News von den Mitgliedern

Mit Freude geben wir die Einführung der neuen Website von Günther Tore bekannt — ein Projekt, an dem wir sorgfältig gearbeitet haben, um unseren Kunden und Partnern eine klarere Erfahrung und einen schnelleren Zugang zu den benötigten Informationen zu bieten.

Die neue Website spiegelt wider, wer wir heute sind: offizieller Distributor von Butzbach, Braselmann, Dynaco und Stertil, mit über 23 Jahren Erfahrung im Bereich Industrietore, Schnelllauftore, Sektionaltore, Verladerampen und Lkw-Verriegelungssysteme an der Rampe.

Was wir mit diesem Projekt erreichen wollten: Eine logischere Struktur, mit der Sie schnell das passende Produkt für Ihren Tätigkeitsbereich finden. Detaillierte Produktseiten mit technischen Spezifikationen, Datenblättern und Antworten auf häufig gestellte Fragen. Echte technische Inhalte, gedacht für alle, die fundierte Entscheidungen treffen — und nicht nur, um einen Katalog zu füllen.

Für uns bedeutet eine gute Website nicht nur einen Katalog. Sie ist ein Werkzeug, das dem Kunden hilft, die Lösungen zu verstehen, zu vergleichen und die richtige Wahl zu treffen.

Wir laden Sie ein, sie zu besuchen, und sind offen für jegliche Zusammenarbeit und Partnerschaft in unserem Tätigkeitsbereich.

🌐 www.gunther-tore.ro

Bucharest, June 16, 2026 - Reff & Associates | Deloitte Legal marks the 20th anniversary of its activity with an anniversary campaign that aims to highlight the evolution of the profession of business lawyer, the transformations in the market, the increasingly complex challenges and the growing stakes of partnerships between law firms and their clients.

In its 20 years of activity, Reff & Associates has steadily grown and consolidated its position on the business law market, now reaching 85 lawyers, of which eight partners and as many counsels, and its activity has expanded to 14 practice areas.

In these two decades, the professionals of Reff & Associates have been involved in numerous large-scale projects, counting billions of euros, in multiple practice areas: banking and finance, real estate and complex mergers and acquisitions transactions, antitrust investigations with a major impact in the economy, commercial litigation and large-scale international arbitrations, strategic projects in energy and the public sector, responsible employment practices, high-value tax disputes or innovative projects in technology and cybersecurity.

The firm's lawyers have also contributed to the development of important legislative initiatives, such as the new Code of Urban Planning, assisted ANAF in the project to modernize the tax audits and have been involved in numerous pro bono actions, such as the support provided to Tășuleasa Social organization, the initiator of the Via Transilvanica project, and to Dăruiește Viață Association for the modernization of the Marie Curie Hospital.

"The passion for law and business, the strategy of building our firm on an international multidisciplinary platform and the privilege of having brought together high-quality people around distinctive values have fueled our growth in these 20 years and give us confidence in the future. Today, when we have one of the largest teams of lawyers in Romania, we feel in our prime, proud of the expertise built through high-impact projects for our clients, colleagues and society. With gratitude to our clients and to the colleagues at Deloitte with whom we work closely on many multidisciplinary topics, I thank my partners and all my colleagues and congratulate them on this journey; we are ready for the upcoming transformations in the profession and business and excited about what we can build in the next 20 years," said Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova, and one of the founders of Reff & Associates | Deloitte Legal.

The Reff & Associates anniversary campaign starts with a videoconference in which the firm's leaders, together with their guests, leaders from the business and non-governmental sectors, as well as legal professionals, will address topics such as the evolution of the business over the last two decades, key moments that have shaped them as leaders, as well as the authentic impact, which goes beyond the business, and the challenges for the coming decades. The videoconference will be broadcast live on the Facebook page of Reff & Associates | Deloitte Legal.

The campaign will continue with a series of video podcasts featuring experienced professionals representing leading companies in their sectors. The podcasts will combine information about outstanding projects and moments, major changes in legislation and regulatory framework, as well as lessons about maturity and leadership that the guests have learned throughout their careers. The campaign will also include business events, some of them built around innovative formats.

The firm has become a constant presence in international rankings, such as Legal 500, Chambers and Partners and IFLR 1000. For example, in the Chambers and Partners rankings, the corporate and mergers and acquisitions practice was included for 16 consecutive years, the real estate and banking and finance practices for 13 consecutive years, the employment law practice for seven years in a row, and the dispute resolution practice for two consecutive years. The firm is also recognized as a top tier law firm by Legal 500 for ten practice areas, namely real estate and construction (reconfirmed in 2026 as Tier 1, for the ninth consecutive year), banking and finance, commercial, corporate and mergers and acquisitions, dispute resolution, employment, EU and competition, tax litigation, public-private partnerships and procurement, restructuring and insolvency, as well as technology, media and telecommunications.

Beyond its professional activity, Reff & Associates has constantly invested in training new generations of lawyers. For example, more than 280 students have benefited from the nine editions so far of the educational program "Law Is Awesome!", dedicated to students who want to become business lawyers, and some of them have been recruited within the firm.

Reff & Associates | Deloitte Legal, with a team of 85 lawyers specialized in the main areas of practices of business law, 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, business integrity, capital markets, competition, consumer business and data protection, corporate, commercial and mergers and acquisitions, dispute resolution, employment, energy and environment, insolvency, intellectual property, legal management consulting, public sector and real estate, as well as tax controversy. The firm represents in Romania Deloitte Legal, a global network with more than 3,100 lawyers in 75+ countries.

For more information about Reff & Associates, please visit www.reff-associates.ro. For more information about the global Deloitte Legal network, please visit its dedicated web section.

Deine Energierechnung kennst du auswendig. Aber weißt du eigentlich, wie viel dich jede Kilowattstunde in der Beziehung zu deinen Kunden kostet? Nur wenige Unternehmerinnen und Unternehmer können diese Frage beantworten. ProCredit Bank hat beschlossen, das zu ändern.

🌍 Weißt du, wie viel CO₂ dein Unternehmen verursacht?

Der CO₂-Emissionsrechner von ProCredit Bank bietet dir kostenlos einen personalisierten Bericht zur Schätzung der Scope-1- und Scope-2-Emissionen – auf Grundlage allgemeiner Informationen zur Tätigkeit deines Unternehmens.

Die Plattform ist für 8 Wirtschaftssektoren verfügbar: Dienstleistungen, Landwirtschaft, Viehzucht, Lebensmittelindustrie, Holzverarbeitung, Metallverarbeitung, sonstige Industrien und Bauwesen.

Außerdem können Unternehmen, die im Zeitraum vom 15. Juni bis 15. September 2026 ein Konto erstellen und den Bericht generieren, einen der 10 monatlich vergebenen Gutscheine im Wert von jeweils 150 Lei gewinnen. Die Gutscheine werden monatlich an die ersten 10 Unternehmen vergeben, die im jeweiligen Monat Berichte erstellt haben.

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Erstelle dein Konto und generiere kostenlos den CO₂-Emissionsbericht für dein Unternehmen.

Reff & Associates | Deloitte Legal team assisted MAS Property Holding, part of the South African group owned by MAS P.L.C. (listed on the Johannesburg stock exchange) in the process of selling six outdoor shopping centers, worth more than 280 million euro, to the real estate developer AFI Europe N.V. The transaction is subject to the approval of the Competition Council and of the Commission for the Examination of Foreign Direct Investment and is estimated to be completed by June 30, 2026.

Reff & Associates | Deloitte Legal team involved in the project assisted MAS Group in the due diligence process that was the foundation of the sale, leveraging the experience gained in the long-term collaboration with the client to identify the solutions that led to the simplification and efficiency of the entire process. The team included lawyers Irina Dimitriu, Partner, and Real Estate Industry Leader at Deloitte Romania, Simona Iacob, Counsel, who coordinated the entire project, Maria Nitulescu, Senior Managing Associate, Ioana Georgescu-Muresanu, Managing Associate, Calin Georgescu-Muresanu, Senior Associate, Diana Dulama, Marie-Louise Zanfir and Andreea Voicu, Associates. Ovidiu Balaceanu, Counsel, and Mihai Tecuta, Senior Associate, also contributed to the success of the project.

"The involvement in this transaction was a natural step in continuing the partnership we have developed for several years with MAS Property Holding, during which we had the opportunity to provide assistance in complex projects of sale, purchase and other specific operations. Our multidisciplinary approach contributed to the successful completion of this new stage of collaboration, through the involvement of colleagues from multiple practice areas, thanks to which we were able to offer the client efficient solutions tailored to both the transaction and the market context. We thank our collaborators for their trust, and we are ready for new challenges in an increasingly competitive real estate market," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania.

The shopping centers subject of the transaction are Prahova Value Centre in Ploiesti, Zalau Value Center, Baia Mare Value Centre, Roman Value Centre, Sepsi Value Centre in Sfantu Gheorghe and Barlad Value Centre. The total leasable area of the six assets is 125,500 sqm, and they are currently leased to hypermarkets, national and international tenants and food courts.

Even after this sale, MAS remains one of the most important investors in Romania’s retail sector, retaining major assets in its portfolio such as Militari Shopping Center in Bucharest, DN1 Value Centre in Balotești, Dambovita Mall in Targoviste and Atrium Mall in Arad. The company also remains involved in major projects such as Arges Mall in Pitesti and Mall Moldova in Iasi.

AFI Europe is part of AFI Properties, one of the leading real estate development, management and investment companies operating in Central and Eastern Europe since 1997. The group operates in Romania, the Czech Republic, Poland, Bulgaria, Serbia and Latvia.

Reff & Associates | Deloitte Legal, with a team of 86 lawyers specialized in the main areas of practices of business law, 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, business integrity, capital markets, competition, consumer business and data protection, corporate, commercial and mergers and acquisitions, dispute resolution, employment, energy and environment, insolvency, intellectual property, legal management consulting, public sector and real estate, as well as tax controversy. The firm represents Deloitte Legal in Romania, a global network with more than 3,100 lawyers in 75+ countries.

Directive (EU) 2023/970 on Pay Transparency marks one of the most significant legislative changes in the field of remuneration in recent years, imposing concrete obligations on employers across the European Union regarding how they determine, communicate and justify pay.

With the support of Forvis Mazars specialists from across Europe, we have conducted a comparative analysis showing that the implementation of the Directive is at different stages of maturity across Member States. However, the direction is clear: a transition towards pay systems that are more transparent, better documented and auditable.

The Directive introduces requirements that apply throughout the entire employment relationship, from recruitment to reporting and monitoring mechanisms. Companies will therefore be required to communicate salary ranges already at the recruitment stage, establish pay structures based on objective and gender-neutral criteria and ensure employees have access to information regarding pay levels and pay progression.

In addition, organisations will be required to implement regular gender pay gap reporting mechanisms and, where pay disparities of at least 5% are identified and cannot be objectively justified, to take corrective action within a specified timeframe.

Across the European Union, the gender pay gap decreased to approximately 11.1% in 2024; however, the pace of progress remains below expectations. In this context, the new legislative framework aims to accelerate progress by increasing transparency and strengthening organisational accountability.

Member States are adopting different approaches to the transposition process. Some, such as Slovakia, have already completed the full implementation of the Directive, while others are proposing complex and detailed models featuring extensive monitoring and enforcement mechanisms. At the same time, certain jurisdictions are relying on adjustments to existing legal frameworks or on the role of social dialogue in implementing the new requirements.

Romania falls into the category of Member States pursuing a comprehensive transposition approach, applicable to both the public and private sectors, with clear obligations regarding transparency in recruitment, gender pay gap reporting and employees’ right to access pay-related information. However, the relatively low gender pay gap - estimated at approximately 3.7% - should be interpreted in light of the specific structural characteristics of the labour market.

“The Directive is not merely a compliance exercise; it represents a fundamental shift in how organisations design and justify their pay policies. In practice, companies will be required to demonstrate, in a consistent and well-documented manner, how pay is determined and to eliminate any differences that cannot be explained by objective criteria”, said Florina Ilie, Senior Manager, HR & ESG Advisory, Forvis Mazars in România. “At the same time, we are at a key moment locally - in the coming days, we expect the publication of the final version of the Directive’s transposition into Romanian legislation, which will provide a clear framework for implementing the new requirements and accelerate organisations’ preparation efforts.”

The analysis highlights that the impact of the Directive will not depend solely on the formal adoption of legislation, but also on companies’ ability to integrate the new requirements into effective internal processes. In the absence of clear job evaluation systems and objective pay-setting criteria, transparency risks becoming a purely formal exercise, with limited impact on achieving genuine pay equity.

In the medium and long term, increased levels of pay transparency have the potential to generate significant benefits for companies, including stronger alignment between management and HR functions, clearer communication with employees and more consistent and predictable compensation structures.

The full analysis of the implementation status of Directive (EU) 2023/970 across the Member States of the European Union is available HERE.

ANA Spa Collection by ANA Hotels hosted “The Art of Longevity,” one of Romania’s most significant events dedicated to preventive health, integrative wellness, and biohacking, featuring Gary Brecka and Nadia Comăneci as special guests. Held at the InterContinental Athénée Palace Bucharest, the event brought together leading medical and wellness professionals, business leaders, and guests interested in the latest global trends in longevity and lifestyle optimization.

During the conference, Gary Brecka highlighted the importance of methylation and personalized supplementation, the benefits of molecular hydrogen, and the impact of morning rituals on energy, mental clarity, and longevity. His presentation combined insights from recent scientific research with practical recommendations aimed at optimizing health and preventing metabolic and inflammatory imbalances.

Known for his science-based approach, Gary Brecka is one of the most influential international voices in integrative health and biohacking. As co-founder of the 10X Health System and host of The Ultimate Human Podcast, he advocates for predictive healthcare and performance optimization through nutrition, lifestyle interventions, and targeted supplementation.

"Longevity is not about adding more years to your life. It is about improving the quality of the years you already have. Every function of the body begins at the cellular level. Methylation. Oxygen utilization. Hydration. Inflammation control. Energy production. When you identify deficiencies and provide the body with what it truly needs, something remarkable happens. The body doesn’t just survive longer—it performs better. You think more clearly, move more easily, recover faster, and age with greater strength and resilience," said Gary Brecka.

A key moment of the event was the panel discussion on longevity and preventive medicine, featuring Dr. Luiza Spiru, Professor of Geriatrics, Gerontology, and Longevity Medicine and President of the Ana Aslan International Foundation, alongside Iuliana Tasie, General Manager of ANA Hotels Europa & Health Spa Eforie Nord. The discussion emphasized the importance of an integrated approach to health, combining prevention, recovery, longevity medicine, and sustainable lifestyle habits.

The event also featured a surprise guest appearance by Nadia Comăneci, who shared her perspective as a world-class athlete on longevity and the role of discipline in maintaining long-term health and peak performance.

The event also marked the official launch of the new “Longevity by ANA Spa Collection” packages, designed to integrate personalized health assessments, regenerative therapies, recovery programs, and the latest wellness technologies into a premium experience dedicated to longevity and revitalization.

"The launch of the Longevity by ANA Spa Collection packages represents a new strategic milestone for ANA Hotels in the development of Romania’s premium wellness and integrative health sector. These new experiences are built around personalized programs that combine health assessments, regenerative therapies, recovery, relaxation, and modern wellness technologies," stated George Copos, President and CEO of ANA Hotels.

ANA Spa Collection is recognized for integrating modern and traditional therapies across its wellness centers: SPA InterContinental Athénée Palace Bucharest, ANA Spa Crowne Plaza Bucharest, ANA Spa Poiana Brașov, and ANA Health Spa Eforie Nord, offering premium wellbeing, recovery, and revitalization experiences.

“The Art of Longevity” event was organized with the support of the following partners:

Platinum Partners: Oxyhelp, Technogym, Theda Mar
Scientific Partner: Scientific Senate of the Dan Voiculescu Foundation for the Development of Romania
Gold Partners: EY Romania, Grampet Group, MP Băneasa, Bog’Art, Sanador, Dentovita, Banca Transilvania, Chanand, and Iris Florist.

Bucharest, May 28, 2026 – Defense spending is estimated to reach at least 3% of the gross domestic product of the European Union member states by 2040, amid the escalation of security challenges, which require an increased budgetary effort, according to the Deloitte study "The Future of Defence 2040. Four scenarios for Europe's future security architecture". In 2025, EU member states' defence budgets reached 2.1% of GDP (around €381 billion), according to the latest data from the European Defence Agency.

Alongside the increase in defence spending, another trend identified by the study, given the demographic evolution, is the military personnel crisis. Professional armed forces are already facing difficulties in reaching the required troop levels, which will challenge the armed forces to rethink their entire operating model.

Automation and artificial intelligence (AI) are also among the trends highlighted by the study. AI will play a central role in the operational efficiency of the defence forces, and automation has the potential to increase the speed and efficiency of the armed forces, but leaders in the field are carefully assessing the benefits of integrating these technologies, in relation to the ethical implications and the risks associated to the reliance on external technology suppliers.

At the same time, outer space is becoming a new battleground, the study shows. Satellites are already critical for communications and target identification, so, without developing their own space capabilities, European armed forces are exposed to significant vulnerabilities in contemporary conflicts.

The study warns that critical supply chains are becoming undoubtedly a matter of national security, especially in the case of semiconductors and rare metals or minerals, and even more so when supply sources are concentrated in regions that can become unstable or hostile.

Another trend highlighted by the study is the need for society to take greater responsibility in national defence - from personal digital security to the use of critical thinking to actively combat disinformation.

"The current geopolitical context and the significant uncertainties, which no longer manifest only in the short term, have created the necessity to identify solutions capable of addressing states’ needs for long-term security and resilience. The transition to dual-use infrastructure (military and civilian) stands out as such a solution, approached as a strategic direction at European level, with multiple benefits for governments, citizens, and economic actors alike. Companies which see this evolution not only as a necessary adaptation, but as an opportunity, which align with these standards and manage to integrate themselves into strategic value chains, can access consistent financing for large-scale projects and can generate sustainable competitive advantages, with a significant impact on the economy, and the study offers some suggestions in this regard," said Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

The study examines four possible scenarios for 2040, which take into account various levels of European integration (versus national sovereignty) and different types of conflict areas - conventional versus new (cyber, space) - and formulates recommendations for each category of actors. Regardless of the scenario that materializes, decision-makers should build flexible institutional structures that allow for coordinated action at both national and European level, while ensuring that defence decisions respect democratic values and are transparent, the study notes. European companies should also invest in adaptable systems and identify dependencies on foreign suppliers while exploring expansion into areas such as drone production, secure communications or AI-based targeting systems. As for the armed forces, they should also prepare for hybrid threats.

"Romania is well positioned to benefit from the current context, which provides companies with access to a mix of financing that consists of grants, low-cost loans and guarantee schemes – such as SAFE (Security Action for Europe), research and innovation funds like EDF (European Defence Fund), procurement and industrial development programs, such as EDIRPA (European Defence Industry Reinforcement through common Procurement Act), ASAP (Act in Support of Ammunition Production) and EDIP (European Defence Industry Programme), complemented by EIB (European Investment Bank) financing and InvestEU guarantees. Overall, this financial architecture lowers the cost of capital, reduces investment risks, and enhances project attractiveness, thereby supporting business expansion, innovation, and integration into strategic European value chains," said Alin Chitu, Tax Partner, Deloitte Romania, and Defence Industry Leader.

The study uses a complex scenario modelling methodology based on an extensive process that combines interviews with defence and public sector experts with the analysis of 90 social, technological, economic, environmental and political influencing factors.

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 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 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 3,300 professionals.

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

Bucharest, 21 May 2026 – Nhood, an international real estate solutions operator supporting clients through an integrated services platform across Europe and Africa, announces the official opening of URBANO Shopping & Living. This will be the largest commercial park in Transylvania, developed by URBANO Group in Florești, Cluj County, with an investment of 40 million euros in the first stage.

As a strategic partner, Nhood supports URBANO Shopping & Living through an exclusive leasing mandate, integrated property management, and operational marketing services, contributing to the definition of the commercial concept, tenant attraction, operational readiness, and the positioning of the new retail destination within the local community.

Developed across a total area of approximately 15,000 sqm, URBANO Shopping & Living introduces an integrated one-stop-shop concept to the community - a complete destination where retail, services, gastronomy, and quality experiences come together in an accessible format aligned with the current needs of consumers.

Nhood provides integrated property management services for the project, contributing to the shopping center’s operational performance.

“We are grateful for the trust that URBANO has placed in the Nhood team. Together, we succeeded in transforming the project’s vision into a strong operational reality. Our objective is to ensure high-performing tenant relationship management and elevated operational standards, so that URBANO Shopping & Living remains a relevant destination for the Cluj community in the long term,” stated Răzvan Ciobanu, Head of Property Management at Nhood.

The new shopping center brings together 37 stores and a dedicated drive-thru area spanning more than 1,000 sqm, featuring four major international brands: McDonald’s, Starbucks, Popeyes, and Burger King. The retail mix includes brands such as LIDL, HalfPrice, Sportisimo, Jysk, Benvenuti, Smyk, Sinsay, Deichmann, Farmacia Alma, Fressnapf, CCC, Mesopotamia, TEDi, Bosch, Oval Sport, Stay Fit Gym, Peak Toys, Prime Beef-Băcănia, Artigiamo Coffee, Plăcintăria Stan și Bran, Las Vegas Casino și Banca Transilvania.

DIY retailer Hornbach and cash&carry hypermarket Selgros are in the early stages of construction and are scheduled to open to the public in the first half of 2027.

Through coordinating the leasing process and structuring the tenant mix, Nhood contributed to developing a balanced commercial offering that combines leading international brands with locally appreciated retailers.

“We are pleased that the Nhood team contributed its expertise to the successful leasing of the URBANO Shopping & Living project, which will undoubtedly establish itself as an important landmark for the local community. Our expertise is reflected in attracting major national and international brands, alongside local brands appreciated by Cluj residents, all of which chose the project due to its commercial potential, coherent concept, and strategic positioning,” stated Corina Toma, Leasing Manager at Nhood.

"URBANO Shopping & Living was designed as a modern, accessible destination connected to the real needs of the community in the Cluj metropolitan area. We are happy to officially open this project and offer the public a complete shopping experience, built together with strong partners and an involved team", stated Ciprian Comșulea, Executive Manager of Urbano Group.

Beyond its commercial component, the project aims to serve as a meeting point for the local community through activations and experiences for visitors.

“The marketing strategy developed for URBANO Shopping & Living starts from the visitor experience and the role this project can play in community life. Our goal was to transform URBANO from a conventional retail format into a relevant urban destination - a space that brings people together and creates authentic connections between retail, social interaction, and lifestyle,” stated Diana Bjoza, Marketing Manager at Nhood.

Developed on a 25-hectare site, the project contributes to the economic development of the area and will generate more than 500 jobs at the metropolitan level. Located on DN1 – Luna de Sus junction, URBANO Shopping & Living benefits from direct connectivity to the main traffic routes in western Cluj and integrates solutions focused on mobility and sustainability, including extensive green spaces, electric vehicle infrastructure, and connections to metropolitan public transport.

About Nhood
Nhood is an international real estate solutions operator, actively involved in urban regeneration. The company supports property owners, public authorities, and investors in the sustainable transformation of assets and spaces, leveraging an integrated services platform.

As an integrator of expertise, Nhood operates across the entire real estate project lifecycle, from strategy to operations: consulting, concept design, development, placemaking and community engagement, operational management, and asset value enhancement. Its 1,600 employees manage assets worth €17.3 billion across nearly 1,000 locations in Europe and Africa, serving over 300 clients.
The company develops value-generating mixed-use projects rooted in local dynamics, where retail, residential, office spaces, leisure and hospitality areas, digital infrastructure, and new urban uses coexist.

Guided by a positive-impact approach — People, Planet, Profit, and Governance — Nhood works every day to create “better places” that are useful, vibrant, and attractive.

www.nhood.ro

About URBANO GROUP

URBANO Group acts as an integrator for the development and management of premium property investment projects across the following sectors: logistics and industrial, residential, office, and commercial. Since 2016, the group’s developments have been concentrated in the city of Cluj-Napoca and the Cluj Metropolitan Area, accelerating innovative projects focused on the revitalization of urban spaces.

The new project – Urbano Shopping & Living – will offer the community a unique and modern destination, generating both a local proximity impact and a regional impact through its mix of functions and major operators set to conduct their business within this commercial and family-focused services center.

The fight against depression is often fought in silence! Together, we can make noise for those who no longer have a voice. That is why, on Saturday, July 25th, 2026, in the Grand Square of Sibiu, we choose to raise awareness.

Fellows Ride Transylvania brings together motorcyclists from all over the country around a simple yet important message: you are not alone!

👉 Event details: https://fellowsride.ro/

The funds raised support real initiatives in Romania — psychological counseling, prevention programs, and support for those in need.

To make this possible, we need partners! Not only for logistics and organization, but also to increase the impact of this message.

What this means for you:

• visibility during the event (onsite & online branding)
• presence in the official communication materials
• association with an international cause dedicated to mental health
• positive emotions
• access to the motorcycle enthusiasts’ community

If you feel this initiative aligns with your company’s values, we would be delighted to discuss further.

E-mail: info@fellowsride.ro
Phone: +40 744 87 22 26

On June 22nd, L’Atelier Relais & Châteaux welcomes guests once again for the 6th edition of The SecrEAT, our Mysterious Chef’s Experience created around the idea of discovery, surprise and contemporary fine dining.

As always, the identity of the guest chef will remain undisclosed until the evening begins.

For this edition, we will be welcoming a chef whose cuisine follows the rhythm of the seasons, brought to life through vibrant flavours, fresh touches of herbs and vegetables, and subtle Mediterranean influences. Preserved ingredients also play a role, adding depth and character to a menu built around balance, texture and beautifully composed dishes.

The experience will take place inside the Epoque Tasting Room, in an intimate setting designed to bring guests closer to the story behind each course, while allowing the mystery itself to remain part of the evening.

We look forward to welcoming you for another unforgettable edition of The SecrEAT.”

Here is the payment link: https://buy.stripe.com/8x2dR8bi3cme33N00Y9Ve2l 

We are delighted to invite you to a special afternoon event dedicated to the current state of the pharmaceutical sector and the strategic priorities ahead.

“Pharma Leadership Dialogue: State of Play and Strategic Outlook” will bring together leading voices from across the industry for a series of moderated panel discussions focused on the key challenges and opportunities shaping the Romanian pharma market.

The conversation will explore investment and growth priorities, operational resilience and risk, market access and pricing pressures, as well as the evolving regulatory and funding landscape at both national and EU level. All discussions will be moderated by Luiza Bedros, Partner, Specialized in Life Sciences & Healthcare, Kinstellar.

Where?

Globalworth Tower, 10th Floor
(201 Barbu Văcărescu, 020276).
Please note that traffic may be busy.

When?

21 May 2026
16:00 – 18:30

Registration

The integration of artificial intelligence into capital markets offers significant opportunities in terms of efficiency, predictive analysis, and the optimization of investment decisions, but at the same time raises fundamental questions regarding transparency, risk management, and accountability in the use of autonomous algorithms.

In a recent analysis, Ingrid-Amelia Apetrei – Managing Associate – examines the legal and practical implications of black-box trading, in a context where technology is fundamentally transforming the mechanisms of financial markets, and the regulatory framework is called upon to keep pace with this evolution.

The full article is available here.

Bucharest, May 2026: Romania’s retail market went through a contrasting first quarter in 2026, according to the Romanian Retail Marketbeat Q1 2026 report published by Cushman & Wakefield Echinox. While macroeconomic indicators reflect a period of adjustment, the high street segment and the medium-term development pipeline remain extremely robust.

At the beginning of 2026, inflation reached 9.9%, the highest rate in the European Union, directly impacting retail sales, which declined by 5.8% in real terms. This decrease was driven by a 9.2% drop in non-food product sales and a 2.7% decrease in the consumption of food, beverages, and tobacco. However, analysts anticipate a recovery starting in the second half of the year (H2 2026), as the effects of fiscal measures stabilize, with a year-end inflation forecast of ~5%.

In this context, only one notable completion was recorded during the first three months of the year, namely M Park Titan in Bucharest (8,500 sq. m GLA), developed by M Core, the largest retail project delivered in Bucharest over the past four years.

Although the new supply was limited in Q1, developers continue to see a strong potential in the Romanian retail market and are thus investing in new projects, with more than 320,000 sq. m of retail spaces currently under construction nationwide. Approximately half of this total (~150,000 sq. m) is scheduled for delivery by the end of 2026, maintaining the strong development pace seen in recent years.

Among the major projects under construction or in advanced planning stages are Rivus Cluj (142,000 sq. m), Galati Retail Park (38,300 sq. m), the extensions of Promenada Mall in Bucharest (32,000 sq. m) and Palas Iasi (25,000 sq. m) or M Park Galati (28,500 sq. m).

Romania still offers significant expansion potential, having one of the lowest modern retail densities in Central and Eastern Europe, at just 253 sq. m per 1,000 inhabitants.

Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox: “Developers’ appetite for new retail projects remains unchanged, even though consumption has been under significant inflationary pressures in the first part of the year. With more than 320,000 sq. m currently under development, there is strong confidence in the long-term potential of the Romanian market, both through shopping center projects and retail parks. It is worth noting that the currently under construction projects also include extensions of schemes which have already produced solid returns in cities such as Bucharest, Iasi, or Bacau.”

The prime headline rent for high street spaces on Calea Victoriei continued the robust growth pattern of the last 12 months, now being quoted at €90/ sq. m/ month (+50% y-o-y) as a direct result of new store openings and the expected arrival of major luxury retailers in the coming months. The rental values in dominant shopping centers in Bucharest and in the major regional cities remained stable, generally ranging between €50 - 90/ sq. m/ month for 100 – 200 sq. m spaces located at the ground floor of those respective projects.

The event will take place on 3 June 2026, between 17:00 and 18:30, at The English Bar, within the InterContinental Athénée Palace Bucharest.

Franz Schwarz (President of VIAC), Cosmin Vasile (Managing Partner, ZRVP) and Ligia Cecilia Popescu (Partner, Wolf Theiss) will discuss key aspects and challenges of building a career in international arbitration, drawing on their own professional experience.

The event is addressed to the arbitration community in Romania and beyond, offering an open setting for practical discussions on professional paths in international arbitration.

Participation is subject to registration via this link.

Seats are limited, and participation is confirmed only upon receipt of an official confirmation from the organizers.

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.

Austria, Albania, 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.

Opinion article by Laura Lică-Banu, Director, Advisory, Forensic – Financial Crime, Deloitte Romania, and Cătălin Chibzui, Managing Associate, Reff & Associates| Deloitte Legal

Money laundering methods have become increasingly dynamic, sophisticated and harder to delimit geographically, as funds move rapidly across jurisdictions, digital platforms, opaque corporate structures and high‑value assets (luxury goods, real estate, works of art, etc.). Against this backdrop - which amplifies global risks and complicates supervision - the European Union has intervened through the Regulation (EU) 2024/1624 (AML Regulation/AMLR) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML/CFT), introducing a common standard intended to harmonize requirements across the Single Market.

The AML regulation shall apply directly in all member states, including Romania, and obliged entities must reach a level of readiness equivalent to that expected in an audit (ready‑to‑audit) at least six months before July 1, 2027. This is to ensure sufficient time to test systems, remediate deficiencies and stabilize procedures ahead of the regulation’s application date.

Implementation handbook – currently being finalized

In addition to the “level‑one” rules set out in the AML Regulation, operational details will be calibrated through “level‑two” instruments developed by AMLA (the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism). AMLA is required to develop, by July 10, 2026, Regulatory Technical Standards (RTS) and implementation guidelines that will directly influence how internal processes, collected data and applicable thresholds are designed.

These include standards on customer due diligence (CDD) measures - article 28(1) AMLR - clarifying what information and documents must be collected for risk‑based CDD. AMLA will also set criteria regarding the business relationship with the customer, occasional transactions and linked transactions - article 19(9) AMLR. In addition, AMLA will develop standards on group‑level requirements and measures for branches/subsidiaries in third countries - articles 16(4) and 17(3) AMLR.

Finally, AMLA will issue guidelines on the minimum content requirements for the entity‑level risk assessment and on additional sources of information that should be considered when performing the Business‑Wide Risk Assessment - article 10(4) AMLR.

New entities within the scope of AML

The AML Regulation expands the scope of obliged entities to include other higher‑risk financial and non‑financial sectors, such as the trade in precious metals and stones, high‑value goods, service providers and intermediaries for crowdfunding, operators in the field of migration by investment, football agents and professional football clubs. Reference thresholds for “high‑value goods” include, for example: jewelry/watches above EUR 10,000; vehicles above EUR 250,000; and aircraft/watercraft above EUR 7.5 million.

What actually changes?

For newly covered obliged entities, compliance will not only mean following written procedures but also implementing a functional and effective oversight framework. The minimum package includes policies/procedures and internal controls, a risk management framework, a compliance function (AML officer), training and testing employees’ AML knowledge, risk‑based Know‑Your‑Customer (KYC) measures and ongoing monitoring of business relationships, reporting to authorities, record keeping, etc. For many industries, the AML Regulation will need to be implemented at a level comparable to that of the banking and financial sector.

Moreover, to further streamline anti‑money‑laundering efforts, the AML Regulation introduces cooperation rules between the European Public Prosecutor’s Office (EPPO), Member States’ Financial Intelligence Units and the European Anti‑Fraud Office (OLAF). Information exchange is expected to facilitate both detection and the acceleration of accountability for those involved in money‑laundering schemes.

How do we prepare? Roadmap to July 1, 2027

Implementing the requirements under Regulation (EU) 2024/1624 calls for a structured, phased, risk‑based approach. A realistic roadmap to the full application date should include three main stages.

2026 – diagnostic and planning. This stage lays the foundation of the entire compliance program. Its purpose is to identify gaps between current practices and the new EU requirements; map risks (customer typologies, products, channels, jurisdictions) and recalibrate risk appetite; inventory data and flows; and assess existing controls (KYC, screening, transaction monitoring, reporting), etc. The output should be a detailed implementation plan, prioritized considering risk and complexity.

Q4 2026-Q1 2027 – implementation. This is the transformation phase, when requirements are translated into operational processes and functional systems (e.g., operationalizing and automation of customer onboarding and applying CDD; implementing and calibrating screening mechanisms; improving transaction monitoring; optimizing the STR/SAR reporting process; updating the internal framework; and conducting applied training). This stage requires close coordination across business, compliance, risk and IT functions.

Before July 1, 2027 – testing and stabilization. The final stage is essential to validate the effectiveness of the implemented framework (end‑to‑end testing of AML/CFT processes, remediation of identified deficiencies, audit simulations and real internal control tests, etc.) and to ensure sustainable compliance (through performance monitoring and final adjustments). The objective is to reach a “ready‑to‑audit” level that enables the entity to demonstrate compliance not only formally, but also in practice.

In conclusion, Regulation (EU) 2024/1624 marks a shift toward a single EU regulatory system, while secondary legislation (draft RTS and AMLA guidelines) will shape the concrete way in which requirements are applied in practice. A critical point must be emphasized: delaying preparations or treating this process superficially can generate significant risks of operational non‑compliance, sanctions and reputational damage. The complexity of the new requirements, reliance on quality data, systems integration and the need for consistent application in practice make a rapid, last‑minute alignment unlikely. In this context, early preparation is no longer a competitive advantage, but an essential condition for compliance and sustainability under the new EU framework.

Wolf Theiss advised MidEuropa, a leading private equity player in Central and Eastern Europe, on the acquisition and financing of a majority stake in Romanian Business Consult (RBC). The transaction, signed on 1 January 2026, was closed on 30 April 2026 following receipt of the regulatory approvals.

Wolf Theiss' Corporate/M&A team assisted MidEuropa in the acquisition of RBC group, the local market leader in IT solutions for modern retail and banking. The transactional team was coordinated by Ileana Glodeanu (Partner) with the support of Andreea Cărare (Counsel) and included Richard Clegg (Partner), Claudia Popescu (Partner), Boryana Filimonova (Senior Associate) and Marius Moldoveanu (Associate).

Partners Claudia Chiper and Nicholas Coddington led the financing team involved in the transaction, ably supported by Iuliana Stoicescu, Smaranda Văcaru and Andreea Tudorache (Senior Associates), whose tireless efforts were essential in bringing this complex financing to completion.

Wolf Theiss' Banking & Finance team provided legal assistance to MidEuropa on a senior secured financing package granted by a syndicate of banks comprising Banca Transilvania, Raiffeisen Bank and UniCredit Bank. The facilities were structured to finance the acquisition of RBC group and refinance the target group's existing indebtedness, as well as to support the group's ongoing capital expenditure and future growth through a dedicated capex and acquisition facility.

The Competition & Antitrust team, coordinated by Anca Jurcovan (Partner), alongside Maria Popescu (Senior Associate), advised on merger clearance and foreign direct investment approval.

In addition to those mentioned above, Wolf Theiss assembled a multidisciplinary team across several practice groups: Flavius Florea (Counsel, Data Protection, IP & TM), Andrei Costea, Laurenţiu Bolborici and Ramona Mosora (Associates, Corporate/M&A), Adelina Iftime-Blăgean (Partner) and Claudiu Ciubotaru (Associate) - Employment, Dana Toma (Counsel, Real Estate), Vladimir Plugărescu (Senior Associate, Regulatory) and Cezara Constantinescu (Senior Associate, Disputes).

“Our investment in RBC reconfirms our commitment to strengthen our presence in Romania, especially in the vibrant and fast-evolving IT sector. I extend my gratitude to Ileana and the entire Wolf Theiss team for their exceptional professionalism and expertise and for their commitment in successfully completing this transaction.” – Bogdan Bunea, Principal, MidEuropa

“Our team was delighted to support MidEuropa in yet another significant transaction, marking an exciting milestone in their growth journey in Romania. I am particularly proud of our Corporate/M&A team, for their unwavering expertise and dedication in successfully getting this transaction across the finish line. This is an achievement that reflects the contributing valuable insight and commitment of each Wolf Theiss team member. Special thanks go to all parties who worked very hard and closely with us to successfully finalise this transaction.” – Ileana Glodeanu, Partner, Wolf Theiss

"We are delighted to have supported MidEuropa on the financing side of this significant transaction. The close cooperation with Banca Transilvania, Raiffeisen Bank and UniCredit Bank and their respective legal advisors was instrumental in delivering a tailored financing solution. We are proud to have contributed to yet another successful investment by MidEuropa in Romania and to add this landmark transaction to our growing track record in the region's IT sector." – Claudia Chiper, Partner, Wolf Theiss.

MidEuropa is a leading European private equity investor with deep roots in Central Europe and a track record spanning over 25 years. Headquartered in London, with offices in Warsaw and Bucharest, MidEuropa identifies strong investment opportunities across the consumer, healthcare, services and technology sectors and supports their growth and international expansion. To date, MidEuropa has raised and managed funds of over €6.5 billion and completed 49 investments and more than 290 add-on acquisitions across 20 countries.

Founded in 1991, RBC provides mission-critical IT systems and integration services to blue-chip retail and banking clients, spanning consulting, systems integration, custom software development, and long-term support. The Company is recognised for its deep sector expertise and long-standing customer relationships, with over 80% of clients working with RBC for more than 15 years.