer Goods Industry.

Environmental protection remains a concern - more than three-quarters of parents (37%) care about sustainability but prioritize price when considering purchasing a sustainable product. At the same time, 33% would buy pre-owned products when available, and only 18% actively seek out sustainable products and are willing to pay more for them.

Deloitte back-to-school 2025 study, now in its 18th edition, wad conducted among about 1,200 US parents of school-aged children.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

In this focused 45-minute session, discover how AI is reshaping boardroom decision-making, streamlining strategic oversight, and redefining what it means to lead effectively in the age of data and automation. 

what we’ll cover

This session is designed to simplify AI for non-technical executives and board members, showing how emerging technologies can drive better governance, risk management, and strategic agility. We’ll explore: 

• How AI improves board-level visibility into business performance and operational risks 
• Real-world examples of AI enhancing decision-making and oversight 
• Common challenges and misconceptions in AI adoption at the executive level 
• Key insights every board member should have about data governance, algorithmic bias, and compliance 
• Ways to align AI strategies with overall business goals for a competitive edge 
• Practical steps to become an AI-literate board equipped for the future 

This is a hands-on exploration of how AI can amplify your leadership impact, improve boardroom efficiency, and keep your organization ahead in a changing market. nd navigating the evolving digital landscape. 

who’s it for

This session is ideal for: 

• Board members, advisors, and non-executive directors who want to stay impactful in a tech-driven world 
• C-suite executives responsible for guiding digital transformation 
• Aspiring board members and strategic leaders seeking to expand their influence 
• Governance professionals and corporate strategists interested in AI’s role in leadership 

If you want to enhance your strategic role and help your business lead with confidence in the AI era, this webinar is for you. 

Let’s cut through the complexity and show how AI can work for your board. 
Reserve your seat now. 

Details

We are proud to reveal the transformed meeting and event spaces at JW Marriott Bucharest Grand Hotel — a project close to our heart, designed to inspire connection and celebrate excellence. These refreshed venues, including our iconic Ballroom, now blend refined elegance with modern comfort, setting the perfect stage for unforgettable conferences, galas, and private events. Beside them, the Vienna Lounge debuts with an exceptional dual concept: vibrant Specialty Coffee Lounge by day, glamorous Caviar & Champagne Lounge by night. A place where business, leisure and sophistication meet.

CMS has advised Rezolv Energy, through its project subsidiary First Look Solutions S.R.L., on incremental project finance facilities of up to €331m to support the construction of the 269MW second phase of its VIFOR wind farm in Buzău County, Romania. Phase 2 will take the project to its full 461MW capacity.

Financing of the second phase is largely supported by the same lenders from the first phase, including Erste Group, Banca Comerciala Romana S.A. and UniCredit Group (through UniCredit Bank S.A.), together with the European Bank for Reconstruction and Development, the International Finance Corporation (IFC), Intesa Sanpaolo Group and OTP Bank, joined by Raiffeisenlandesbank Niederösterreich-Wien.

VIFOR Phase 2 follows the first phase of the project, which is currently under construction. Phase 1 will install 192MW in capacity – consisting of 30 turbines of 6.4MW each – and is scheduled to be operational by spring 2026. Phase 2, which will be commissioned in Q4 2027, will add 42 turbines, increasing the overall project capacity to 461MW – enough electricity to power more than 700,000 homes.

CMS advised Rezolv Energy on the full suite of financing documents and all ancillary documentation, including the energy and real estate legal, regulatory and compliance aspects with respect to the project permitting, authorisation, project execution contracts (Turbine Supply Agreement (TSA), Balance of Plant Contract (BoP). This is also the first financing granted for a wind project backed by the support scheme of Contracts for Difference, with the relevant contract awarded for Vifor Phase 2 in December 2024.

Ana Radnev, Head of Finance at CMS Romania, comments: “We’re grateful and delighted to have advised Rezolv Energy on this strategic and ground-breaking financing. The successful close of the second phase of the VIFOR wind farm project demonstrates the continued confidence of leading international lenders in Romania’s energy transition and the strength of the country’s project finance market. We’re proud to have supported Rezolv Energy on advancing such a pivotal clean energy initiative and are committed to supporting further innovation and investment in Romania's energy transition.”

Varinia Radu, Head of Energy and Climate Change at CMS Romania and Deputy Head of the CEE Energy Projects and Construction Practice, comments: “VIFOR wind farm’s second phase represents a landmark project for the Romanian renewables market. By pioneering the Contract for Difference support scheme, VIFOR project sets a precedent for future renewable energy developments in Romania. We are extremely pleased to see the first wind project financed on the basis of a Contract for Difference support scheme on the Romanian market, which confirms Romania’s successful implementation of the first part of the CFD scheme covering 5 GW solar PV and wind projects. Our team’s deep sector expertise, cross border collaboration between our Bucharest and London teams and local knowledge enables us to guide clients through complex transactions such as this, and we look forward to continuing to contribute to the development of Romania’s clean energy future.”

The CMS team was led by Ana Radnev, Head of Banking and Finance and Varinia Radu, Head of Energy and Projects, and included Tudor Naftica, Dan Patrascu, Radu Dragan and Felix Firescu, (Finance); Raluca Diaconeasa, Madalina Constantinescu, Edwina Udrescu (Energy & Projects); Alexandru Dumitrescu (Real Estate); Claudia Nagy and Eduard Roventa (Corporate); and Philip Duffield, Oliver Ratnatunga, Kate Merrill and Maja Kajdasz (Energy & Infrastructure, CMS UK).

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 91 offices in 50 countries across the world and more than 7,200 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

Abstract

This article examines the possibility of challenging Zonal Urban Plans (PUZ) in administrative litigation in light of Decision No. 12/2021 of the High Court of Cassation and Justice, which classified PUZs as normative administrative acts. It analyzes the legal implications of the legislative amendment introduced by Law No. 151/2019, which expressly established a five-year statute of limitations for challenging PUZs.

Article

On June 28, 2021, the High Court of Cassation and Justice issued Decision No. 12/2021 in a case of appeal in the interest of the law (RIL), clarifying the legal nature of local council decisions approving Zonal Urban Plans (PUZ). The legal issue was whether these decisions constitute administrative acts of an individual or normative nature. The Court ruled that PUZ approval decisions are normative administrative acts, even when initiated by private individuals or legal entities for specific projects.

This classification has several significant legal implications, including:

1. Normative acts enter into force upon publication, not upon communication to a specific individual.
2. Unlike individual administrative acts, normative ones cannot be challenged through the exception of illegality in other proceedings. Legal control is exercised only through a direct action for annulment, in accordance with Law No. 554/2004 on administrative litigation.
3. Although Law No. 554/2004 expressly provides that normative acts may be challenged at any time, in the case of PUZs, Law No. 350/2001 on territorial planning and urbanism, as amended by Law No. 151/2019, imposes a five-year statute of limitations from the date of PUZ approval for initiating annulment proceedings.

Individuals harmed by the content of a PUZ find themselves in a legally complex situation. The correlation between Decision No. 12/2021 of the High Court and Law No. 350/2001, as amended by Law No. 151/2019, leads to the conclusion that such individuals may challenge the PUZ only within five years of its approval. Moreover, they can no longer invoke the exception of illegality in related litigation, even though this exception is generally imprescriptible, precisely because the High Court has classified PUZs as normative administrative acts.

Therefore, although Decision No. 12/2021 brings clarity to a field marked by inconsistent judicial practice by expressly classifying PUZs as normative administrative acts, interested parties must be aware of the five-year statute of limitations, which restricts the seemingly perpetual challengeability of these acts—a fundamental characteristic of normative administrative acts.

Proposal for Legislative Amendment

Given the classification of PUZs as normative administrative acts and the express legal provision of a five-year statute of limitations for challenging them in administrative litigation, it would be advisable, de lege ferenda, to amend Law No. 554/2004 on administrative litigation to allow the exception of illegality to be admissible for normative administrative acts for which a special law provides an express statute of limitations—such as in the case of PUZs. This amendment would enable continuous legal oversight of normative acts that produce long-term legal effects and impact an unlimited number of individuals, ensuring the protection of fundamental rights of citizens affected by PUZ provisions. Such a change would represent a significant step toward strengthening legal control over normative acts with broad and lasting effects.

A third of multinational companies (34%) estimate that increased tariffs or new non-tariff trade barriers would have a high impact on their business, while 57% say the impact would be moderate, and, in order to mitigate the effects of such measures, nearly 30% would raise prices and 16% would consider moving production and/or exporting to other markets, according to Deloitte 2025 Global Tax Policy Survey. Thus, monitoring tariffs and responding to developments in this policy area is likely to be one of the key features of global tax policy in 2025, as they could replace certain national tax policies in the pursuit of global competitive advantage.

The study explores the impact of five global tax policy themes on multinational companies’ activity, namely transparency and reporting (ranked first, similarly to 2024), followed by the digitalization of tax, sustainability (up from the fifth place last year, noting that the survey was conducted before the European Commission proposed a significant simplification to the European Union sustainability reporting requirements in its Omnibus I initiative), international tax reform (global minimum corporate tax – pillar II of the OECD reform) and future of work.

The first theme – transparency and reporting – remains top concern for multinational companies due to the administrative burden it entails - 82% of study participants estimate that levels of public tax disclosure will increase over the next two-three years, driven by mandatory reporting regimes, including public country-by-country reporting (Public CbC) and ESG (environmental, social, and governance) reporting.

Regarding the second theme, digitalization of tax, 86% of participants said that national authorities continue to make progress toward adopting the OECD (Organization for Economic Co-operation and Development) Tax Administration 3.0 model - a modern, digital tax administration. However, while 77% anticipate benefits, such as improved relationship between taxpayers and tax authorities, less time and resources spent on tax compliance, etc., 22% expect increased costs and complexity of tax reporting. For example, there are signs of growing concern that automated processes, such as e-invoicing, could introduce more complexity than simplification, the study finds. 

Sustainability, the third most impactful theme this year (up two places compared to year), is a top priority for more than half of the study participants. At the time of data collection, more than 90% of companies expected a major impact from the EU Carbon Border Adjustment Mechanism (CBAM).

As a consequence of the international tax reform developments (the implementation of a global minimum corporate tax – Pillar II of the OECD agreement), almost half of the study participants expect to pay significantly more taxes, while a similar percentage anticipate only a marginal increase.

From the future of work perspective, the fifth theme explored in the study, cross-border remote work continues to present challenges to businesses and policymakers alike. In this case, the impact is felt across a range of taxes, the primary focus (76%) being on corporate tax matters, such as transfer pricing and the risks around the creation of permanent establishments, followed by employee taxes (69%) and social security contributions (58%).

"In addition to the five themes explored in the study, there is also an increasing uncertainty regarding the tax rules governing cooperation between multiple jurisdictions, such as regulations issued based on OECD recommendations or European directives. In the past, these were the subject of debates spanning over years or even decades, but now they are changing much faster, which poses challenges for companies from a long-term perspective. The amendment of sustainability reporting requirements, which was treated as an emergency, the trade tariffs announced or imposed by the US on several countries, and the retaliation measures are just a few examples that have surprised the international business community. In addition, the EU intends to introduce a tax on companies operating and selling in the EU, with a turnover of at least 100 million euros, as a measure to create sources of financing for the defense plans. This uncertainty also affects multinational companies operating in Romania, so they should advocate, individually or at the group level, for increased international cooperation to ensure consistency and predictability of the tax regulations," said Dan Badin, Tax Partner, Deloitte Romania.

Deloitte 2025 Global Tax Policy Survey, now at its 12^th edition, was conducted among tax managers and CFOs, in order to analyze the impact of new international tax regulations on companies worldwide. This year's survey involved more than 1,100 tax leaders in 28 countries.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

The number of employees working in A & B Class office buildings in Bucharest exceeded 340,000 at the end of H1 2025, accounting for around 30% of the total workforce in the city. Companies contracted office spaces corresponding to more than 7,000 new employees in H1, with the net take-up (excluding renegotiations) totaling 64,300 sq. m, according to the Office Marketbeat Q2 2025 report released by the Cushman & Wakefield Echinox real estate consultancy company.

The IT&C sector generated the highest share of the new demand (25%), followed by FMCG and retail operators with 17%, and financial services with 15%.

Based on the distribution of existing office buildings across Bucharest, the Center - West area hosts the highest number of employees, approximately 65,000, followed by Floreasca - Barbu Văcărescu with 60,000, and Center with almost 50,000.

Moreover, 132,300 sq. m of office spaces are currently under construction, with more than 90% of the area in question being due for delivery in 2026 and 2027, potentially accommodating an additional 15,000 employees. This could push the total modern office workforce in Bucharest to almost 360,000 by the end of 2027.

These developments will add new office supply to Bucharest’s most dynamic areas: Center, where Vastint is developing a new phase of the Timpuri Noi Square project (55,000 sq. m); Center - West, where the Czech group PPF Real Estate is building the ARC Project (30,000 sq. m), while NEPI Rockcastle and One United Properties are developing Promenada Offices (23,400 sq. m) and One Technology District (20,600 sq. m) in the Floreasca - Barbu Vacarescu and Dimitrie Pompeiu submarkets.

Although these projects may signal a development activity recovery, the overall pipeline remains well below the market’s potential, a market which registered an annual average of 153,000 sq. m of new office spaces completed over the past decade.

A gross take-up of 121,400 sq. m was recorded in Bucharest during H1 2025, corresponding to a decrease of 28% compared with H1 2024. After a slower Q1 with only 51,300 sq. m being transacted, demand started to accelerate in Q2, rising by 37% to a level of 70,100 sq. m.

The net take-up had a robust share of 53% in the overall H1 demand, while the vacancy rate in Bucharest continued its downward trend, reaching 13.4% (the lowest level since Q2 2021).

Vacancy is expected to further decrease by the end of the year, as no new office buildings are scheduled for delivery in 2025, while the new demand will mainly target the vacant spaces in existing buildings.

No significant rental movements were recorded in Q2, as levels between €20.00 – 21.00/ sq. m/ month were the norm in CBD, while the benchmarks for other submarkets ranged between €15.00 – 18.00/ sq. m/ month and €9.00 – 13.50/ sq. m/ month in central/ semi – central and peripheral locations.

Limited rental growth is expected in more landlord - favorable submarkets such as CBD or Center, areas with very low vacancy rates and with different profiles than the other more tenant - dominant parts of the city.

Mădălina Cojocaru, Partner, Office Agency C&W Echinox: “The Bucharest office market remains solid, even amid a temporary decline of the overall demand. The interest in modern, efficient, and well-located spaces, especially in central areas and in CBD is high, submarkets where the vacancy rates are constantly reaching new lows. With no new deliveries anticipated in 2025, the current market conditions create a favourable context for the absorption of existing spaces, while they may drive moderate rent increases in areas with limited availability. We expect demand to stabilize, with continued momentum for relocations and portfolio optimization by year-end.”

Cushman & Wakefield Echinox is a leading real estate consulting company in the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners, and tenants. For more information, visit the company's website http://www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is one of the global leaders in commercial real estate services, with 52,000 employees in 400 offices in 60 countries. With revenues of $9.4 billion, the company's main services are asset and investment management consulting, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website http://www.cushmanwakefield.com 

With the message “Reconnect with Nature”, Ana Hotels extended a heartfelt invitation: take a few weekdays off, when roads and places are quieter, and you have the chance to enjoy landscapes, fresh air, and moments just for yourself. No crowds, no rush—just you, nature, and a vacation that truly matters. As part of this vision, they have created special eco-friendly packages designed to offer authentic, comfortable, and environmentally friendly experiences—whether you choose the seaside or the mountains.

In Eforie Nord, Ana Hotels Europa offers a relaxing and sustainable getaway, designed for those who wish to enjoy the sea while maintaining a responsible attitude toward the environment. Guests benefit from bed-and-breakfast accommodation in a room with a balcony and sea view, a revitalizing Techirghiol mud therapy session, yoga classes in the hotel garden, as well as access to the swimming pool and a private beach area. The package also includes early check-in and late check-out, parking, and all the facilities needed for a worry-free vacation. The entire concept revolves around the idea of mindful relaxation, striking a balance between comfort and the preservation of natural resources.

In Poiana Brașov, Ana Hotels Sport offers travelers an authentic mountain experience in a spectacular setting. The eco-friendly holiday package includes bed-and-breakfast accommodation in a room with a balcony and views of the Postăvarul Massif, an outdoor picnic featuring traditional Romanian products, and a cable car trip—an opportunity to explore nature actively. Relaxation continues in the wellness area, with access to the indoor pool, jacuzzi, saunas, and the outdoor hot tub with panoramic views. Parents enjoy discounts and vouchers for spa treatments, while children take part in special activities, from creative recycling workshops to educational games at the Kids Club, supervised by trained staff.

The new packages launched by Ana Hotels are a natural continuation of the group’s long-term commitment to sustainability. Among the measures already implemented are the reduction of plastic use, optimization of water and energy consumption, use of biodegradable materials, active recycling, local sourcing, and the installation of charging stations for electric vehicles. All these initiatives turn a simple vacation into a valuable and responsible experience.

Starting in August, all Ana Hotels locations will use wooden key cards instead of plastic ones. Wood is a more environmentally friendly alternative: it is biodegradable, comes from renewable sources, and requires less energy to process. Through this change, we contribute to reducing plastic consumption and support more responsible choices for the planet.

With these initiatives and the new sustainable packages, Ana Hotels proves that high-quality tourism does not have to come at the expense of environmental protection. On the contrary, eco-friendly vacations can offer a richer experience—emotionally, spiritually, and personally—where relaxation blends harmoniously with respect for nature and a conscious lifestyle. Thus, Ana Hotels offers not just a vacation, but a new way of traveling: with care, with purpose, and with a positive impact.

Opinion article by Alexandru Nae, Senior Manager, and Alina Badea, Senior Consultant, Advisory, Forensic Services, Deloitte Romania

Entering into a business partnership is never just a formality, it is a big decision that can either help a company grow or cause major problems. While the right partnership can help a company unlock growth and strategic advantages, the wrong alliance can expose your organization to serious financial losses, reputational damage, and legal risks. The Association of Certified Fraud Examiners (ACFE) surveys released between February 2023 and March 2024 reveal that onboarding new businesses as a client or vendor can be challenging for many organizations. According to ACFE’s report, only 10% of organizations see new vendor onboarding as not challenging at all, while more than 60% find onboarding new vendors to be extremely challenging. Similarly, 52% of respondents report that onboarding a new business client is extremely or moderately challenging, while 14% do not find new client onboarding to be a challenge for their organizations.

Understanding the importance of Integrity Due Diligence

Integrity Due Diligence (IDD) is a component of risk management, focused on evaluating the integrity and reputation of a current or a potential business partner prior to any business engagement. Conducting IDD helps organizations uncover hidden problems and mitigate risks that could threaten the present and the future of the business. Failing to perform thorough IDD can expose a company to potential severe consequences. Depending on the jurisdiction, this may include substantial fines, restrictions on business operations or even criminal liability.

Beyond legal and regulatory penalties, insufficient due diligence can also result in significant reputational harm. If an organization is found to be associated with a partner linked to corruption or unethical practices, it may face damaging publicity and a loss of stakeholder trust, including from customers, investors, and regulators.

Key data gathered as part of onboarding and Integrity Due Diligence

ACFE reports that when onboarding a business partner, organizations must collect key pieces of information such as tax ID number, ID verification of business owner(s), ownership information, and sanctions/watchlists/denied-party information. Screening this information is directly linked to mitigating key fraud and reputational risks that organizations face when engaging with business partners.

The information collected during the IDD process should cover key areas, such as: identity and corporate structure, including identification of executive board members, shareholders, ultimate beneficial owners and additional corporate affiliations; market behavior; sanctions lists, including identification of persons, organizations or countries which are subject to economic sanctions issued by a government or by an international organization; negative media reporting, including allegations found in reputable news outlets and other publications that link a person or entity to fraud, money laundering, corruption, terrorism and other unlawful activities; checks on politically exposed persons lists and state-owned entities lists; financial results and balance sheets, as well as assets and liabilities.

What are the key risk factors that Integrity Due Diligence analysis can detect?

IDD analysis is a valuable tool for uncovering a wide range of potentials red flags. Some of the key risks that can be identified include: ownership hidden behind complex structures, that was not disclosed; ultimate beneficial owners with criminal backgrounds or adverse reputational histories; unofficial control of a business by individuals with political authority or political relationships; allegations of corruption and fraudulent activities; the use of a company as a potential vehicle for money laundering; conflicts of interest, where key personnel represent the interest of external parties; legal disputes that may impact financial or reputational stability and environmental, social and governance concerns such as violations of environmental laws or sustainability standards and poor labor practices or supply chain risks.

When to conduct Integrity Due Diligence?

The frequency with which organizations conduct IDD checks depends on several factors, including the nature of the business relationship, risk level, industry, and regulatory environment. They should always conduct IDD before entering a new partnership, investment or a material transaction to ensure that they are not exposing themselves to hidden risks. However, organizations should not treat IDD as a one-time exercise. Depending on the level of risk, the due diligence process should be revisited regularly. For organizations dealing with low-risk business partners, it may be appropriate to revisit the IDD process every two to three years. Moderate-risk relationships, however, require more frequent attention - commonly the IDD process should be conducted every twelve to twenty-four months. In high-risk scenarios or when dealing with business partners that are operating in jurisdictions known for weak regulatory environments or in countries with high level of corruption, organizations should reassess IDD as often as every six to twelve months, or even more frequently if circumstances demand it. Furthermore, beyond these periodical checks, organizations should approach it as an ongoing responsibility in order to be prepared to act when new developments emerge. This includes changes in the ownership structure, in leadership, negative media coverage, whistleblower reports and updates to regulatory frameworks. In these instances, timely IDD updates help organizations stay ahead of potential risks before they escalate.

In a global business landscape marked by increasing regulatory scrutiny, IDD practice can be essential in onboarding new business partners and in monitoring existing relationships with other businesses. Beyond simply checking compliance boxes, IDD serves as a safeguard against corruption, fraud, and hidden liabilities that can threaten an organization’s operations and credibility.

CMS has advised Maspex Group (Maspex) on the successful voluntary takeover bid for acquiring the controlling position in Purcari Wineries Public Company Limited (Purcari). This is Maspex’s first transaction on the Romanian capital market.

Following the successful closing of the voluntary takeover bid and expected regulatory approvals, Maspex will hold 72.8% of Purcari's shares. This will give Maspex a controlling position in Purcari, enabling it to further develop Purcari’s strategic direction.

Purcari is a prominent wine and brandy producer in Central and Eastern Europe. Founded in 1827, the group operates in Romania, Moldova and Bulgaria, with a focus on premium wines and brandy. Purcari exports to over 40 countries and is listed on the Bucharest Stock Exchange.

Cristina Reichmann, Partner and Head of Capital Markets, FIS, and Structured Finance at CMS Romania, comments: “We are delighted to have supported Maspex on its successful voluntary takeover bid for Purcari. This deal demonstrates the growing attractiveness of the Romanian market for international investors. We are proud to have supported Maspex’s strategic expansion and look forward to seeing the continued development of Purcari under their stewardship.”

Rodica Manea, CMS Corporate Partner, comments: “We would like to congratulate Maspex and Purcari on this landmark transaction that represents a strategic milestone for both companies. We are confident that Maspex’ investment will further strengthen Purcari’s position as a leading wine producer in the region. The successful completion of this takeover bid is a testament to the strength and collaborative efforts of our cross-practice and cross-border teams and our ability to deliver exceptional outcomes on complex, sophisticated and multi-jurisdictional transactions.”  

The CMS team was led by Cristina Reichmann, together with an outstanding cross-border team whose collaboration and efforts were instrumental to the success of this project. Special recognition goes to Corporate partners Rodica Manea and Horea Popescu for their strategic input on the transaction, to Mircea Ciuta (Capital Markets), Elena Andrei (Corporate); Claudia Nagy (Competition) and Vlad Dorneanu (Competition) who advised on the Romanian regulatory filings, and last but not least, to Blazej Zagorski (CMS Poland).

Additional support was provided by Nevena Radlova and Anna-Maria Spasova (CMS Bulgaria) on the Bulgarian regulatory filings.

Advice on Moldovan regulatory aspects was provided by Ana Galus and Valeria Popa (Turcan Cazac law firm).

Advice on Cypriot regulatory and governance aspects was provided by Marcos Georgiades and George Demetriou (Georgiades & Pelides law firm)

- End -

Notes to editors:

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 91 offices in over 50 countries across the world and more than 7,200 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

Bucharest, August 2025: The Romanian retail market has been very active throughout H1 2025, when projects totaling more than 162,000 sq. m were delivered. The modern retail stock in the country reached 4.73 million sq. m, with the largest share located in the Central - West region (16 counties in Transylvania and Banat), totaling approximately 1.56 million sq. m (33% of the national stock), followed by Bucharest - Ilfov with 1.33 million sq. m (28%), according to the Bucharest Retail Market and Romania Retail Regional Cities reports released by the Cushman & Wakefield Echinox real estate consultancy company.

The modern retail stock in the Central - West region is 17% higher than the Bucharest - Ilfov one and more than double compared with the corresponding one in the East (Moldova) region (8 counties), which reached approximately 735,000 sq. m.

Another analyzed region is South (16 counties, excluding Bucharest - Ilfov), which has a cumulated modern retail stock of 1.1 million sq. m ​​located in shopping centers, retail parks and commercial galleries.

The retail density at national level is of 248 sq. m/ 1,000 inhabitants, still one of the lowest in Europe.

At a city-based level, the highest retail space density can be found in Pitesti (1,510 sq. m/ 1,000 inhabitants), Suceava (1,471 sq. m/ 1,000 inhabitants), Deva (1,252 sq. m/ 1,000 inhabitants), Sibiu (1,213 sq. m / 1,000 inhabitants), Oradea (1,123 sq. m/ 1,000 inhabitants) – all cities with less than 150,000 inhabitants, and Timisoara (1,089 sq. m/ 1,000 inhabitants) – the only one with a population of over 250,000 inhabitants.

In other cities with a population exceeding 250,000 this indicator varies between 522 sq. m/1,000 inhabitants in Cluj - Napoca to 914 sq. m/1,000 inhabitants in Iasi.

The H1 2025 new supply increased by over 80% compared with the same period last year, with Mall Moldova, a super-regional shopping center in Iasi (125,700 sq. m) and the Iulius Mall Suceava extension (16,500 sq. m) being the most important projects completed in that period.

Moreover, the Romanian retail market is projected to continue its growth in a context where more than 700,000 sq. m of new projects are in different development stages across the country and are due to be completed by the end of the decade. The Central - West region, particularly Cluj - Napoca and Resita, is set to attract ~60% of these deliveries, while the East (notably Bacau and Galati) accounts for 16% of the national pipeline.

South has a lower pipeline of 65,000 sq. m, with Tulcea and Giurgiu being among the targeted cities. Meanwhile, Bucharest has 46,000 sq. m of new retail premises currently under construction.

The most active developers in the coming period will be Prime Kapital, Iulius Group and NEPI Rockcastle — all among the largest owners of retail spaces on the local market.

Dana Radoveneanu, Head of Retail Agency, Cushman & Wakefield Echinox: “The Romanian retail market is undergoing an accelerated expansion, driven by the developers’ overarching strategies aimed at growing their portfolios, and by the low retail density in many secondary and tertiary cities. While Bucharest remains a key market, the Central - West region has taken the lead nationally. These two areas, which account for approximately 45% of the country’s population and where some of the highest wages are registered, have a combined share of more than 50% of Romania’s modern retail stock. Meanwhile, Moldova — currently the least developed region in this regard — is taking significant steps to close the gap, emerging as a strategic target for future projects led by major developers.”

The only significant Q2 upward rental movements were related to the prime high street spaces on Calea Victoriei in Bucharest, which are now quoted at a level of €70/ sq. m/ month and further increases are expected in the coming quarters, while the corresponding figures for shopping centers in Bucharest and in the main secondary locations remained stable, ranging between €50 - 90/ sq. m/ month.

Cushman & Wakefield Echinox is a leading real estate consulting company in the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners, and tenants. For more information, visit the company's website http://www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is one of the global leaders in commercial real estate services, with 52,000 employees in 400 offices in 60 countries. With revenues of $9.4 billion, the company's main services are asset and investment management consulting, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website http://www.cushmanwakefield.com

CMS advises Bonafarm Group, one of Hungary’s largest vertically integrated agri-food businesses, on its acquisition of Royal FrieslandCampina N.V’s Romanian operations. Bonafarm Group will acquire a 97.57% stake in the business of FrieslandCampina Romania S.A., a market-leading dairy business in Romania.

FrieslandCampina Romania owns the well-known Romanian Napolact brand, operates two production sites in Cluj-Napoca and Târgu Mureș, and employs approximately 400 people. The transaction will further bolster Bonafarm Group’s status as a market-leader in the dairy industry.

The transaction is subject to customary regulatory approvals, including clearance from the Romanian Competition Authorities and is expected to be completed by the end of December 2025. Subject to these approvals, Bonafarm Group intends to invest in the increased capacity of the facilities, preserve the company’s strong and cooperative relationships with commercial and supplier partners, and contribute to the development of the Romanian dairy industry.

Rodica Manea, CMS Corporate and M&A Partner at CMS Romania, comments: “We are delighted to have played an important role in facilitating this significant transaction, which brings together two leading players in the agri-food and dairy sectors. The acquisition underscores the attractiveness of the Romanian market for strategic investors and also paves the way for further innovation and growth within the local dairy industry. This deal reflects the value of close collaboration between our international teams and our commitment to supporting clients in achieving their business objectives in Romania and beyond.”

The CMS team provided comprehensive legal assistance to Bonafarm Group throughout the acquisition. Our support covered all stages of the transaction, including deal structuring and negotiation, legal due diligence, and specialized advice on competition law, IT and intellectual property, employment matters, and data privacy. Seamless collaboration between CMS offices in Romania, Hungary, and the Netherlands was key to the successful execution of this strategic project.

The CMS team was led by Eszter Török and Rodica Manea and included Zoltán Poronyi, Eszter Csapó (CMS Hungary); Rares Crismaru, Claudia Nagy, Elena Andrei, Laura Capata, Catalin Vasile, Simona Strava-Stoica, Ruxandra Georgescu, Bianca Banateanu, Aura Georgiana Marina, Carmen Turcu and Vlad Dorneanu (CMS Romania); and Mark Ziekman (CMS Netherlands).

CMS has over 35 years of experience in Central and Eastern Europe, with domestic experts and English law practitioners on the ground in 16 offices across the region. The firm has top-ranked Corporate and M&A teams in CEE and is well-placed to manage cross-border and international transactions in the region and beyond.

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 91 offices in over 50 countries across the world and more than 7,200 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

Opinion article by Mihnea Jurca, Senior Manager, and Stefan Panaitescu, Manager, Sustainability Practice, Deloitte Romania

The public debate on sustainability topics has been growing in recent years, but for various reasons sustainability strategies have remained in the background. In fact, if sustainability reporting has always been governed by international standards such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) or, more recently, by the CSRD provisions, the sustainability strategy has been seemingly left behind on this stance too, occasionally benchmarked against principles and standards such as AccountAbility (AA) or GRI aspects, but not being subject to local transposition and, therefore, bringing no responsibility or obligation to comply. On the other hand, even where sustainability strategies exists, there are multiple cases where it is decoupled from the business strategy, which creates an unproductive gap between growth and transformation objectives.

However, given recent years’ economic instability, as well as a spread concern expressed in a recent Deloitte report by seven out of ten global business leaders regarding climate change impacts on their companies’ operations by 2027, and especially considering the evolving regulatory landscape — CSRD, EU Taxonomy, Scope 1, 2 and 3 emissions, etc. —, the sustainability strategy is becoming one of the most relevant and practical actions to be taken by companies, increasing efficiency and resilience and transforming sustainability from an isolated topic into a pillar of organizational culture, providing direction, clarity and motivation.

Beyond ESRS requirements. How to start developing a relevant sustainability strategy?

European regulations provide an indispensable framework for sustainability reporting, but they can and should only be a starting point in the wider sustainable transformation of the business and in building a strategy. Because an effective strategy stands for more than just compliance. It is about setting priorities, integrating them into the business model and developing a multi-stage plan that will positively influence business’ impacts on the environment, on the market and society and, not least, will improve financial performance.

1.  The Value Chain Assessment is the first step. It involves identifying the critical points where the company can have the most significant impact, along the chain, from suppliers to the final product. Alternatively, there is the possibility of building a sustainability strategy based on ESRS (European Sustainability Reporting Standards) themes, but it provides a narrower perspective and fewer areas of intervention.

2.  The Double Materiality Analysis is an essential calibration tool at the initial stage, which highlights both the organization’s impact on the environment and society, as well as the risks and opportunities generated by external factors. Since the introduction of CSRD, the relevance of double materiality analysis has increased as it underpins much of the information required in reporting.

3.  Engaging with stakeholders in individual interviews or group discussions is the next step. Because understanding the expectations of critical categories, such as employees, customers, investors and the community, is essential from the initial strategy construction phase, and will ensure their commitment throughout the following stages.

4.  Prioritizing areas with the greatest potential for impact, rather than tackling everything at once, is also a principle to keep in mind. As with sustainability reporting, a cautious, gradual approach, building a plan around the topics where the company can make a real contribution, whether in environmental, social or business terms, is always preferable. In the opposite scenario, of simultaneous action conducted on multiple levels, the risks are related to resource waste on low-impact initaitives, confusion among teams working with objectives that are difficult to pursue and achieve, as well as a lack of credibility caused by the inability to deliver clear results.

5.  At the end of these first four steps, a scalable roadmap should organize the strategy into phases: short-term, immediately achievable objectives, medium-term, i.e. expansion projects, as well as long-term objectives — transformation initiatives. Sustainability strategies should be built to reflect the company's involvement over a defined period, as a result of context, value chain and materiality analyses.

What principles make a difference in successfully pursuing a sustainability strategy?

Integrating ESG principles into decision-making routines. Amid heightened economic instability and increasingly difficult access to resources, industries and economies are adapting, and the power of anticipation is becoming a key attribute. The ESG framework provides clear benchmarks for action towards targeted objectives, which is why sustainability must become part of the decision-making process in all its aspects, from supply chain to investments and innovation.

Following the market context and the global trends. An effective strategy involves aligning measures with consumer demand and technological evolution and should provide a comprehensive picture not only of the company’s situation, but also of the broader context in which the strategy was developed.

Communication. Any initiative, whether mandated by regulations or voluntary, will encounter some degree of resistance. Clear communication, with precise objectives and clear, organized steps to achieve them, fosters trust and commitment from the teams.

Flexibility. The sustainability strategy supposes concentrating all transformation and optimization actions in an integrated plan, developed based on the company's capabilities and industry specifics, allocating responsibilities and budgets and taking into account the realities of the market and competition. That is why it remains a “living” document and requires constant updates and adjustments.

In conclusion, why developing a sustainability strategy?

A sustainability strategy is not a response to regulations, nor an optional exercise, but an essential business tool, whose real value is reflected in all dimensions of the organization.

A well-constructed strategy directs investments, innovation and operational development towards areas that generate sustainable impact in financial, reputational and environmental terms. In addition, it ensures a higher level of predictability and resilience to systemic changes and external crises and helps strengthening investors’, partners’, employees’ and other stakeholders’ trust.

Wolf Theiss advised the founder of Genesis College, one of the most prestigious private educational institutions in Bucharest, in the process of securing an investment from Mozaik Investments, a growth investment fund with offices in Vienna and Bucharest. The transaction, which is of particular significance given the complexities related to the operation and authorisation of private schools in Romania, was signed on 29 July 2025.

The Wolf Theiss Corporate/M&A team, led by Partner Ileana Glodeanu and Counsel Mihai Coadă provided legal advice to the founder of Genesis College throughout all stages of the transaction, with regard to the new corporate structure, as well as the drafting, negotiation and signing of the investor shareholder agreement and other transactional documentation governed by Romanian law. Wolf Theiss also undertook the structuring of the transaction, finding innovative solutions in a complex context. Counsel George Ghitu, along with Associate Ruxandra Niţu, contributed to the completion of the transaction. Associate Claudia Andreescu (Competition & Antitrust) advised on merger clearance, foreign direct investment matters and approval from the competent regulatory authorities.

“This transaction marks a significant milestone for Genesis College as we enter a new phase of development alongside Mozaik Investments. We are confident that this partnership will strengthen our position to continue offering our students the highest standard education and conditions to reach their potential. We are happy to work with Ileana and Mihai as their professionalism, expertise and dedication were essential to the successful signing of this transaction.” – Ioana Necula, Founder of Genesis College

“For our team, it was a pleasure to assist the founder of Genesis College throughout this legal process, creating exciting new opportunities for growth and innovation at the first private school to be accredited in Bucharest. I am very proud of our Corporate/M&A team who managed to complete another transaction, one of the very few currently done in Romania, in the private educational sector. Last year Wolf Theiss assisted Dukes Education on the acquisition of the majority participation in Verita School and this transaction further strengthens Wolf Thiess expertise and sector knowledge.” – Ileana Glodeanu, Partner, Wolf Theiss

About Wolf Theiss

Founded in 1957, Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe (CEE/SEE). We have built our reputation on unrivalled local knowledge which is supported by strong international capabilities. With 400+ lawyers in 13 countries and a central European hub in Brussels, over 80% of the firm's work involves cross-border representation of international clients.

Albania, Austria, Bosnia and Herzegovina, Brussels, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.