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

what we’ll cover

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

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

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

who’s it for

This session is ideal for: 

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

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

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

Details

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

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

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

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

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

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

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

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

CMS

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

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

For more information, please visit cms.law

Abstract

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

Article

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

This classification has several significant legal implications, including:

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

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

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

Proposal for Legislative Amendment

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Understanding the importance of Integrity Due Diligence

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

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

Key data gathered as part of onboarding and Integrity Due Diligence

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

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

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

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

When to conduct Integrity Due Diligence?

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

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

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

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

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

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

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

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

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

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

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

- End -

Notes to editors:

CMS

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

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

For more information, please visit cms.law

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CMS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In conclusion, why developing a sustainability strategy?

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

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

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

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

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

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

About Wolf Theiss

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

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

Companies leased industrial & logistics spaces with a total area exceeding 500,000 sq. m in H1 2025, corresponding to a robust y-o-y increase of 25% compared with the same period of last year, according to the Romania Industrial Marketbeat Q2 2025 report by the Cushman & Wakefield Echinox real estate consultancy company. Moreover, the first half of 2025 ranks as the 3^rd best-performing H1 in the last 12 years, with its leasing activity being 45% above the overall H1 average in the analyzed period.

The evolution of demand during the first six months creates the premises for the take-up volume to once again reach the 1 million sq. m threshold at the end of the year.

The net take-up (340,000 sq. m) had a share of 66% in the overall leasing volume throughout the semester and Bucharest remains the most important destination targeted by tenants, with 70% of the total spaces leased in H1 2025 (359,000 sq. m), followed by Timisoara with 13%, the 2^nd largest industrial hub in the country.

Rodica Târcavu, Partner Industrial Agency Cushman & Wakefield Echinox: “The industrial & logistics market in Romania benefitted from a robust transactional activity in H1 2025, a positive evolution which gives us confidence and optimism that this segment will continue to develop in a solid and sustainable way, as it has been the case in the last few years. Market maturity and consolidation came in an economic context marked by an industrial production decline but supported by a strong overall consumption growth across the country. This dynamic can also be noticed in the structure of demand, largely generated by logistics and retail operators, while manufacturing companies had a smaller contribution, highlighting the market's adaptability and the increasingly important role of the distribution segment in regional supply chains.”

The two largest contracts concluded in Q2 were exclusively represented by renegotiations, one of 16,000 sq. m signed by Kyocera in CTPark Timisoara Ghiroda, followed by Sarantis (11,000 sq. m in WDP Park Dragomiresti).

Logistics and distribution operators had the largest share in the transacted volume (30% and 160,000 sq. m respectively), while 133,000 sq. m were leased by retail, e-commerce, and FMCG companies (26%), as the manufacturing and automotive industry sector has a share of approximately 5-6% (27,000 sq. m).

The modern stock of industrial & logistics spaces in Romania reached 7.75 million sq. m at the end of Q2, as developers completed new projects with a total leasable area of 184,100 sq. m in H1, a 77% growth compared with the same period last year.

Moreover, the current under-construction pipeline is of approximately 370,000 sq. m across the country.

The nationwide vacancy rate increased to a level of 5.8%, but a downward movement is expected in the coming quarters due to the relatively low number of speculative projects under-construction.

The prime headline rent in Bucharest remained flat, but a series of spikes were recorded in other major hubs such as Timisoara or Brasov, with the asking rents in top projects in Romania ranging between €4.30 - 4.70/ sq. m/ month in Q2. These levels could see minor upward adjustments by the end of the year, against a backdrop of increasing construction costs and land acquisition prices.

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

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

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The total volume invested in income-producing real estate assets - office, retail, logistics and industrial spaces and hotels - in Romania reached approximately €391 million in the first half of 2025, corresponding to a slight decrease of 6.5% compared to the same period in 2024 (€418 million). However, the first semester of 2025 is ranked as the second best-performing H1 in the last 12 years, being 30% above the average of the first semesters of the analyzed period.

Cushman & Wakefield Echinox was involved in three of the largest transactions concluded this year, with a combined value of €160 million, representing over 40% of the total volume.

These included the sale of a portfolio of 7 strip malls in Slobozia, Focsani, Ramnicu Sarat, Sebes, Fagaras, Targu Secuiesc, and Gheorgheni, of the Focsani Mall and of the largest part of the IRIDE Business Park in Bucharest, cosisting 17 mixed-use buildings (offices, storage, light production) on a 128,000 sqm plot near the Pipera metro station.

Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox: “The results from the first half of the year confirm the renewed interest from foreign investors in the local real estate market, who contributed over 70% of the transaction volume. The outlook for the second half remains positive, considering ongoing transactions and the historical trend of stronger H2 activity. We expect a total investment volume between €800 million and €1 billion for the full year.”

In terms of asset class, the highest volume registered in H1 2025 pertained to retail segment (€163 million, 42% of total), followed by office properties (€126 million, 32%) and mixed-use projects (€55 million,14%).

The office segment showed a strong rebound, increasing its share from 5% in H1 2024 to nearly one-third of the total in the first half of 2025. This was driven by improved office space utilization and a slight drop in vacancy rates.

The investors from United Kingdom with transactions concluded of €148 million (38% of total), form Romania with €105 million (27%) and Hungary with €52 million (13%) were the most active in the market in the analyzed period.

Cushman & Wakefield Echinox is a leading real estate consultancy in Romania and the exclusive affiliate of Cushman & Wakefield. With a team of over 60 professionals and collaborators, the company offers a full range of services to investors, developers, owners, and tenants.
For more information, visit: www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices across 60 countries, and $9.4 billion in revenue. Its core services include asset and investment management, capital markets, leasing, property management, tenant representation, project services, and valuation.

DLA Piper announces the continued growth of its Tax team in Romania with the recent addition of Octavian Ionașcu as Tax Director, consolidating the senior team alongside Tudor Nedelea and Lidia Duțu.

Octavian brings 20 years' of experience with a particular focus on the FMCG sector, indirect taxation and digital tax transformation. He has advised multinational clients on aligning tax processes with business strategy, mainly on VAT, tax technology and supply chain structuring.

"I’m ready to bring my expertise to DLA Piper’s advisory team, further strengthening its ability to navigate today’s shifting tax landscape. The energy of us all, combined with our integrated legal and tax approach, will surely deliver great value to our clients" said Octavian.

This external arrival rounds out the strategic development of the team, following the promotion to Senior Tax Advisor of Cristina Popescu, a home grown talent that has been with the team since the very beginning. This is a recognition of her consistent role in advising on direct taxation, individual and non-resident taxation, and procedural matters.

"What a journey! Happy that I got the chance to see us growing so beautiful and wise and feeling so proud that I was part of the team even from the beginning! So enthusiastic for what is yet to come! " said Cristina.

“Every new colleague and internal promotion brings fresh perspectives and valuable experience, strengthening our team and enhancing our ability to deliver practical, cross-border solutions across a wide range of sectors.” said Tudor Nedelea, Partner and Head of Tax.

“Our team and tax capabilities coverage keep growing to both anticipate and respond to client demand for integrated, forward-looking tax, business and legal advice” said Lidia Duțu, Tax Director. She is well known for contributing with her experience in international taxation and business restructuring.

The team is particularly active in highly regulated sectors such as life sciences, energy and telecom, in addition to complex ones such as FMCG and technology, being recognized for its business-oriented approach and its ability to deliver robust advice across jurisdictions, leveraging the firm’s global network.

About DLA Piper

DLA Piper is a global law firm helping our clients achieve their goals wherever they do business. Our pursuit of innovation has transformed our delivery of legal and tax services.  With offices in the Americas, Europe, the Middle East, Africa and Asia Pacific, we deliver exceptional outcomes on cross-border projects, critical transactions and high-stakes disputes.

DLA Piper's office in Bucharest supports clients with a team of more than 50 internationally trained lawyers and fiscal consultants combining industry knowledge built on local projects with international experience gained while advising major global clients.

Our legal and tax services cover Corporate, Employment, Competition, Finance, Intellectual Property and Technology, Real Estate, Tax, Litigation and Regulatory. Every day we help trailblazing organizations seize business opportunities and successfully manage growth and change at speed. Visit dlapiper.com to discover more.

Wolf Theiss advised Lithuania-based INVL Baltic Sea Growth Fund, the largest private equity fund in the Baltic region, on its acquisition and financing of a majority stake in Pehart Group, the leading producer of household and industrial paper products in Romania and owner of Pufina brand. The transaction closed on 11 July 2025.

The Wolf Theiss' Corporate/M&A team, led by Partner Ileana Glodeanu, provided legal assistance to INVL Baltic Sea Growth Fund on all Romanian law aspects of the transaction, including structuring advice, the legal due diligence report and transactional support. Counsel Mihai Coadă and Associates Elena Drăgan, Vlad Catană and Marius Moldoveanu, also from the Corporate M&A team, contributed to the completion of the transaction.

Wolf Theiss' Banking & Finance team, led by Partner Claudia Chiper, which included Senior Associate Smaranda Văcaru and Associate Ana Florea, provided legal assistance to both INVL Baltic Sea Growth Fund and Pehart Group on the refinancing of existing facilities, as well as on the acquisition facility granted by a syndicate of banks comprising International Finance Corporation (IFC), Banca Transilvania and ING Bank Romania, which collectively provided facilities exceeding EUR 150 million  to both INVL Baltic Sea Growth Fund and Pehart Group.

Additionally, Wolf Theiss involved a wider team from several other practice groups, including the: Competition & Antitrust team, for merger clearance and foreign direct investments approval from the competent regulatory authorities, comprising Partner Anca Jurcovan and Associates Maria Popescu and Claudia Andreescu; the Real Estate & Construction team, comprising Counsel Dana Toma and Senior Associate Antonia Nica; the Employment, with Senior Associate Ioana Iacob; the Projects team, with Senior Associate Vladimir Plugărescu; the Dispute Resolution team, with Senior Associate Gabriela Pătrăşcan and the Data Protection, IP & TMT team with Associate Nina Lazăr.

“We greatly appreciated the professionalism and dedication of the Wolf Theiss team throughout this transaction. Their in-depth legal expertise and collaborative approach were instrumental in navigating the complexities of the deal and ensuring a smooth and successful closing.” – Vytautas Plunksnis, Partner at INVL Baltic Sea Growth Fund

“This transaction marks a significant milestone for Pehart Group as we enter a new phase of development alongside INVL Baltic Sea Growth Fund. We are confident that this partnership will strengthen our position both locally and regionally. We are grateful for the expert legal guidance provided by the Wolf Theiss team, whose professionalism and commercial understanding contributed to the successful completion of this important deal.” – Gabriel Stanciu, CEO, Pehart Group

“It was truly a pleasure to team up with INVL Baltic Sea Growth Fund on this acquisition. We appreciate their trust in our expertise to support their investment in Romania. We thank all parties for their smooth collaboration in successfully finalising the transaction.” – Ileana Glodeanu, Partner, Wolf Theiss

“We are delighted to have supported INVL Baltic Sea Growth Fund in structuring a seamless financing solution that underpinned this transformative investment in Pehart Group. By collaborating closely with the syndicate of IFC, Banca Transilvania and ING Bank Romania and their legal advisors, we ensured tailored financing that not only refinanced existing facilities but also enabled growth-focused acquisition financing exceeding €150 million, demonstrating our commitment to delivering robust, innovative financial structures in complex cross-border transactions.” - Claudia Chiper, Partner, Banking & Finance at Wolf Theiss

About Wolf Theiss

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

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

About the INVL Baltic Sea Growth Fund 

With a fund size of EUR 165 million, the INVL Baltic Sea Growth Fund is the leading private equity fund in the Baltics. Its anchor investor is the European Investment Fund (EIF), which is a part of the European Investment Bank, and committed EUR 30 million with the support of the European Fund for Strategic Investments (a key element of the Investment Plan for Europe, or the Junker Plan) while also allocating resources from the Baltic Innovation Fund (a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia,  to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics). The fund is managed by the leading asset management group in the Baltics Invalda INVL group, which companies manage or have under supervision over EUR 1.9 billion of assets. 

Bucharest, July 2025: Romania’s retail market continues to attract a growing number of international brands, according to an analysis conducted by the Cushman & Wakefield Echinox real estate consultancy company. The analysis reveals that more than 40 international retailers entered the Romanian market between 2020 and 2025. Globally, all these retail chains have total annual revenues exceeding €80 billion, compared with the total estimated Romanian retail market revenue of ~€60 billion.

Most newcomers chose the major Bucharest shopping centers as their entry point in Romania.

The operators in question come from a wide range of sectors, with fashion accounting for 26% of the total entries, followed by food & beverage (17%) and cosmetics & beauty stores (12%).

These three segments represent more than 50% of all new market entries, with fashion retailers and fast-food operators being the main growth drivers. Notable entries were also recorded in sports, toys, jewelry & accessories, and specialized stores (e.g., pet shops, pharmacies), highlighting the market’s appeal across different retail categories.

Primark, Lefties, HalfPrice, Calvin Klein Jeans & Underwear, Funky Buddha, and Bogner were among the most important fashion retailers which entered Romania in the analyzed period. In the sport goods sector, JD Sports, Foot Locker, and Sports Direct joined the local retail landscape. The beauty and cosmetics segment can now benefit from the presence of brands such as Kiko Milano, Rituals, and Bath & Body Works, alongside Wittchen, a Polish leather goods and travel accessories retailer.

International fast-food chains including Hesburger, Wendy’s, Popeyes, and Happy Restaurants, as well as Zabka (a reputed Polish supermarket operator), have pursued aggressive expansion strategies in the last few years.

Other brands are currently exploring the Romanian market, with some of them in advanced stages of launching their first stores—such as Action, a Dutch discount chain, and MR.DIY from Malaysia.

The influx of new retailers has been closely tied to the expansion of Romania’s retail infrastructure. Projects developed between 2020 and 2025 have provided the necessary platforms for international brands to establish a strong local footprint.

More than 70% of the newcomers opened their first units in shopping centers, attracted by their strategic locations, high footfall, and integrated amenities.

This preference for shopping malls underscores their importance not only as retail hubs but also as community ecosystems offering shopping, entertainment, and lifestyle experiences.

Most brands opted to open directly operated stores rather than expand through franchises or partnerships, reflecting strong confidence in the market’s performance and profitability. This direct approach also signals a long-term commitment and a willingness to tailor their offerings to the Romanian consumer preferences.

Retailers from the US, Poland, Germany, Spain, and France have identified Romania as a strategic destination, attracted by key market fundamentals including economic and demographic indicators and a robust real estate sector.

The increasing purchasing power of Romanian consumers supports sales growth and justifies the expansion of premium and mid-market brands. Additionally, the Romanian consumers’ appetite towards international brands and new concepts translates into strong demand for global retailers.

Based on the trends shaped between 2020 and 2025, a continued interest in market expansion is expected, particularly when it comes to fashion, food service, and beauty retailers —segments which have shown strong performance and consumer appetite. Both local and international developers continue to invest significantly in new retail schemes, supporting the market’s geographic and format diversification—from dominant malls in major cities to retail parks in mid-sized urban areas—creating opportunities for new entrants and expansion for existing players.

Dana Radoveneanu, Head of Retail Agency, Cushman & Wakefield Echinox:
“Romania is firmly positioned as a dynamic, attractive, and stable market for international retail expansion. Recent trends—from the increasing number of new brands to the expansion of existing companies—showcase the sector’s strength and the investor confidence in its potential. This momentum places Romania among the top destinations for regional retail growth. With a solid infrastructure of more than 4.7 million sq. m of modern retail spaces, Romania has proven its ability to support both the growth of existing networks and the entry of new players, reinforcing its status as a strategic destination on the international retail map.”

Cushman & Wakefield Echinox is a leading real estate consultancy in Romania and the exclusive affiliate of Cushman & Wakefield. With a team of over 60 professionals and collaborators, the company offers a full range of services to investors, developers, owners, and tenants.
For more information, visit: www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices across 60 countries, and $9.4 billion in revenue. Its core services include asset and investment management, capital markets, leasing, property management, tenant representation, project services, and valuation. For more information, visit: www.cushmanwakefield.com

Wolf Theiss acted as legal advisor to Metso, a Finnish publicly traded company providing sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally, in connection with its acquisition of a production facility in Oradea, Romania. The transaction closed on 1 July 2025.

Wolf Theiss assisted Metso with its investment in Romania to expand its stationary screen production footprint and strengthen regional service and supply capabilities. This investment will ensure screening business’ growth strategy by increasing capacity and enhancing customer proximity and service capabilities for customers located in Europe, Central East Asia, and the Middle East.

The Wolf Real Estate & Construction team, coordinated by Partner Roxana Roman and Counsel Dana Toma, provided legal advice to Metso throughout all stages of the transaction, including legal due diligence, transaction structuring, FDI approval, drafting and negotiation of transaction documents and signing assistance, as well as other customary legal actions related to the execution of the transaction.

Additionally, Wolf Theiss involved a wider team from several practice groups: Employment – Partner Adelina Iftime Blăgean and Senior Associate Ioana Iacob; Banking & Finance – Partner Claudia Chiper and Competition & Antitrust – Partner Anca Jurcovan, with Associates Claudia Andreescu and Maria Popescu who also handled FDI matters and approvals.

“We are proud to have been entrusted as legal partner to Metso in the acquisition of this production facility in Romania and are pleased to support our client in their expansion and growth strategy across Europe.” – Roxana Roman, Partner, Wolf Theiss

About Wolf Theiss

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

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

 STOICA & ASOCIAȚII's team of lawyers, formed by Dan-Rareș Răducanu (Senior Partner) and Mircea Vasile (Junior Lawyer) has recently obtained an important victory for two Romanian entrepreneurs involved in a joint venture contract for the execution of a public procurement contract for the design and execution of works, drawn up in accordance with the General Conditions for design and execution of works contracts in Annex no. 2 to HG no. 1/2018.

Following an arbitral dispute conducted over a period of only six months, the Arbitral Tribunal constituted by the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania rendered and reasoned an arbitral award in which it fully upheld the claims of the contractors and obliged the contracting authority to pay the updated price remainder up to the flat-rate amount agreed by the parties at the conclusion of the contract, to pay in full the amounts withheld by the contracting authority as a performance guarantee in excess of the threshold of 10% of the contract price, and to pay the statutory penalty interest calculated from the date on which the payment obligation falls due until the date of its execution. The arbitral award is final and binding.

"This arbitral judgement is particularly important for all contractors who have agreed with the contracting authorities a lump sum price for the design and/or execution of works. In full compliance with the provisions of Article 1867 of the Civil Code, sometimes ignored by the contracting authorities, the Arbitral Tribunal established that the payment of the contract price on the basis of Interim Statements of Works and Interim Payment Certificates can be made until the signing of the acceptance report upon completion of works. After this point, the contracting authority is obliged to pay the remaining difference in price up to the updated flat-rate price without requiring any further supporting documents for works carried out under the works contract. On the other hand, the arbitral judgement is also important for contractors who have ongoing contracts and who have constituted the performance guarantee by successive withholdings of 5% of the Interim Payment Certificates. The Arbitral Tribunal established, in full agreement with the provisions of HG no. 965/2023, that the amounts thus withheld and exceeding 10% of the contract price must be returned to the contractor, upon request, in order to be used in the fulfilment of the subject matter of the contract of works. Moreover, the Arbitral Tribunal ruled that the contracting authority remains obliged to pay these withheld amounts even after the final acceptance report on completion of works has been finalised, since the obligation arose during the performance of the works contract." said Dan-Rareș Răducanu (Senior Partner).

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the world of law and business, through its entire activity of legal assistance and representation of a vast portfolio of clients. From its foundation to the present day, the lawyers of STOICA & ASSOCIATES have proved that they are a strong team, founded on the respect of its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASSOCIATES has acquired an excellent national and international reputation. Its professional performances are recognised in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

The global logistics and industrial markets continue to evolve at an accelerated pace, with Central and Eastern Europe (CEE) emerging as a strategic hub in the reconfigured global supply chains. Amid economic uncertainty, inflationary pressures, and the need for operational flexibility, the CEE region, including Romania, is attracting increasing interest from occupiers and investors.

According to the Waypoint Global Industrial Dynamics Report released by the real estate consultancy Cushman & Wakefield, which analyzes demand drivers, cost components and property market conditions, over 60% of EMEA (Europe, Middle East, and Africa) markets anticipate rental growth in the logistics and industrial sector over the next three years.

In CEE, this trend is fueled by strong demand from retailers, logistics service providers, and manufacturing companies, as well as growing interest in nearshoring strategies—bringing production closer to consumer markets.

In this context, Romania stands out with rental levels below the global average (EUR 4.7/sqm/month), making it attractive for companies seeking operational efficiency. Low labor and energy costs, along with proximity to Central and Eastern European consumer markets, position Romania as an expanding logistics and industrial hub.

Rents, on average, are 41% higher globally compared to the end of 2019. Rents in EMEA have followed a similar growth trajectory, now averaging 38% above 2019 levels. Growth has been particularly strong in the UK, Czech Republic, Netherlands and Norway, while Turkey’s 90% increase over five years was largely due to high inflation, peaking at 85.5% in October 2022 and standing at 38.1% in March 2025.

Romania aligns with this upward trend, but with a more moderate growth rate of just 15%, remaining one of the emerging markets with high potential, particularly due to its competitive labor costs and strategic location in European supply chains.

Regarding demand drivers for industrial space, the report highlights e-commerce, retail distribution and general manufacturing are consistently ranked as key drivers of market activity.

With its broad scope of activities, general manufacturing remains a foundation for many industrial markets and is set to continue driving demand for logistics and industrial real estate. Automotive manufacturing is identified as a significant driver of occupier demand. This includes demand not only for vehicle production and distribution but also for the supply of parts used in the production process and for after-sales care and maintenance.

Meanwhile, high-tech manufacturing is expected to drive demand over the next three years. This trend reflects the growing demand for high-tech products like semiconductors, supported by specialised skills, established expertise ecosystems, and strong incentivisation programmes attracting investment in these sectors.

Cold storage is highlighted as an important contributor to demand. However, the relatively limited supply of cold storage facilities could pose challenges for securing these assets.

Ștefan Surcel, Head of Industrial Agency, Cushman & Wakefield Echinox: “These global trends have a direct impact on the industrial real estate market, pushing developers, investors, and occupiers to rethink their strategies. The increased demand for modern spaces tailored to the specific needs of each sector is putting pressure on available stock and driving rental growth. In this context, regions that can offer quality infrastructure, skilled labor, and proximity to consumer markets—such as Central and Eastern Europe—are well positioned to attract investment and become regional logistics hubs.”

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

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

OSRAM, a global leader in automotive lighting solutions, has received certification from the Romanian Automotive Registry (R.A.R.) for three more LED fog light bulbs. Additionally, OSRAM has begun selling the H11 LED bulb in Romania, the first LED bulb approved in the European Union, further expanding its product range for the Romanian automotive market.

The recently R.A.R.-certified products are H10, H16, and HB4, marking the first LED bulbs legally permitted for fog light use in Romania.

“With these new bulb certifications, OSRAM achieves yet another milestone for the Romanian market, giving drivers access to modern LED automotive bulbs that meet high technological standards, enhancing road safety,” said Adrian David, Managing Director of OSRAM Romania.

Another highlight is the introduction to the Romanian market of OSRAM’s first EU-approved LED bulb, the H11 NIGHT BREAKER LED SMART, easily recognized by its E1 marking which certifies its European approval. This bulb replaces the traditional H11 halogen bulb and can be installed in vehicles that previously used the same halogen version. Fully approved at the European level, the new product fits all standard H11 sockets.

Due to the fact that the H11 bulb holds EU-wide approval, no additional certification was required in Romania.

OSRAM also announced the expansion of its LED bulb compatibility list for vehicles. While five years ago the list featured only a few dozen car models, it now includes 450 models. After new compatibility tests conducted by German authorities, more car models will be added to the list.

You can consult the compatibility list here:

https://look.ams-osram.com/m/279bdebe1f871386/original/LED-Night-Breaker-H7-Vehicle-List-EN.pdf

Below are some key advantages of LED bulbs:

·         Increased brightness, up to 330% more light compared to factory-installed halogen bulbs,

·         Improved road safety and reduced accident risk thanks to enhanced visibility,

·         Better visual comfort for the driver due to the white light output,

·         Reduced glare for oncoming traffic, offering a more pleasant experience for others on the road,

·         Long lifespan, with a warranty of up to 6 years.

Last year, OSRAM announced another premiere for the Romanian market: its new LED products (H1, H4, H7, and W5W bulbs) had received conformity certificates from R.A.R., making them the first certified LED bulbs in Romania for those specific categories. These bulbs are suitable for both passenger cars and light commercial vehicles, providing a superior alternative to traditional lighting solutions.

“The R.A.R.-certified bulbs intended for headlights fall into three categories: SMART bulbs - very powerful, offering up to 330% more light, SPEED bulbs - the only ones with dimensions identical to halogen bulbs (currently only the H7 version), and START bulbs - now available at a more budget-friendly price,” added Adrian David, Managing Director at OSRAM Romania.

The quality of OSRAM products is also demonstrated by the awards received internationally, within the industry. Some of the LED products certified by OSRAM in Romania have been awarded by prestigious specialist entities. For example, OSRAM Night Breaker LED and TRUCKSTAR H7 LED bulbs received distinctions in 2024 at the German INNOvation Gala.

About OSRAM

OSRAM is the undisputed leader in automotive lighting, with over 100 years of experience and an impressive global presence. Headquartered in Munich, Germany, OSRAM employs more than 22,000 people and holds over 15,000 patents, being recognized for its top innovations in lighting. Under the motto “Sense the power of light”, OSRAM continues to redefine standards in automotive lighting, focusing on safety, efficiency, and performance.

www.osram.ro.

TPA Rumänien hat bekannt gegeben, dass es sein Team durch die Beförderung von Frau Andeea Ioniță zur Partnerin am Standort Cluj-Napoca (Klausenburg) zum 1.7.2025 verstärken wird. Andreea trat 2011 der Firma bei und hat es erfolgreich geschafft, ein bestens ausgebildetes und eingespieltes Team aufzubauen und einen stabilen Mandantenstamm aus den unterschiedlichsten Branchen wie Landwirtschaft, Produktion, Einzel- und Großhandel, Transport- sowie IT-Dienstleistungen usw. zu gewinnen. Als Bilanzbuchhalterin ist sie Mitglied der rumänischen Berufsorganisation CECCAR - Rumänischen Kammer der Bilanzbuchhalter und Vereidigten Buchprüfer - und durchläuft derzeit den letzten Abschnitt ihrer Weiterbildung bei der Rumänischen Kammer der Wirtschaftsprüfer – CAFR. Mitsamt Andreea Ioniță verfügt TPA Rumänien nunmehr über 10 Partner in ihren Büros in Bukarest und Klausenburg.

 „Ich möchte mich bei der Andreea für ihre Professionalität Fachkompetenz, Loyalität, ihr Engagement und ihre Bereitschaft, sich dieser Herausforderung zu stellen, herzlichst bedanken. Sowohl die Kollegen als auch unsere Mandanten bringen Andreea hohe Wertschätzung für ihre Fachkompetenz, Seriosität, ihr Engagement, ihre Integrität und ihre Fähigkeiten als Teamleiterin entgegen. Ich bin überzeugt, dass sie sowohl unseren Kundenportfolio als auch das Mitarbeiterteam in Cluj hervorragend ausbauen wird. Und stolz - sehr stolz, sogar - bin ich auch darüber, dass wir eine neue Partnerin aus den Reihen unseres bestehenden Teams befördern durften. Dies zeugt von unserem ständigen Bestreben, unseren Kolleginnen und Kollegen Entwicklungsmöglichkeiten zu bieten”, so Sorana Cernea, Managing Partner bei TPA Rumänien.

 „Ich bin unendlich dankbar, dass ich um mich herum, nach wie vor, engagierte, leidenschaftliche und sachkundige Kollegen habe, die mir diese Werte durch ihr Vorbild vermittelt und mir in meiner Entwicklung beigestanden haben. Ich freue mich, Teil des TPA-Teams sein zu dürfen, und möchte, dass wir uns gemeinsam weiterentwickeln, motiviert und geeint bleiben und den Herausforderungen, die vor uns liegen, mit Zuversicht begegnen“, sagte Andreea Ioniță.

Über TPA Rumänien:

TPA Rumänien zeichnet sich als einer der führenden Anbieter von Wirtschaftsprüfungs-, Buchhaltungs-, Steuerberatung- und Rechtsberatungsdienstleistungen in Rumänien aus. TPA Rumänien beschäftigt über 150 Mitarbeiter an seinen Standorten in Bukarest und Klausenburg und deckt überhaupt alle Regionen Rumäniens ab. Der Mandantenstamm umfasst Unternehmen den unterschiedlichsten Branchen wie Immobilien, Bauwesen, erneuerbare Energien, Transport und Logistik, Services, Technik u. Technologie, Produktion, Einzelhandel und Vertrieb, Handel, Landwirtschaft sowie internationale Einrichtungen und gemeinnützige Organisationen. Als zuverlässiger Partner internationaler Investoren ist TPA Rumänien ein Unternehmen der TPA Gruppe, einem Netzwerk von 35 Standorten in 12 Ländern Mittel- und Südosteuropas, das über 2.100 Fachleute vereint. Als unabhängiges Mitglied der Baker Tilly Europe Alliance bieten wir unseren Kunden Zugang zu einem globalen Netzwerk von Steuerberatern, Buchhaltern, Rechtsanwälten und Wirtschaftsprüfern, die sie in ihrer internationalen Expansion unterstützen. In über 140 Ländern ist Baker Tilly International mit 43.000 Fachleuten präsent und gehört somit zu den zehn größten Beratungsnetzwerken weltweit

Bucharest, July 1, 2025 – Globally, two out of three people live in countries where the quality of life and social wellbeing stagnated or deteriorated in 2024, according to the latest edition of the Social Progress Index, measured in 170 countries around the world by the non-profit organization Social Progress Imperative, with the support of Deloitte. After more than ten years of continuous progress since 2011, when the report was first published, the trend of stagnation or regression took hold in 2023 because of the pandemic, the report also shows, and the global index rose modestly to 64.02 in 2024 (compared to 64 in 2023). Romania slightly improved its overall score last year, reaching 74.61, which keeps it among the countries in the second category, which it entered in 2022, and places it 45^th in the world, below the rest of the EU states, but above countries such as Serbia (48^th place), the United Arab Emirates (49^th) or Qatar (50^th).

Romania slightly improves its position in the world ranking in terms of opportunities (45^th place in the world, compared to 46^th in 2023), but scores lower than in previous years in both the basic needs category (49^th place, compared to 46^th previously) and wellbeing (61^st place, compared to 49^th). Analyzing the indicators included under these three chapters, our country obtained the best results in personal freedom (37^th place in the world), nutrition and medical care (41^st), access to information and communications (42^nd) and housing (43^rd), recording, in turn, the lowest scores in health (83^rd place in the world), basic education (80^th), and water and sanitation (72^nd). In fact, these three areas mark also Romania’s gap in relation to states with a similar profile (peer countries), including Hungary, Croatia, Greece or the Baltic states, according to the report.

“The Social Progress Index remains a highly relevant framework for understanding the effects of the various instability factors that have marked the world in recent years – pandemic, political and geopolitical tensions, energy crisis, inflation, climate change –, and the results of the latest report published by the Social Progress Imperative show that the impasse that took hold in 2022 was not a momentary one and that the socio-human indicators it analyzes have been destabilized similarly to the purely economic ones. Moreover, comparing the evolution of GDP with that of the Social Progress Index, it is noticeable that the countries around the world display varying levels of success in converting economic growth into sustainable social effects. Romania's performance in the ranking remains stable and encouraging compared to the global landscape and, speaking of connecting economic potential to the quality of life of the population, the report is an additional argument in favor of making strategic investments in education, health and the environment,” stated Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

The evolution of GDP and the Social Progress Index are not in a deterministic relationship and, moreover, the two are increasingly less correlated in the post-pandemic years, the report shows. For example, Denmark and the US have similar GDP per capita, but the first is a top performer in the global ranking, while the latter has a rapidly declining score; in fact, in 2024, the American index was ten points lower than the Danish one (91.95, compared to 81.65).

Northern countries dominate the global ranking

Norway remains the leader of the ranking in 2024, with an increasing score of 91.95 (compared to 90.74 the previous year), closely followed by Denmark, Finland, Sweden, and Switzerland, all with scores over 90, but stagnating.

Europe dominates the first category of countries, with 15 of the top 20 highest scores. The first category also includes, in order, Iceland, Luxembourg, the Netherlands, Ireland, Germany, Austria, Belgium, Estonia, Slovenia, and the United Kingdom. The only countries from other continents included in this first echelon are Australia (12^th place), Japan (14), Singapore (15), Canada (18), and New Zealand (19).

The United States rank 31^st in the world (second category), with a score of 81.65, declining, and are mentioned as an exception among the world’s major economies, given that the quality of life and social well-being of citizens deteriorated between 2011 and 2024.

The G7 group of strong economies performed diversely in terms of quality of life and social well-being in 2024. Germany is the best ranked (10^th in the world) and has grown, Japan, the UK and Canada have stagnated but remained in the first category, France and Italy have stagnated in the second category, and the US has declined.

Among the most important emerging economies, with populations over 100 million, Brazil (55^th, second category) is the only one to have registered progress in 2024 and even leads the overall top of the best growth since 2023. On the other hand, China (72) has fallen slightly, and Russia (77) and India (111) have stagnated.

Social progress is defined as the ability of a state to ensure the basic needs of its citizens and facilitate an increase in the quality of life, while creating conditions for individuals to develop and reach their potential.

The Social Progress Index report is published annually, since 2011, by the Social Progress Imperative, and calculates the Social Progress Index based on the analysis of three main dimensions: basic needs (nutrition and medical care, water and sanitation, housing and safety), foundations of wellbeing (basic education, information and communications, health, environmental quality), and respectively opportunity (rights and voice, freedom and choice, inclusion and advanced education).

The global results of the Social Progress Index 2025 are available here, along with the details for Romania.

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

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

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

Bucharest, July 2025 – Romanians spent approximately €40 billion in large retail chains last year, corresponding to a growth rate of 7.1% vs 2023. The 2024 growth rate marked a slowdown compared with 2023 (+11.1% vs 2022), but remained above inflation, according to the Romania Retail Snapshot 2025 produced by the Cushman & Wakefield Echinox real estate consultancy company. The study is based on the financial results of 123 retailers present in Romania across 13 different segments.

The major food stores continue to account for the largest share of spending—€24 billion, or 60.3% in the total. However, this segment only recorded a 5.2% increase in sales, below the 2024 annual inflation rate of 5.6%.

The second-largest share pertained to DIY stores (€4.3 billion, 10.9%), a segment followed by Electro IT (€3.6 billion, 9.1%) and Fashion (€2.5 billion, 6.2%). The lowest spending was related to Entertainment – a segment included for the first time in the latest edition of the report.

Jewelry (€237 million, 0.6%), Footwear (€410 million, 1%) and Cosmetics (€569 million, 1.4%) were also among the segments with a lower spending share in the overall shopping basked in Romania across 2024.

All retail segments recorded higher y-o-y turnovers in 2024, with the largest increases being reported by the Cosmetics (24%), Specialized Stores (20.6%), Home & Deco (16%), Footwear (15.5%), Food & Beverage (14.9%) and Kids & Toys (13.5%).

The lowest growth rates in 2024 vs 2023 - and below inflation - were reported by Entertainment (+2.1%), Sports (+3.6%), DIY (+5%) and Food Stores (+5.2%). Notably, 9 out of the 13 analyzed segments reported sales growth above the 2024 inflation rate.

The 13 segments are Food Stores (major hypermarket/ supermarket chains), Fashion, DIY, Sports, Footwear, Kids & Toys, Jewelry, Home & Deco, Food & Beverage, Cosmetics, Electro-IT, Entertainment and Specialized Stores. Together, the 123 retailers have more than 7,000 stores in Romania, located mainly in shopping centers, retail parks and commercial galleries.

Vlad Săftoiu, Head of Research at Cushman & Wakefield Echinox: “Our study illustrates a shift in Romanian consumer behavior over the past year. While spending on food and on daily living remains high, a higher overall growth rate has been recorded by non-food products. This is a positive signal for the retail market, especially as most non-food segments from our study reported double-digit growth, indicating strong potential for operators looking to expand in Romania. Additionally, our country is among the EU member states which reported significant retail growth at the beginning of this year, with non-food products up 5.8% in real terms. Based on these indicators, developers continue to expand their retail portfolios, with around 700,000 sq. m of retail spaces being in various stages of development and scheduled for delivery between 2025 and 2030.”

Moreover, the compound annual growth rate (CAGR) between 2019 and 2024 (10.9%) of the analyzed retailers exceeded the average annual inflation in the same period (7.4%), with the highest CAGR being recorded by Cosmetics (19.2%), Specialized Stores (19.1%) and Food & Beverage (16.4%) operators.

The turnover increases reported by the large retailers were sustained both through expansions and organically, due to a clear surge in sales in physical stores and of the significant online presence of most operators.

These expansions were the direct result of the investments made by developers (in shopping centers and retail parks) who delivered approximately 340,000 sq. m of modern retail premises between 2024 and H1 2025, consisting of both new schemes and expansions/ major refurbishments of existing ones.

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

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

DLA Piper announces several promotions across their Bucharest office practices, reflecting continued investment in talent, bold approach to legal excellence and commitment to delivering exceptional, cross-border legal services to clients in Romania and internationally.

The promotions are:

Andreea Anton, Counsel in the Litigation and Regulatory practice

Andreea Birișiu, Counsel in the Litigation and Regulatory practice

Diana Năcuță, Senior Associate in the Employment practice

Andrei Drăgan, Managing Associate in the Corporate practice

“I would like to congratulate those who reached a new milestone in their careers by being promoted to the next level. I believe these promotions are a recognition of their professional performance to date and serve as a source of responsibility and encouragement for the future. I remain confident that every member of our team has the opportunity and support they need to develop as individuals and professionals, and this year's promotions are living examples of this.” commented Marian Dinu, Country Managing Partner.

These advancements follow the recent promotion of Florin Țineghe to Partner in the Real Estate practice and the appointment of Irina Macovei as Head of the Intellectual Property & Technology practice.

Andreea Anton, newly promoted to Counsel, shared:

“This promotion reflects the trust of my mentors and peers, the work I’ve enjoyed doing and the opportunities I’ve had since joining DLA Piper. I’m excited to take on a more strategic role in managing complex disputes, continue focusing on cross-border litigation and arbitration and build meaningful, long-term relationships with clients. It is both a recognition of the journey so far and a motivation to keep raising the bar, while helping shape the next generation of litigators by sharing what I’ve learned.”

Diana Năcuță, newly promoted to Senior Associate, added:

“Having joined DLA Piper seven years ago, this promotion shows that my professional growth is recognized and valued equally by the firm, the clients and the colleagues I work with. I am grateful that I was given the opportunity to learn and a special thanks goes to the amazing Romanian employment team. This promotion is a sign of trust for the work we’ve been doing together for many years and great projects accomplished with our clients. In my new role, I am looking forward to taking on more complex and challenging projects and, of course, continuing to work with fantastic colleagues and clients.”

Andrei Drăgan, newly promoted to Managing Associate, said:

“This promotion is an important step in my career and a meaningful acknowledgement of the work and commitment that I have put in. It encourages me to keep learning and contributing at a higher level. I am looking forward to growing into this new level of responsibility, deepening client collaborations, and playing a more active role in the firm's continued success.”

These promotions highlight DLA Piper Romania’s commitment to a culture where people are empowered to grow, innovate, and make a lasting impact.

About DLA Piper

DLA Piper is a global law firm helping our clients achieve their goals wherever they do business. Our pursuit of innovation has transformed our delivery of legal and tax services.  With offices in the Americas, Europe, the Middle East, Africa and Asia Pacific, we deliver exceptional outcomes on cross-border projects, critical transactions and high-stakes disputes.

DLA Piper's office in Bucharest supports clients with a team of more than 50 internationally trained lawyers and fiscal consultants combining industry knowledge built on local projects with international experience gained while advising major global clients.

Our legal and tax services cover Corporate, Employment, Competition, Finance, Intellectual Property and Technology, Real Estate, Tax, Litigation and Regulatory. Every day we help trailblazing organizations seize business opportunities and successfully manage growth and change at speed. Visit dlapiper.com to discover more.

STOICA & ASOCIAȚII's team of lawyers, composed of Victor Dobozi (Senior Partner), Mihai Trandafir (Managing Associate) and Paula Maftei (Associate), under the coordination of Valeriu Stoica (Founding Partner), recently obtained an important victory for its client, a major property developer in Romania, in a criminal trial involving several public officials from the Municipality of Iasi.

After a 5-year criminal prosecution by DIICOT - Iași Territorial Service, characterised by multiple violations of the procedural rights of the defendants, during which several service and corruption offences and other offences under special laws were detained and artificially investigated, the STOICA & ASOCIAȚII’s team made extensive procedural defences in the pre-trial chamber stage.

In essence, it successfully pleaded the unlawfulness of the entire criminal prosecution in relation to the offences under investigation, arguing that the DIICOT lacked material jurisdiction, that the unfair and unlawful manner in which a number of means of proof were administered, and also that the act of referral to the court was irregular, the STOICA & ASOCIAȚII thus obtained a favourable decision before the Iași Court of Appeal, which was subsequently confirmed by the High Court of Cassation and Justice, at the appeal stage, in the sense of the admission of the exceptions of the preliminary chamber.

In the context of the final decision, the case will be referred to the prosecution unit and the criminal case will no longer be able to be used to investigate the persons and offences in respect of which the defence arguments were admitted, the pre-trial chamber courts thus commendably giving effect to the rules specific to this procedural stage.

At the same time, the decision handed down by the Iași Court of Appeal, subsequently confirmed by the High Court of Cassation and Justice, represents both a halt to the judicial abuses committed against the persons under investigation over the last five years and a reaffirmation of the principles applicable to the criminal process - legality, loyalty and impartiality - principles from which no one can derogate, not even the prosecution authorities.

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the world of law and business, through its entire activity of legal assistance and representation of a vast portfolio of clients. From its foundation to the present day, the lawyers of STOICA & ASOCIAȚII have proved that they are a strong team, founded on the respect of its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has acquired an excellent national and international reputation. Its professional performances are recognised in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.