News von den Mitgliedern

KPMG Romania and Moldova is pleased to announce the promotion of several exceptional professionals to the roles of Partner and Associate Partner. These appointments highlight our ongoing growth and strong commitment to excellence. Expanding our leadership team reflects the outstanding performance of our firm and strengthens our ability to deliver valuable services to our clients. We are confident that the new Partners and Associate Partners will play a key role in our future, contributing to our development strategy and further strengthening our position in the professional services market.

Andreea Niculae, Partner, Advisory

Andreea brings with her 23 years of valuable experience in business consulting and the implementation of complex IT solutions. Throughout her career, she has supported the digital transformations of clients from various industries, both nationally and regionally. Andreea is fully committed to being by our clients’ side throughout the process of selecting and integrating the most suitable technology solutions, considering both their business needs and regulatory and security requirements.

Ioana Zenaida Rizea-Popp, Partner, Audit

With detailed knowledge of financial regulations and an innovative approach, Ioana has always been a trusted partner for KPMG’s clients. Throughout her career, she has demonstrated exceptional skills in auditing and team coordination, always managing to customize services to effectively meet our clients’ needs. Beyond her professional expertise, Ioana has played a crucial role in shaping future generations of leaders, which perfectly reflects KPMG’s values.

Irina Rubeli, Partner, Audit

Irina has over 18 years of extensive experience in financial auditing, with an impressive track record at KPMG. Through her work, she has contributed to strengthening trust in financial markets, with key clients in the banking and investment fund sectors. Irina’s career has been enriched by international experience in Luxembourg, where she coordinated auditing activities across several countries for a major real estate group. Passionate about people, Irina has invested in their development from the early stages of her career, facilitating both technical and soft skills training within KPMG at local, regional, and client levels. Irina is also part of KPMG’s internal coaching team.

Mihaela Ionescu, Partner, Markets

Mihaela brings over 20 years of experience, many of which were spent in CFO roles within top companies. The transformation projects she has led, such as optimizing business processes and migrating to outsourcing centers, have delivered impressive results. In her current role as Head of Markets at KPMG in Romania, Mihaela works closely with client leadership teams to better understand their challenges and develop innovative solutions that provide the support they need.

Anamaria Ciobanu, Associate Partner, Advisory

Anamaria has over 20 years of experience in valuation services and 25 years in academia, which have made her a highly experienced valuer. She leads a skilled multidisciplinary team, capable of offering an extensive range of valuation services., including valuation of real estate, movable assets, intangible assets, financial assets, businesses, and investment projects. The team also offers support with startup valuations, intra-group transfer valuations, purchase price allocation, impairment testing, as well as private investor and private creditor tests. Business financial modeling is a core component of Anamaria’s team’s services, providing clients with support in operational management, as well as in investment decision-making and raising capital.

Corina Constantin, Associate Partner, Advisory

Corina has been with KPMG in Romania and Moldova for more than 19 years, first as a Financial Auditor and then in Advisory Services. She specialises in services for the Energy sector such as leading processes for M&As, Project Finance Modelling, Regulatory Strategy and Assistance, Feasibility and Pre-Feasibility Studies, Business Plans, Assistance with Market Entry, Market Analysis and Forecasting, Industry Benchmark and Impact Studies, Business Valuation, Competition Economics and Dispute Advisory. In her new role, Corina will coordinate the Energy Advisory team, as well as the ESG and Sustainability Advisory Team, providing services such as ESG Strategy, Carbon Footprint calculation, Decarbonization Strategies, CSRD implementation and reporting, EU Taxonomy Reporting, Circular Economy initiatives, Waste traceability, and ESG Due Diligence. 

Andrada Iliescu, Associate Partner, Advisory

Andrada has over 20 years of expertise, with most of her career spent at KPMG in Romania. She has successfully led large-scale transformation programs, delivering value across her clients' portfolios by identifying opportunities to reduce business complexity, lower operational costs, and strategically position them for growth. Furthermore, Andrada has been at the forefront of driving digital transformation initiatives for her clients. By blending her deep industry knowledge with the expertise of technical teams, she ensures that digital transformation projects are carried out with precision and efficiency, reshaping organizations to align with their strategic goals by improving business models and organizational structures.

Alexandru Chirigiu, Associate Partner, Tax

With over 18 years of professional experience, Alexandru will lead Accounting and Tax Compliance Services at KPMG in Romania. Alexandru brings a wealth of experience and expertise in accounting, tax, financial reporting, and accounting advisory services, making him an invaluable addition to our leadership team. He has been actively involved in delivering accounting and tax services to Romanian entrepreneurs and international clients across diverse industries. Alexandru also has a seasoned background in auditing, due diligence and overseeing finance functions. Alexandru’s focus on combining cutting edge technology and artificial intelligence in the accounting and tax fields as well as focusing clearly on the development and wellbeing of teams are making a difference, not just for our clients but also for his colleagues, who are inspired by his example.

Alexandru Comănescu, Associate Partner, Tax

With 19 years of experience in tax consulting, Alexandru is one of the coordinators of the Indirect Tax team at KPMG in Romania and has extensive expertise in numerous areas, including consulting and tax compliance (mainly VAT), electronic reporting, customs and excise duties, projects due diligence and assistance with tax inspections. He is a member of various tax working groups which contribute to the improvement of legislation and tax compliance. Alexandru was also involved in the implementation of KPMG solutions related to SAF-T, electronic invoicing as well as e-Transport.

Ionuț Măstăcăneanu, Associate Partner, Tax

With more than 20 years’ experience overall in tax, Ionuț coordinates the team of tax consultants within KPMG in Romania focused on supporting financial institutions and companies in navigating challenging tax regulations. He has coordinated complex projects involving corporate reorganizations, all stages of acquisitions (from due diligence to structuring and closing the deal), Initial Public Offerings (IPOs), as well as transition to IFRS as a basis of accounting. Ionut has developed processes and procedures to help organizations handle newly introduced tax transparency compliance obligations. He has also contributed to various legislative initiatives, through his active involvement in the working groups organized by business associations and the Ministry of Public Finance.

Ramona Jurubiță, Country Managing Partner KPMG in Romania and Moldova comments: "I am very pleased to welcome our new Partners and Associate Partners, whose exceptional performance, innovative thinking, and commitment to excellence have played a key role in the development of our firm. Their expertise has been a driving force in our ability to navigate change and seize new opportunities. These promotions are a recognition of our colleagues’ outstanding contributions and capabilities, and I am confident they will drive our firm's future growth, enabling us to push forward with innovative ideas and deliver value to our clients in an ever-evolving landscape”.

About KPMG

KPMG is a global organization of independent professional services firms that provide audit, tax and advisory services. We operate in 143 countries and had nearly 273,000 employees in member firms around the world at the end of the financial year 2022. Each KPMG firm is legally a separate and distinct entity and is described as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its entities do not provide customer services.

In Romania and the Republic of Moldova, KPMG operates in six offices in Bucharest, Cluj-Napoca, Constanța, Iași, Timișoara and Chișinău. We currently have more than 1,000 professionals, both Romanians and expatriates.

The office occupancy costs in Bucharest have increased by approximately 10% over the past two years, being driven by the growth in operational costs and by the rent indexations in a period with high inflation. The most significant factors impacting operational costs have been the rise in the minimum wage and the increased return of employees to offices, according to an analysis of the Cushman & Wakefield Echinox real estate consultancy company. The analysis in question is based on the projects managed by the company.

Smaller office buildings have experienced a more pronounced increase compared with larger ones, as the latter benefit from portfolio economies of scale. By streamlining resources and suppliers across multiple buildings, larger portfolios can reduce overall costs.

Operational costs are expenses incurred by tenants which are added to the rent and together compose the occupancy costs.

Mihaela Petruescu, Partner Asset Services at Cushman & Wakefield Echinox: “The building operational expenses remain a primary concern for property managers. Maintaining these costs at a competitive level, while meeting the tenants’ needs and ensuring quality standards, yet adhering to the landlords’ financial projections, is a constant challenge for management teams. A proactive approach from property managers is crucial, as it will ultimately determine a building’s performance and its overall appeal. Tenants carefully consider both operational costs and service quality when deciding to lease new space or when renewing their existing contracts.”

Operational costs include property tax, technical maintenance, insurance, cleaning services, physical and fire security, internet services and property management.

Property taxes, which can represent up to 50% of the total operating expenses, account for the largest share.

Another notable factor contributing to the rise in operational costs has been the increase in waste disposal, driven by higher building occupancy rates. The effective utilization rate of office spaces now exceeds 50%, up from 15-20% in 2022, in some cases being as high as 75%.

Alina Dima, Director of the Asset Services Department at Cushman & Wakefield Echinox: “To optimize costs and support the tenants’ ESG objectives, our property management team has implemented several measures in the buildings we are currently managing. These include monitoring and controlling utilities’ consumption, ensuring efficient waste collection and regularly assessing supplier performance. Simple methods such as tracking weather forecasts and the calendar of public holidays, as well as monitoring the presence of the employees in the office, can also yield considerable savings. For instance, public holidays account for nearly a month during every year, allowing us to optimize costs during these particular periods.”

Furthermore, by closely keeping track and adhering to preventative maintenance schedules, long-term cost savings can be achieved by reducing repair expenses, avoiding premature equipment replacement and minimizing the risk of tenant disruption.

The Cushman & Wakefield Echinox Asset Services team manages 14 real estate projects with a total area of over 450,000 sq. m and a market value nearing €500 million nationwide. These projects serve 150 tenants from various industries. In Bucharest, the company oversees several iconic office buildings such as Expo Business Park, Floreasca Park and Țiriac Tower, with operational budgets exceeding €9.5 million.

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.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. For additional information, visit www.cushmanwakefield.com.

 Cristina Lupașcu

Head of Marketing

+40 744 488 408

Cristina.lupascu@cwechinox.com 

CTP, Europe's largest listed developer, owner, and manager of industrial and logistics properties by gross lettable area (GLA), announces the expansion of its partnership with cargo-partner, a full-range info-logistics provider, with the leasing of 7,800 sqm at CTPark Cluj. CTPark Cluj is located on the crossroads of the main western and north-south highways on the western edge of the booming university city of Cluj, in the heart of the Transylvanian region in Romania.

The newly leased warehouse at CTPark Cluj marks a significant milestone in the ongoing collaboration between the two companies, which began in 2015 with cargo-partner's initial warehouse at CTPark Bucharest West.

This partnership has steadily expanded, now encompassing facilities at CTPark Timișoara Ghiroda and further extending into CTPark Cluj. Altogether, cargo-partner occupies a total of 28,000 sqm across CTP's portfolio in Romania.

Andrei Bențea, Business Development Director CTP Romania, commented: “We value our extended partnership with cargo-partner and enjoy having them at multiple locations across Romania. At CTP, we are committed to supporting our clients' expansion with advanced infrastructure, and CTPark Cluj is well-equipped to meet the diverse needs of modern logistics and manufacturing operations in the region. With our extensive network and a landbank of 3.8 million sqm across Romania, we offer our clients the flexibility to grow alongside us as their business evolves”.

Cosmin Bradea, Managing Director of cargo-partner, added: "We’ve extended our warehousing capacity in the Transylvania area, in order to deliver the same excellence in customer service as we always have. CTP consistently demonstrates flexibility and foresight in meeting our expanding needs, proving to be a trusted partner. We appreciate their commitment to providing high-quality spaces that support our operational efficiency."

cargo-partner serves a diverse range of clients across key sectors of the economy, including automotive, high-tech, retail, fashion, food, and pharmaceuticals. The company provides air, sea, rail, and road transportation services, along with warehousing and distribution.

CTPark Cluj is strategically situated on the western periphery of Cluj-Napoca, a dynamic hub known for its innovation and commercial vigour within the Transylvanian region. Positioned at the intersection of the E60 East-West and A3 North-South highways, the park offers a comprehensive range of A-class facilities suitable for manufacturing, logistics, and research and development activities. Notably, Cluj University, ranked 4th in Romania, ensures access to a skilled workforce supported by an international airport, further enhancing its attractiveness as a prime business location.

Romania is CTP's second largest market, representing over 2.9 million sqm of its portfolio across Class A industrial and logistics space in more than 15 Romanian cities, including Arad, Brasov, Bucharest, Caransebes, Cluj-Napoca, Craiova, Deva, Oradea, Pitesti, Sibiu, Targu Mures, Timisoara, Turda, Ineu and Salonta.

ABOUT CTP

CTP is the largest listed owner, developer and manager of logistics and industrial real estate in terms of gross leasable area, with 12.4 million sqm GLA in 10 countries. The company certifies all new buildings to BREEAM at a level of ‘very good’ or above and has achieved a low-risk ESG rating from Sustainalytics, reaffirming its commitment to sustainability. For more information, please visit: www.ctp.eu. 

ABOUT CARGO-PARTNER

cargo-partner is a full-range info-logistics provider offering a comprehensive portfolio of air, sea, land transport and warehousing solutions. With over 40 years of expertise in information technology and supply chain optimization, the company designs tailor-made services for a wide range of industries to create competitive benefits for its customers all around the world. Founded in 1983, cargo-partner generated a turnover of over 2.06 billion euro in 2022 and currently employs more than 4,000 people worldwide. Since January 2024, cargo-partner has been a member of the Nippon Express Group.

CONTACT DETAILS FOR MEDIA ENQUIRIES:

Sorina Florescu

Head of Marketing & PR CTP Romania

Email: sorina.florescu@ctp.eu

Elena Filip

PR Consultant

Email: elena.filip@efwords.ro

Bucharest, September 2, 2024 ― Deloitte Romania's management team expands as of September 1, 2024, following the promotion to directors of employees Ioana Lucaciu, Mihai Ionica and Andrei Stan, from the Audit and Assurance department, Alexandru Stancu, from the Tax department, and Radu Hutan, from the Enabling Services department.

“Congratulations to my colleagues to whom we entrust this very important role due to their exemplary involvement in assisting clients, in strengthening our service portfolio and our connection with the business environment and in developing colleagues in the teams they are part of. Whether they started their careers at Deloitte as graduates or joined us later, they have fulfilled the expectation on which both our culture and our business model are based, that of continuous personal and professional development,” said Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

Ioana Lucaciu, who takes over the role of Audit and Assurance Director, is part of the Deloitte Romania team in Cluj-Napoca and has 12 years of experience in audit. She has been involved in complex financial data review projects according to Romanian (RAS) and international (IFRS) standards, for companies listed on the Bucharest Stock Exchange, as well as for subsidiaries of international groups, mainly in the automotive, consumer goods and industrial products sectors. She is a member of the Association of Licensed Accountants (ACCA) and of the Chamber of Financial Auditors of Romania (CAFR) and a graduate of the Faculty of Economics and Business Management in Cluj-Napoca.

Mihai Ionica, promoted to Audit and Assurance Director, joined Deloitte Romania in 2010 and has coordinated numerous projects, such as financial audits and reviews of financial statements, for multinational and local companies that report financial data in accordance with international (IFRS) and Romanian accounting standards (RAS). His expertise covers various sectors, with a focus on telecommunications. Within the audit department of Deloitte Romania, he is also part of the team that ensures the relationship with the regulators of the financial audit profession. He has a master's degree in Accounting, Auditing and Management Informatics from the Academy of Economic Studies in Bucharest, and is a member of ACCA and CAFR.

Andrei Stan joined Deloitte Romania in 2014 and now takes on the role of Audit and Assurance Director. He is an expert in IT systems due diligence processes, risk management, business analysis and processes improvement and has assisted companies in areas such as financial services, telecommunications, retail, media and entertainment, pharmaceuticals, manufacturing, as well as public sector entities, with business consulting, project management services for IT systems and information security. Andrei also has experience in compliance standards, including Sarbanes-Oxley and SSAE 18, and in electronic payment systems and audits of internet banking services.

Alexandru Stancu, Tax Director, has assisted companies in various industries - retail and consumer products, manufacturing, automotive and technology, media and telecommunications - and has been involved in complex projects, such as tax litigation, client representation during tax and anti-fraud audits, tax reviews, due diligence processes and tax digitalization projects (SAF-T, e-Invoice and e-Transport). He also had a two-year work experience in Switzerland, where he coordinated international tax advisory projects, including tax restructurings, cross-border transactions, chain transactions, as well as mergers and acquisitions. He is a licensed tax consultant and a member of the Chamber of Tax Consultants of Romania, as well as a chartered accountant within the Chamber of Expert Accountants of Romania.

Radu Hutan, Enabling Services Director, was initially part of the Deloitte Romania risk management team, providing support in conducting IT audits, then went on to assist in implementing processes and procedures necessary for various information security standards and later became a member of the cybersecurity team, with expertise in penetration testing and incident response. He has been involved in projects in Romania and in the Europe, Middle East and Africa (EMEA) region, for companies in various sectors, especially financial institutions. In 2021, he joined Deloitte Romania’s quality and risk management team and is now the Chief Information Security Officer (CISO) of Deloitte Central Europe.

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 457,000 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 over 3,400 professionals.

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

The net office take-up in Bucharest across Q2 exceeded the renewal and renegociation transactional volume for the first time during the last two years, with a positive impact on the average vacancy rate, given that no new office projects were delivered in H1, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

Close to 77,000 sq. m of office spaces were leased in Bucharest during Q2 2024, while the net take-up had a significant rebound, with a 62% share in the transactional volume, the highest quarterly share since Q1 2022.

The leasing activity in H1 2024 was strong, with 168,000 sq. m being transacted in the capital city, thus marking a decrease of only 11% compared with H1 2023. The net demand accounted for 82,100 sq. m, an area which could accommodate around 8,000 employees. The average new lease transaction size was of more than 1,100 sq. m.

The medical & pharma sector was the most active, contracting 19% of the net leased area in H1 2024 (15,300 sq. m), followed by IT&C companies, with 18% (14,500 sq. m). Professional services operators, private education institutions and manufacturing/ industrial companies also contracted significant new offices in the analyzed period.

Madalina Cojocaru, Partner Office Agency Cushman & Wakefield Echinox: ”The office leasing activity improved across Europe in Q2 and H1 overall, as companies are adapting to the hybrid work model and more employees are returning to offices. We are optimistic in regards to the office space demand going forward, especially when it comes to premium A-class buildings. Tenants are actively searching well-located office buildings, offering a wide range of amenities for tenants, as well as with the latest ESG standards. For example, in the ultra-central areas such as Piata Victoriei, Aviatorilor, Floreasca or Dorobanti, the vacancy rate in A-class buildings has considerably decreased, reaching 5% or below, a level which reflects the robust interest for these spaces."

The overall vacancy rate in Bucharest continued to be on a downward trend similar to the last few quarters, reaching a level of 14.2%, with further decreases expected by year-end due to the very limited pipeline.

The prime headline rent in Bucharest's CBD recorded a slight decrease of €0.50, settling at €21.50/ sq. m/ month in Q2, while other submarkets remained stable.

The under-construction pipeline remains limited at 88,400 sq. m GLA, with additional projects still in the permitting stages. New supply is expected to remain low in the coming years due to the high financing costs and also as a result of the ongoing urban planning issues at the municipal level.

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.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. For additional information, visit www.cushmanwakefield.com.

European M&A activity shows signs of recovery, with CEE reporting surge in deal values

·         Deal value in H1 2024 reached EUR 439bn, up 31% from EUR 334bn in H1 2023, despite an 8% drop in volume.

·         CEE M&A deal values surged by 47% to EUR 14.4bn in H1 2024, reflecting a growing regional interest despite a slight decrease in transaction volume.

·         Nearly two-thirds of survey respondents expect European M&A to increase over the next 12 months, either somewhat (45%) or significantly (20%), a major reversal from last year’s study when only 3% forecast a significant increase.

·         Valuation gaps between buyers and sellers (24%) were identified as the single biggest obstacle to European dealmaking in the next 12 months, followed by inflation and interest rates (18%).

·         Respondents are split about the UK & Ireland’s M&A prospects for the year ahead, with 32%, the largest share, placing it in the top spot for anticipated M&A growth, but 31% saying it will see lowest growth.

·         55% expect to see increased appetite among Middle Eastern buyers for European assets.

·         Nearly all respondents (90%) describe a target company’s diversity factor as an important consideration, including 29% who say it is crucial.

According to global law firm CMS’s 2025 European M&A Outlook, nearly two-thirds of dealmakers expect the level of European M&A activity to increase in the next 12 months, including 20% who say it will rise significantly. The Outlook was published today in association with financial data firm Mergermarket. This stands in stark contrast to last year’s predictions when only 3% forecasted a significant increase.

After a challenging couple of years for European M&A activity, H1 2024 demonstrated signs of recovery. Aggregate M&A deal values in the region totalled EUR 439bn, up 31% compared to the first six months of 2023, according to Mergermarket figures. However, transaction volumes were down over the same period, falling by 8% compared to H1 2023’s 8,579 deal announcements.

Louise Wallace, Global Head of the CMS Corporate/M&A Group, said: “Having announced fewer big-ticket deals in 2023 as they awaited greater certainty around interest rates, dealmakers appear to have reverted in 2024 to more concentrated activity in larger transactions – a sign of confidence returning gradually to the market.”

CEE SEES MARKET RECOVERY BUT FACES ESG READINESS CHALLENGES

In H1 2024, CEE M&A deal values increased significantly by 47% to EUR 14.4bn, despite a 7% drop in transaction volume to 476 deals. Ahold Delhaize’s acquisition of Romanian retail chain Profi stood out as one of the region’s largest deals, valued at EUR 1.3 billion.

Respondents were divided in their expectations for CEE’s M&A growth, with 17% anticipating it will attract the highest growth in European M&A and 14% forecasting it will experience the lowest growth.

Horea Popescu, Managing Partner at CMS Romania, and Head of Corporate M&A in CEE commented: “The notable uptick in CEE M&A deal values in H1 2024 reflects a rebound in investor confidence and growing interest in the region, fuelled by stronger market dynamics. While market sentiment remains mixed, the significant increase in deal values —driven in part by major transactions such as Ahold Delhaize’s substantial acquisition of Profi in Romania—signals a positive shift. This resurgence suggests that, despite varying expectations, CEE is increasingly seen as a promising market for M&A with strong growth potential.”

Rodica Manea, Corporate Partner at CMS Romania, stated: “We are seeing a growing number of investors from the Middle East, primarily focused on areas such as energy and water optimization, food and fertilizers. The Middle East offers significant investment potential, particularly in the context of the CEE region. Of course, CEE companies face challenges as well. The current low levels of ESG due diligence in the region indicates a pressing need for improved readiness to meet new standards, and CEE businesses need to adapt or risk falling behind.”

Meanwhile, as the EU advances its European Green Deal and Action Plan for Financing Sustainable Growth, new rules on company disclosure and responsible behaviour are coming into force. 91% of respondents anticipate increased scrutiny of ESG factors in M&A deals over the next three years. However, there is a notable readiness gap in CEE, with only 26% of regional respondents consistently conducting ESG due diligence, and 65% describing their preparedness as insufficient. This is in sharp contrast to the 53% of all respondents that said they are somewhat prepared, and 12% that said they were extremely prepared.

DIGITALISATION AND OTHER DRIVERS

Almost a fifth of respondents (17%) expect digitalisation to be the number-one driver of buy-side M&A activity in Europe over the next 12 months, but it is by no means the only major factor propelling dealmaking.

Whereas digitalisation dominated M&A strategies during the pandemic and in the couple of years immediately following the crisis, dealmakers today are quick to identify several additional key drivers of M&A, such as distressed opportunities (14%), mounting interest from overseas acquirers (also 14%). Such a plurality of motivating factors is indicative of an increasingly healthy deal market in Europe.

VALUATION GAPS

Buyer and seller price expectations have emerged more clearly as the single biggest obstacle, with 24% identifying this as the primary hurdle to dealmaking in the next 12 months.

While it is normal for valuation gaps to emerge following market corrections or shocks, this sticking point appears to be taking longer to work through than in the past, as price discovery continues to be far from straightforward. With public market indices up over the past year (MSCI World, for example, was up by more than 20% in the year to the end of June 2024), company valuations have remained high despite higher financing costs in what remains an uncertain economic environment.

MIDDLE EASTERN INTEREST

Buoyed by sustained high oil prices, Middle Eastern investors have been looking to Europe for deal opportunities. Between 2016-2021, the average aggregate value of deals led by Middle Eastern bidders targeting assets in Western Europe was just under USD 6bn annually, according to Mergermarket data. In H1 2024 alone, Middle Eastern acquirers announced deals in Western Europe totalling almost USD 23.3bn.

This trend has not escaped our respondents’ notice – 42% say they have seen more Middle Eastern buyers in Europe’s M&A markets over the past year.

DIVERSITY MATTERS

Nearly all respondents (90%) describe a target company’s diversity factor as an important consideration. However, there are regional differences. Respondents in the Nordic and DACH regions place a high emphasis on diversity, with 48% saying diversity is a crucially important factor. Meanwhile, only 13% of SEE and 9% of CEE dealmakers surveyed share this view.

OUTLOOK

After a period of reflection in 2023, as European dealmakers absorbed the shocks of rapidly rising inflation and elevated interest rates, the signs for 2024 so far are that M&A activity across the region is shifting back into a higher gear.

Read the full CMS European M&A Outlook 2025 here: https://cms.law/en/int/publication/cms-european-m-a-outlook-2025

– ENDS –

Methodology

In Q2 2024, Mergermarket surveyed senior executives from 240 corporates and 90 PE firms based in Europe, in the Americas and in 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 integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With more than 79 offices in 47 countries across the world and more than 6,000 lawyers, CMS has long-standing 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, Real Estate, Consumer Products and Hotels & Leisure.

For more information, please visit: www.cms.law

5 September 2024 – Kinstellar is delighted to announce the successful completion of acquiring Noerr’s Bucharest operations, marking the final phase of the strategic transaction that also included acquiring Noerr’s offices in Bratislava and Prague.

This transaction represents a significant milestone in Kinstellar’s growth strategy across Central and Eastern Europe. With the addition of the new operations, first in the Czech Republic in Slovakia earlier this week and now in Romania, Kinstellar's presence in these markets has substantially expanded. With the addition of the new colleagues, Kinstellar Bucharest Office now boasts an even stronger team of 7 partners and approximately 50 highly skilled lawyers and business professionals.

Another highlight of this transaction is the acquisition of Noerr’s renowned Tax & Financial Advisory team into Kinstellar’s Romanian operations. This team brings specialised expertise in state aid projects, financial structuring and tax advisory services, significantly strengthening Kinstellar's multidisciplinary full-service offerings. This addition enhances our capability to deliver comprehensive solutions to our clients, particularly in complex and cross-border matters.

Kinstellar Bucharest will continue Noerr’s established focus on serving clients from the DACH markets (Germany, Austria and Switzerland), while integrating these capabilities into and strengthening the firm's regional dedicated desk. 

Kinstellar continues to grow, and thus, this milestone underscores our Firm’s commitment to providing top-tier services across our regions. We are confident that this strategic move will drive significant value for our clients and foster long-term growth.

Victor Constantinescu, Kinstellar Bucharest Managing Partner, adds: “This acquisition marks an exciting new chapter for Kinstellar in Romania. With the integration of Noerr’s team and expertise, we are expanding our capabilities and reinforcing the range of services we offer to better serve our clients. Together, we are better equipped to meet the evolving needs of our clients both locally and across borders. We look forward to the many opportunities this strengthened team will create. I would like to express my sincere gratitude to our Bucharest partners, both new and existing – Zsuzsa Csiki, Iustinian Captariu, Remus Codreanu, Rusandra Sandu, Iulian Sorescu and Luiza Bedros – our project teams and all our people for their excellent teamwork."

Kristóf Ferenczi, Kinstellar’s Firm Managing Partner, comments: “We are thrilled to finalise this strategic acquisition, further solidifying Kinstellar’s presence in the Czech, Romanian and Slovak markets. We extend a warm welcome to our new colleagues now in Bucharest and are excited about the opportunities this expansion brings. The combination of our strengths and shared values will undoubtedly lead to enhanced service delivery and continued success for both our teams and our clients. I am very proud of and grateful to all of our colleagues who have worked very hard to make this achievement possible.”

Jason Mogg, Senior Partner, comments: “This is a remarkable achievement for Kinstellar, a testament to our firm’s commitment to expanding our footprint and capabilities in Central and Eastern Europe. Integrating such a highly respected team allows us to broaden our expertise and reinforce our position as a leading full-service firm in the region. I would like to thank our project teams and all our people – especially those in Bratislava, Bucharest and Prague – for their support and efforts.  We would all like to warmly thank co-managing partners Alexander Ritvay and Torsten Fett and the broader Noerr leadership and project team in Germany for their excellent collaboration to get this across the line.  We look forward to the new synergies this acquisition will create, ultimately benefiting our clients and driving our growth forward.”

•  Investment of more than EUR 100 million to increase shipping capacity in the fourth quarter of 2024
•  Phased deployment of eight new Boeing 777F to support ongoing transition to lower-emission transportation
•  Worldwide e-commerce sales to remain a driving force for volume increase during peak season; continued gradual B2B shipment volume recovery foreseen
•  DHL Express CEO John Pearson: “We are expecting a healthy surge in demand for express services in the fourth quarter and are making the necessary investments to make our customers successful.”

Bonn/Germany, September 12, 2024: DHL Express, the world’s leading international express delivery provider, has ramped up its investments in transportation and shipment handling capacity in anticipation of increased demand for express services during the traditional end-of-year peak season. DHL Express is investing over EUR 100 million in transport and handling capacity in the fourth quarter to support its customers’ growth. As part of the ongoing modernization of its airfreight fleet, DHL Express will be initiating the deployment of eight new Boeing 777 freighters. With an expected growth of 8.8% in 2024, worldwide e-commerce remains a driving force for volume growth while B2B shipment volume is gradually recovering. Despite ongoing uncertainties in the overall global economy, the company is adding aviation capacity and expanding its international parcel sorting and delivery network to ensure a successful peak for customers.

“DHL Express is committed to remaining the partner of choice during the busy end-of-year peak season, which is often the most commercially important and operationally challenging time for many of our customers,” says John Pearson, CEO at DHL Express. “Our flexible international network combines high quality service and reliable access to capacity, which allows businesses to react in real-time to changes in consumer demand, supplemented by digital tools that help them to improve the customer experience and optimize pick-up and final mile delivery. With ongoing volatility in global freight markets and a continued strong flow of e-commerce volumes, we are expecting a healthy surge in demand for express services in the fourth quarter. We are making the necessary investments to maximize the resilience of our global network and make our customers successful during a demanding 2024 peak.”

Investment in aviation capacity and more fuel-efficient aircraft
DHL’s investment in its aviation capacity in the fourth quarter of 2024 includes the introduction of additional large and medium wide body aircraft and supplementary flights with existing aircraft, particularly on intercontinental routes. The company expects a high-level volume increase in particular on the China outbound lane to the rest of the world during the upcoming peak season.

The company is investing in eight new Boeing 777 freight aircraft on trans-Pacific and intercontinental routes between Asia and Europe, boosting capacity on these key lanes and continuing DHL’s transition to lower-emission transportation with newer, more fuel-efficient aircraft. The company has also invested in additional handling and sorting capacity in its ground network, including in its aviation facilities in e.g. Copenhagen, Cologne, Paris, Atlanta, Brussels and East Midlands (UK) to allow for more flexible flying schedules and the ability to reroute cargo in the event of heavy demand or supply chain disruption.

Alongside these investments in capacity, DHL Express remains focused on its longer-term commitment to provide emission reduced delivery services. In addition to efforts replacing its global aircraft fleet and designing new buildings carbon-neutral, DHL Express was the first global express courier to give customers the opportunity to reduce the greenhouse gas (CHG) emissions using DHL GoGreen Plus Services. Through cooperation with partners such as World Energy and Neste, SAF (Sustainable Aviation Fuel) is used proportionately in the DHL Express aircraft fleet to reduce CO2e emissions. Based on the “book and claim” approach, the reductions achieved (Scope 3) are passed on to customers in the form of certificates.

E-commerce remains growth driver
Next to a continued gradual B2B shipment volume recovery, DHL Express expects e-commerce to remain a driving force behind the increase in volumes on intercontinental lanes between Asia Pacific, Europe, and the Americas. Although the numbers have realigned with pre-pandemic forecasts, worldwide e-commerce sales are expected to grow by 8.8% in 2024 and continue to grow as a share of total retail sales[1]. E-commerce continues to be a vital and growing sector of the global economy. Current challenges like geopolitical tensions and trade barriers have led to the need for reorganizing supply chains, but they have not restricted the sector's inherent dynamism. 

[1] Source: eMarketer

ServiceNow ist eine leistungsstarke Plattform, die es Organisationen ermöglicht, ihre Abläufe zu optimieren. Doch diese Stärke bringt auch die Komplexität der Verwaltung und des Schutzes sensibler Konfigurationen mit sich. Mit dem Wachstum von Unternehmen steigt auch die Anzahl administrativer und entwicklungsbezogener Aktivitäten, was die Kontrolle über die Governance der Plattform in Echtzeit zunehmend erschwert. Diese Herausforderung ist besonders für jene relevant, die SOX-relevante Daten und hochriskante Konfigurationen verwalten.

AuditUP, entwickelt von Devhd – Die perfekte Lösung zur Datenverwaltung und Sicherstellung der Compliance

AuditUP ist eine speziell entwickelte Lösung, die diesen Herausforderungen begegnet. Sie bietet Unternehmen die Echtzeit-Transparenz, die sie benötigen, um ihre Abläufe zu schützen und Compliance-Prozesse zu vereinfachen.

Warum AuditUP? Schließen von Governance- und Compliance-Lücken

Unternehmen stehen vor mehreren Herausforderungen bei der Verwaltung der plattformweiten Governance:

• Zu viele Entwickler mit Administratorzugriff: Je mehr Nutzer auf kritische Konfigurationen zugreifen können, desto größer ist das Risiko unautorisierter Änderungen.

• Manuelle SOX-Audit-Prozesse: Änderungen nachzuverfolgen und die Einhaltung der Vorschriften sicherzustellen, ist oft manuell, zeitaufwendig und kostspielig.

• Mangelnde Sichtbarkeit in der Plattformverwaltung: Unautorisierte Änderungen können unbemerkt bleiben, bis sie Schaden anrichten. Echtzeitüberwachung ist daher unerlässlich.

AuditUP wurde entwickelt, um diese Lücken zu schließen, indem es die Möglichkeit bietet, Änderungen in Echtzeit zu überwachen und unautorisierte Aktivitäten zu melden, bevor sie zu kostspieligen Compliance-Problemen führen.

Wichtige Funktionen von AuditUP

AuditUP ist die Komplettlösung zur Überwachung der Aktivitäten von Administratoren und Entwicklern auf der ServiceNow-Plattform. Zu den Hauptfunktionen gehören:

• Echtzeitüberwachung von administrativen Aktivitäten: Sie haben volle Transparenz darüber, wer Änderungen an den Konfigurationen Ihrer Plattform vornimmt.

• Erfassung von SOX-Ereignissen: Jede Änderung an überwachten Tabellen wird mit genauen Details protokolliert – wer die Änderung vorgenommen hat, welcher Datensatz aktualisiert wurde und die zugehörige Autorisierung.

• Automatisierte Audits: Eliminieren Sie den manuellen Aufwand bei der Nachverfolgung SOX-relevanter Änderungen. AuditUP protokolliert jede Änderung und vereinfacht monatliche sowie jährliche SOX-Audits, wobei Genauigkeit gewährleistet wird.

Der Effekt der Implementierung von AuditUP: Bessere Kontrolle, geringere Risiken

Durch die Implementierung von AuditUP können Unternehmen:

• Den manuellen Arbeitsaufwand reduzieren, indem sie die Nachverfolgung der Compliance und die Plattform-Governance automatisieren.

• Die Sichtbarkeit verbessern, indem unautorisierte Aktivitäten sofort gemeldet werden und das Bewusstsein für Änderungen in der Plattform gesteigert wird.

• Die Compliance sicherstellen, indem unautorisierte Änderungen an SOX-relevanten Daten vermieden und sensible Konfigurationen geschützt werden.

• Risiken minimieren, indem ein standardisierter Entwicklungsprozess durchgesetzt und der Missbrauch der Plattform verhindert wird.

Wer sollte AuditUP benutzen?

AuditUP richtet sich an jede Organisation, die ihre Kontrolle über die ServiceNow-Plattform stärken möchte, einschließlich:

• ServiceNow-Plattformverantwortliche: Gewährleisten Sie eine angemessene Governance und Transparenz über alle Konfigurationen hinweg.

• Risiko- und Compliance-Manager: Vereinfachen Sie SOX-Audits und reduzieren Sie das Risiko von Nichteinhaltung.

• Service-Delivery-Manager: Erhalten Sie sofortige Einblicke in administrative Aktivitäten, um betriebliche Ineffizienzen zu vermeiden.

Jedes Unternehmen, das ServiceNow nutzt, kann AuditUP sofort verwenden

AuditUP ist jetzt im ServiceNow Store verfügbar und kann schnell und problemlos heruntergeladen und integriert werden. Mit dem Freemium-Modell können Unternehmen die Lösung implementieren, testen und von den Vorteilen profitieren, ohne anfängliche Investitionen.

Was sagen Devhd-Kunden?

Unternehmen aus Deutschland, Rumänien und den USA haben bereits AuditUP eingeführt, um die Governance- und Compliance-Anforderungen ihrer Plattformen zu erfüllen. Branchen von der Technologie- und Automobilproduktion bis hin zu Beratung und Einzelhandel haben eine deutliche Reduzierung des manuellen Arbeitsaufwands und eine verbesserte Sicherheit festgestellt. Ein Kunde, der die erste Version von AuditUP implementiert hat, verzeichnete eine dramatische Reduzierung der Zeit und Kosten, die mit dem SOX-Audit-Prozess verbunden sind.

Wie wird sich AuditUP in Zukunft entwickeln?

Devhd ist bestrebt, weiterhin Innovationen zu entwickeln. Basierend auf dem Kundenfeedback planen wir, die Funktionalitäten von AuditUP zu erweitern und in naher Zukunft eine Premium-Version mit zusätzlichen Funktionen einzuführen. Diese wird es Unternehmen mit komplexen Anforderungen ermöglichen, die Sicherheit ihrer Plattform weiter zu verbessern und ihre Abläufe zu optimieren.

Für weitere Informationen zu AuditUP und wie es das Management Ihrer Plattform transformieren kann, besuchen Sie www.dev-hd.com/auditup oder kontaktieren Sie uns unter contact@dev-hd.com für eine Demo.

Bucharest, September 2024: NewCold, one of the largest automated and cold chain international logistics companies, has entered the Romanian market through a 9-hectare land plot acquisition from the Belgian developer WDP, in the Northern part of Bucharest, in the proximity of the A0 ring road.

The transaction was brokered by the Cushman & Wakefield Echinox real estate consultancy company, represented by Rodica Tarcavu, Andrei Brinzea and Stefan Oprea, which provided an extensive and elaborated market analysis of the land plot opportunities near the capital city of Romania. 

Rodica Tarcavu, Partner Industrial Agency Cushman & Wakefield Echinox: ”We performed a very customized and comprehensive research in order to fulfill the precise criteria which NewCold had in their business case.  The main challenging points in the process of identifying the <<perfect plot>> were related to zoning which would allow building up to a 40 m height and a reserve up to 3 MW of electricity on site.”

After 5 months of in-depth analyzing various scenarios, NewCold selected WDP as an experienced and reliable partner who was able to provide a full pre-developed land plot, fitting all the criteria related to utilities, infrastructure and the required urbanistic parameters.

Andrei Brinzea, Partner Industrial & Land Cushman & Wakefield Echinox: “This successful transaction was the result of a mix of confidence, hard work and commitment from all the parties involved. NewCold will thus mark its presence in Romania with a state-of-the-art cold storage automated warehouse which will be completed in 2025 and which will serve its clients throughout the region.”

Founded in 2012, NewCold is a global leader in advanced food logistics, with 22 warehouses on three continents offering a combined capacity of more than 1.5 million pallet positions. Its state-of-the-art facilities are highly automated and energy efficient. With a growing transport fleet, NewCold provides end-to-end supply chain solutions to leading food companies powered by proprietary technology and backed by a team of 2,500 people. It is led by Founder and CEO Bram Hage and backed by Westport Capital Partners.

WDP is a Belgian developer with a consistent footprint in Romania, having a portfolio of almost 2 million sq.m, being second largest player on the logistics & light industrial market.  WDP is a public company, listed on the Euronext stock exchange in Brussels and Amsterdam.

Cushman & Wakefield Echinox, the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, comprises a team of over 80 professionals and collaborators, offering a full range of services to investors, developers, owners and tenants. For more information, visit www.cwechinox.com company's website.

Cushman & Wakefield is a global leader in commercial real estate services, with 52,000 employees in nearly 400 offices and more than 60 countries and revenues of $9.5 billion. The company's main services are: asset and investment management consultancy, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website www.cushmanwakefield.com

Opinion article by Corina Dimitriu, Audit Partner, and Oana Nicula, Audit Director, Deloitte Romania

In recent years, sustainability has become one of the basic principles governing the way economies and societies think and plan their development. At the level of the European Union, the Green Deal creates an essential platform for the alignment of member states, and the subsequent initiatives, Fit for 55 and the recent Corporate Sustainability Reporting Directive (CSRD), targeting no less than 50,000 companies throughout the community space, is designed to ensure a coherent and unitary implementation.

What do Romanian companies need to know?

The CSRD was transposed at the local level by the Order of the Minister of Finance no. 85/2024, the Financial Supervisory Authority (ASF) norm no. 4/2024, and NBR Order no. 1/2024. According to these regulations, listed companies with more than 500 employees must prepare the sustainability report from the year ending 31 December 2024. In 2025, this requirement extends to companies that meet, according to provisions updated in August 2024, two of the following three criteria: total assets of at least RON 25 million; turnover of at least RON 50 million; respectively, more than 50 employees. The companies that apply the ASF Norm and the BNR Order follow the criteria included in these regulations. Under these conditions, it is expected that, in Romania, around 5,300 companies will have to draw up sustainability reports in 2025, which requires a remarkable effort of documentation and effective measures for compliance, following a relatively short calendar.

The topics addressed by the sustainability reporting refer to environmental issues, as well as social and governance aspects. With regard to environment, the reporting must include items aligned to the six objectives of the EU taxonomy - climate change mitigation and adaptation, pollution, water and marine resources, biodiversity and ecosystems, resource use and circular economy. For social aspects, information to be included in the reports refers to equal opportunities, working conditions and human rights. As for governance, reporting requirements cover the composition and role of governing bodies, internal controls and risk management systems, business ethics and corporate culture, etc.

Reporting requires a transparent and rigorous approach, given that the sustainability report will be part of the financial statements, being included in the administrators’ report, and will have to be certified by an independent auditor, who will issue a limited assurance opinion on it.

The legislation in force also provides certain exceptions from preparing this report in the case of subsidiaries whose sustainability information is included in the consolidated management report of another company. This exemption applies provided that the subsidiary’s administrators’ report includes information such as the name and registered office of the parent company reporting information at group level, links to the parent company’s consolidated management report, and the related limited assurance opinion, as well as the mention that the subsidiary in question is exempted from reporting obligations.

Another aspect worth mentioning is that the information presented in the sustainability report does not only refer to the reporting company, but to its entire value chain, which implies a considerable effort to collect this data. However, where all the necessary information on the value chain is not available, companies can provide data on the efforts made to obtain that information, the reasons why it could not be obtained, and how they intend to proceed in the future to obtain them, within the first three years of application of the reporting requirements.

In conclusion, information related to sustainability is a current topic on the local and European business agenda, and the complexity of the reporting framework is expected to evolve in the coming years. Preparing to report according to the legal requirements is therefore an extensive process, which requires both prompt information and the allocation of financial resources, as well as the involvement of the organization’s leadership to set the tone for the transformation and create commitment among their teams.

On the other hand, given that sustainability reporting is a topic that will change the dynamics of annual reporting of commercial companies, it becomes obvious that the results presented will have a significant and increasingly greater impact on the entire ecosystem surrounding the company, influencing potential investors as well as customers and collaborators.

The legal team of STOICA & ASOCIAȚII consisting of Dan-Rareș Răducanu (Senior Partner, Executive Board Member) and Mircea Vasile (Junior Lawyer), obtained in court, by way of a presidential order, the authorization for a judicial expert appointed by the plaintiff, together with a bailiff and a representative of the plaintiff, to travel to the headquarters of a competing company, as well as to the workplaces of the client of this company, to proceed with the identification and examination of computers and other equipment, in order to download and preserve the source code of the application used by it, as well as all the other computer evidence necessary to prove the infringement of copyright on the computer program.

Considering the need to resolve the case quickly, but also the need to preserve the character of surprise, the solution was obtained in record time, within five days from the date of submission of the request and was pronounced without citing the parties and with the elimination of the data related to the file from the court portal.

More details in the press release from here (in Romanian).

• 23 comprehensive policy recommendations set out by the EY organization to make improvements in key priority areas including trade, sustainability and digital transformation
• Closer public-private collaboration urged alongside simpler regulation and investment in green innovation and future skills

EY announces the release of its vision for European competitiveness, a blueprint to help policymakers drive the European Union (EU) forward over the next five years and boost economic growth.

According to EY research published earlier this year, Foreign Direct Investment (FDI) into Europe declined in 2023, falling by 4% compared with 2022, and dropping to 11% lower than in 2019, just before the COVID-19 pandemic hit. Despite hopes of a post-pandemic bounce back, slow economic growth, spiraling inflation, soaring energy prices and a challenging geopolitical environment caused the first downturn in European FDI since 2020.

The EY manifesto outlines five core priorities that will be crucial for arresting the downturn and helping to ensure Europe's success with 23 targeted policy recommendations, drawing from in-depth surveys and industry insights.

Bogdan Ion, Country Managing Partner, EY Romania and Chief Operating Officer for EY Central and South-East Europe and Central Asia Region: "Competitiveness and innovation are two essential directions in the sustainable development of Romania in the coming years. A European plan that places competitiveness and innovation at the center of priorities represents a catalyst for Romania in accelerating public policies in these critical areas."

The five key priority areas identified in the manifesto are:

1.    Boosting international trade and investment

The next five years will see the EU facing a complicated and challenging geopolitical environment, with significant challenges to the international order. While the EU seeks to reduce its external dependencies and pursue strategic autonomy, building close trading partnerships with countries and regions has never been more important. The EY organization makes a range of recommendations focused on sustainable international trade and investment, the rules-based trading system and the importance of trusted partnerships amid growing international competition.

2.    Unlocking the EU’s competitiveness to deliver sustainable growth

According to the manifesto, competitiveness should be the cornerstone of EU policy. The digital and green transitions should be framed by the EU in terms of competitive advantage rather than regulatory burden. Other issues such as the cost of doing business, should be managed effectively to avoid undermining Europe’s attractiveness. The EY organization recommendations included in the manifesto are focused on helping the EU actively demonstrate that it is open for business, simplify tax legislation, help deliver on the capital markets union, strengthen unity through the single market and combat financial crime.

3.    Driving the EU’s digital transition by innovating with integrity

The rate at which digital technology – including artificial intelligence (AI) – is being developed and deployed is impacting more aspects of EU citizens’ lives than ever before. As technological advancements reshape the global economy, there will be new opportunities and new risks. To help make this a reality, the EY organization recommends adopting an approach toward regulation “as little as possible but as much as needed,” while aligning regulation and standards internationally wherever possible, leading the way on developing global verifiable standards, harmonizing data regulation and keeping people safe.

4.    Aligning prosperity with sustainability goals

The EU is leading the way toward climate neutrality and a more resilient and circular economy. According to the EY European Attractiveness Survey 2024, 67% of respondents consider Europe better than other regions in supporting their businesses to achieve their sustainability plans. To build on this, the EU should streamline environmental, social and governance (ESG) reporting, incentivize green innovation and catalyze efforts toward net zero through collective action.

5.    Championing the EU’s commitment to skills and talent

As we prepare for a greener and ever-more digital future, equipping citizens and today’s workforce with the right skills is not just a nice-to-have but an imperative for all stakeholders involved, from governments to businesses and civil society, to bolster the EU’s competitiveness and resilience. To make this a reality, according to the manifesto the EU should: prioritize attracting, retaining and upskilling AI and green talent; develop a standardized European skills badges framework; and equip future generations with a multifaceted education including sustainability, disruptive technologies and human skills like adaptability and resilience.

Julie Linn Teigland, EY EMEIA Area Managing Partner, says:

“Europe's resilience and growth are not just economic imperatives – they are essential for the wellbeing of all its citizens. As Europe sets ambitious priorities for its future, this Manifesto is a solid framework for EU policymakers to embrace change, drive innovation and foster an environment where competitiveness, security, sustainability and digital transformation are the foundations of a thriving European economy. With the EU striving to enhance its security, achieve carbon neutrality, and lead in AI and data governance, businesses must partner with the public sector to build trust, scale technological advancements, and drive sustainable growth in a way that benefits all stakeholders. Together, we can accelerate Europe's leadership on the global stage, making it a hub of stability, opportunity, and sustainable growth for future generations.”

The full manifesto can be accessed here.

About EY Romania

EY is one of the world's leading professional services firms with 395,442employees in more than 700 offices across 150 countries, and revenues of approx. $49.4 billion in the financial year that ended on 30 June 2023. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 900 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

Contact:

Anda Huțanu

 EY Romania

 +40 21 402 4000 

anda.hutanu@ro.ey.com

BOGNER, the renowned German fashion company specializing in athluxury sports fashion, globally active and represented in over 50 countries, is expanding into the Romanian market by opening its first store in the country within the shopping gallery The Grand Avenue, located on the ground floor of JW Marriott Bucharest Grand Hotel. The new boutique, with an area of 131 sqm, will complement the mix of luxury brands, the lease transaction being brokered by the Cushman & Wakefield Echinox Real Estate consultancy company. The opening of the store is planned for 1^st November, following an investment of approximately €500,000.

The Bucharest store operates as a franchise by Iceland Romania, the daughter company of Iceland Bulgaria. The company is the official representatives for Bogner in Bulgaria for the last 10 years, with three monobrand stores (two in Sofia and one in Bansko), and four multibrand units.

Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox: „The luxury segment in Romania has been having an impressive evolution in the last few years, especially when considering the turnover growth reported by the brands present on the local market. The entry of Bogner in Romania, a retailer which provides athluxury sports fashion, a segment that has not been covered so far by other players in physical stores, illustrates the level of maturity reached by the luxury market. Physical stores remain crucial for these brands, given that customer experience is a very important element, while a good location is also a must have and JW Marriott Bucharest Grand Hotel, one of the landmark luxury retail destinations in the city, is the ideal place for such a business”.

With each collection, BOGNER combines a timeless, sporty style with fashion and function. In winter, this formula for success is proven in high-quality ski clothing that is just as impressive on the slopes as it is in après-ski and city streets. Technical golf styles and casual designs impress on sports fields around the world in summer. In keeping with the spirit of the times, but always with a label-typical twist - the BOGNER look since 1932.

Dimitar Tsikandelov, Business Development Manager Iceland BG and Head of Iceland Romania: “We have always seen the potential of the Romanian market. Plans to open a Bogner store were there before the pandemic, however, they had to be postponed. Now that we are back to some normality, we didn’t want to miss the opportunity and finally introduce a monobrand Bogner to Romania. The country is developing considerably in terms of disposable income, GDP and general life quality, surpassing most of its Balkan neighbors. This shows Romanians efforts and desire towards the development and potential of their country. We have seen this dynamism of the Romanian people first hand and it was clear for us that this perfectly aligns with Bogner’s values of bringing functional luxury, comfort and technology to create a lifestyle for dynamic people looking for their next adventure in business and in leisure.    

The Grand Avenue is the exquisite commercial gallery located on the ground floor of The Grand complex, the only place in Romania where the most impressive brands have consistently thrived. Located in an area of historic and national interest, JW Marriott Bucharest Grand Hotel in Romania is the only 5 stars business hotel in the district, situated close to the stately Palace of Parliament and People’s Salvation Cathedral. Culturally rich and with a status that befits its quality offering, the luxury hotel provides a restorative setting in Bucharest where its legacy for intuitive service, culinary distinction, and notable grandeur remains unsurpassed. Its seamless blend of modern luxury and authentic appeal enhances each stay in Bucharest, Romania with a holistic offering, that is both distinctive and deeply enriching. The hotel is a premier luxury destination for business, leisure and family guests, it is just a 30 minutes’ drive from Henri Coanda International airport and within walking distance of Old Town, with its divers architecture.

Oana Dumitrescu, Sales Manager, The Grand Avenue: „We are thrilled to welcome Bogner to our gallery. This prestigious addition enhances our commitment to offering an unparalleled shopping experience, providing access to the finest fashion and lifestyle with a unique blend of products, personalized service and an environment that exudes style and refinement.”

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 more 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 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

Contact:
Cristina Lupașcu

Head of Marketing

+40 744 488 408

cristina.lupascu@cwechinox.com

CBRE Romania is strengthening the presence of its ESG & Sustainability Solutions division in the commercial real estate sector through its latest partnership with Access4you: a Hungarian company with international recognition, specializing in building accessibility certification. The strategic collaboration leverages Access4you's expertise accumulated over five years of activity in 23 countries worldwide, aiming to create a more accessible and inclusive built environment for people with disabilities in Romania.

With this key partnership, the ESG and Sustainability Solutions team at CBRE Romania has developed a service that supports the integration of disabled people by auditing buildings and providing recommendations for the inclusion of functional facilities in the built environment to obtain an accessibility certification. This new service in CBRE's portfolio is based on Access4you's internationally recognized certification of buildings in the Romanian market.

„ Through Access4you certification, we help clients achieve their sustainability goals by integrating accessibility as a key element of social responsibility and sustainable development. This certification not only promotes inclusion but also contributes to creating friendlier and more efficient built environments for all users, reflecting our commitment to bringing long-term value through sustainable and responsible solutions.

Access4you certification is an essential step in supporting our clients to fulfill their sustainability commitments. Through this certification, we offer them not only alignment with accessibility standards but also a competitive advantage in their efforts to build more inclusive and socially responsible spaces. Thus, we contribute to creating a sustainable future and improving the quality of life for all users”, said Nicole Sommer, Head of Business Development | ESG & Sustainability Solutions at CBRE Romania.

Data from ANPDPD shows that over 850,000 adult Romanians have a disability, of which approximately half are still at an active age, under 66 years old. Of these, only 11% are currently employed, highlighting the need for a tailored approach to office design and traditional retail formats.

The partnership with Access4you in Romania has a successful precedent in other CEE countries where CBRE operates, such as Hungary.

„ CBRE’s successful efforts in accessibility have shown that when we align our goals, great outcomes follow”, said Balázs Berecz, founder and CEO of Access4you.

At the European level, 1 in 4 people has some type of disability. This means that there are currently a total of 101 million Europeans[1] living with disabilities. Even more so, as 80% of disabilities are invisible[2], the challenges they face are often met with misunderstandings and a lack of adequate support.

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DESPRE Access4you

Access4you International is a social impact company that assesses, certifies, and qualifies the accessibility of the built environment. The Access4you certificate testifies that the building owner prioritizes inclusion and ensures that detailed and reliable accessibility information about the location is available for 8+1 groups with accessibility needs: Wheelchair users; the Elderly and people with limited mobility; the Blind; visually impaired people, the Deaf, the hard of hearing; people with cognitive impairments; people pushing prams; and people with service dogs.

It helps individuals with disabilities lead more confident lives and supports companies in developing their level of inclusion and accessibility and achieving their business goals and ESG goals through certified social sustainability data.

Accessibility and the lack of detailed and reliable information about it are global challenges. This is why Access4you International, founded in 2019, is focusing on its international expansion in 2022. By now, it has assessed 1000 buildings in 23 countries and operates in the CEE, SEE, and India with the help of an accredited partner network. The company's founder, Balázs Berecz, has been using a wheelchair for 15 years.

DESPRE CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. In Romania, CBRE serves a diverse range of clients with an integrated suite of services including transaction management and coordination, project management, design and build services, property management, investment management, valuation, property rental, strategic consulting, property sales, mortgage services, and development services. For more information, please visit www.cbre.ro or follow our LinkedIn page.

Contact:
Ana Nechifor, Communications Manager, 0733 214 221, ana.nechifor@cbre.com  

CBRE Romania Linkedin