News von den Mitgliedern

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

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

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

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

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

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

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

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its 457,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through over 3,400 professionals.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CEE SEES MARKET RECOVERY BUT FACES ESG READINESS CHALLENGES

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

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

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

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

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

DIGITALISATION AND OTHER DRIVERS

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

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

VALUATION GAPS

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

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

MIDDLE EASTERN INTEREST

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

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

DIVERSITY MATTERS

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

OUTLOOK

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

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

– ENDS –

Methodology

In Q2 2024, Mergermarket surveyed senior executives from 240 corporates and 90 PE firms based in Europe, in the Americas and in Asia-Pacific about their expectations for the European M&A market in the year ahead. Among the 330 executives interviewed, 70% are headquartered in Europe, while the remaining 30% are split equally between the Americas and Asia-Pacific. 92% of all respondents have been involved in an M&A transaction over the past two years and 95% plan to undertake an M&A transaction in the coming year.

All responses are anonymous, and results are presented in aggregate.

About CMS: Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With more than 79 offices in 47 countries across the world and more than 6,000 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[1] Source: eMarketer

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

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

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

Warum AuditUP? Schließen von Governance- und Compliance-Lücken

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

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

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

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

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

Wichtige Funktionen von AuditUP

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

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

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

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

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

Durch die Implementierung von AuditUP können Unternehmen:

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

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

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

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

Wer sollte AuditUP benutzen?

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

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

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

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

Jedes Unternehmen, das ServiceNow nutzt, kann AuditUP sofort verwenden

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

Was sagen Devhd-Kunden?

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

Wie wird sich AuditUP in Zukunft entwickeln?

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

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

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

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

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

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

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

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

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

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

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

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

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

What do Romanian companies need to know?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The five key priority areas identified in the manifesto are:

1.    Boosting international trade and investment

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

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

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

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

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

4.    Aligning prosperity with sustainability goals

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

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

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

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

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

The full manifesto can be accessed here.

About EY Romania

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

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

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

Contact:

Anda Huțanu

 EY Romania

 +40 21 402 4000 

anda.hutanu@ro.ey.com

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

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

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

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

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

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

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

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

Contact:
Cristina Lupașcu

Head of Marketing

+40 744 488 408

cristina.lupascu@cwechinox.com

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

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

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

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

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

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

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

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

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DESPRE Access4you

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

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

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

DESPRE CBRE Group, Inc.

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

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

CBRE Romania Linkedin

Companies leased 410,500 sq. m of industrial & logistics spaces in H1, a total which reflects a 25% drop when compared with H1 2023. However, the new demand had a share of 52% in the overall leasing volume in the same period (213,500 sq. m), more than double vs. the new supply, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

Bucharest attracted 46% of the total take-up in H1 2024 (186,300 sq. m), followed by Arad (15%, 62,700 sq. m) and Timisoara, the second-largest industrial hub in Romania (14%, 58,600 sq. m). Ploiesti, Oradea and Sibiu were other important locations in terms of industrial & logistics activity.

Rodica Tarcavu, Partner Industrial Agency Cushman & Wakefield Echinox: ”The macroeconomic indicators were much better in Q2, as  inflation has been contracting in Romania for more than 6 months, reaching an average level of 6.8% during the last quarter. The National Bank of Romania has reacted by decreasing the monetary policy rate in June by 25 bp to 6.75%, the first such movement in 18 months. Moreover, the economy was highly resilient in H1, with GDP growth rates of 1.8% and 2.1% being recorded in Q1 and Q2 respectively. An overall annual growth of 2.7% is anticipated for 2024, a notable evolution given the still volatile macroeconomic and geopolitical context. All these variables create the context for another solid year for the industrial & logistics market, both in terms of supply and demand".

The largest transaction closed in Q2 2024 was related to a 20,900 sq. m pre - lease by VAT Group within VGP Park Arad, followed by a 20,000 sq. m pre - lease by Deichmann in ELI Park 3 Bucharest.

MARKET STATISTICS

Production and manufacturing companies were the most active players on the market throughout H1, with almost 100,000 sq. m of warehouse spaces being leased by those tenants, followed by logistics and distribution operators (63,000 sq. m), retail, e-commerce and FMCG companies with 48,000 sq. m, automotive sector (24,000 sq. m) and pharma (17,800 sq. m).

The total modern stock of industrial & logistics spaces reached almost 7.13 million sq. m at the end of Q2, as developers completed new projects with a total leasable area of ~104,000 sq. m across the country in H1 2024, among which around 60,000 sq. m were delivered in Q2.

The total development activity in H1 2024 slowed down when compared with H1 2023, when it accounted for 202,000 sq. m, while the estimated new supply for the next 18 months is at around 571,000 sq. m.  As such, the national stock could exceed 7.5 million sq. m by the end of the year.

Bucharest – Ilfov and Ploiesti have the largest share in the overall pipeline volume (110,000 sq. m each), followed by Brasov (78,000 sq. m) and Timisoara (66,000 sq. m).

The vacancy rate at national level has slightly decreased to 4.8%, while a further drop is expected by the end of 2024, as a result of the limited developments on a speculative basis.

The prime headline rents in Bucharest and in the main industrial & logistics destinations in Romania remained flat at levels ranging between €4.30 - €4.70/ sq. m/ month in Q2 2024. No significant changes are expected in the coming period concerning the rental levels for existing projects, especially those which have a higher degree of vacancy, while an upward trend is predicted for the new developments, due to the surging construction costs and land acquisition prices.

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

Cristina Lupașcu
Head of Marketing
+40 744 488 408
Cristina.lupascu@cwechinox.com

International law firm CMS has advised OTP Group on the completion of the sale of OTP Bank Romania, OTP Leasing Romania, and other subsidiaries, to Banca Transilvania (“BT”). The transaction has recently received the approval of both the Romanian Competition Council and the National Bank of Romania. The transfer of one of the subsidiaries, OTP Asset Management Romania, is in the final stage of approval.

Since 2004, OTP Bank plc., the fastest growing banking group in Central Eastern Europe, has been the majority shareholder of OTP Bank Romania. Operating in Romania as a universal bank, OTP Bank Romania currently serves approximately 420,000 retail customers and more than 22,000 Corporate / SME customers thanks to its 1,800 employees and a network of 96 branches.

In February 2024, CMS supported OTP Group on the signing of the acquisition agreement. The other subsidiaries acquired by Banca Transilvania include OTP Leasing Romania, OTP Asset Management Romania, OTP Factoring Romania, OTP Consulting Romania, OTP Advisors Romania and OTP Bank Foundation Romania.

OTP Group Client Relationship Partner Eva Talmacsi said, “We are delighted to have navigated the OTP Group’s sale of its Romanian business to BT. This represents a pivotal moment in OTP Group’s strategic realignment and highlights our commitment to supporting them through challenging transactions. OTP Bank Romania has played a vital role in the local banking industry for two decades, and we are proud to have been part of this journey.”

Managing Partner of CMS Romania and Head of CEE Corporate M&A Horea Popescu said, “The sale of OTP Group’s operations in Romania is another landmark transaction for the local market. Our role on this transaction underscores the strength of our expertise in managing complex, cross-border transactions. We remain committed to ensuring a smooth process as we advance towards the final completion for the remaining subsidiary.”

CMS Romania Partner Rodica Manea added “This intricate transaction exemplifies the firm’s multidisciplinary know-how and proven expertise in delivering comprehensive support on some of the largest, complex and most pivotal transactions in the CEE region, while ensuring that our clients achieve their business objectives. Our commitment to providing strategic legal guidance has enabled our client to achieve their objectives. We are confident in the future success of BT as it builds on OTP’s outstanding legacy in Romania.”

The multidisciplinary CMS team advising OTP Group was coordinated by Eva Talmacsi (Client Relationship Partner), Rodica Manea (Partner, Corporate and M&A), and Raluca Ionescu (Counsel, Corporate and M&A), with support from Horea Popescu (Managing Partner of the CMS Bucharest Office),) and Cristina Reichmann (Partner, Banking), Claudia Nagy (Senior Counsel, Competition), Andrei Tercu (Tax Director, Tax), and Simona Strava, Cristina Ciomos, Rares Crismaru, Rebeca Vladislav (Associates, Corporate and M&A). The wider team included numerous other lawyers from the Banking, Data Protection, Intellectual Property, Insurance, and Litigation teams.

Notes to editors:

CMS 
Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With over 70 offices in over 40 countries across the world and more than 5,000 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

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

For more information, please visit cms.law

Bucharest, August 7, 2024 - Romania maintains the third position in the top of the European countries with the cheapest new housing, after Bosnia and Herzegovina and Greece, with an average price of 1,504 EUR/sqm in 2023, slightly up from 1,461 EUR/sqm in 2022, according to Deloitte Property Index 2024, conducted in 24 countries based on data from their main cities and towns. By contrast, Austria remains the most expensive country, with 4,920 EUR/sqm in 2023, followed by Germany (4,700 EUR/sqm), France (4,538 EUR/sqm), but all these countries recorded lower prices compared to 2022. Overall, 15 out of the 24 countries saw increases in average prices for new dwellings, the most important being in Hungary (+13.3%) and Poland (+12.2%), while significant decreases were noted in Italy (-10.7%), Denmark (-3.8%), Norway (-3.5%) and the United Kingdom (-3.3%).

On the other hand, housing in Romania has become more affordable than a year ago. If in 2022 a Romanian needed 6.3 average gross annual salaries at national level* to purchase a new 70 sqm dwelling, in 2023 the average dropped to 5.9 salaries, which places our country fourth in the top of the affordability, after Denmark (4.7 gross annual salaries), Norway (4.8) and Italy (5.3). The least affordable European country among those analyzed is the Czech Republic, with 13.3 gross annual salaries needed to buy a new home, followed by Slovakia (12.7 gross annual salaries).

”The Romanian residential real estate market continued to be influenced in 2023 by high interest rates, which impacted both developers, by increasing their construction costs, and buyers, who faced high prices and higher mortgage interest rates. However, the signals sent by both the European Central Bank and the National Bank of Romania, by starting to cut interest rates, as inflationary pressures ease, have the potential to boost real estate investments and to encourage mortgage lending. Moreover, the economic growth prospects and the increase in household incomes are expected to boost the market activity in the near future," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania.

Paris continues to lead the top of the most expensive European cities, with an average price of 14,900 EUR/sqm for a new apartment, followed by Munich (10,900 EUR/sqm) and inner London (8,018 EUR/sqm). In Romania, the most expensive city is Cluj-Napoca, with 2,434 EUR/sqm and 3% increase compared to the previous year, while Bucharest ranks second, with 1,726 EUR/sqm, followed by Brasov, with 1,618 EUR/sqm. This places our country among the few European states in which the most expensive city is not the capital, alongside Belgium, whose ranking is led by Antwerp, Italy with Milan, Germany with Munich and Spain, where Barcelona ranks first.

In the rental market, inner London rises three positions in the ranking and becomes the most expensive European city, based on the available data analyzed by the Deloitte study, with a monthly price of 33.8 EUR/sqm on average. The second ranked is Dublin, with price at 31.5 EUR/sqm, followed by Paris, with 31.3 EUR/sqm. At the opposite end, the city of Patra in Greece is the cheapest, with a monthly price of 6.3 EUR/sqm, followed by Burgas in Bulgaria (6.9 EUR/sqm). In Romania, the most expensive city among those analyzed is Cluj-Napoca, with an average monthly rent of 9.7 EUR/sqm, followed by Bucharest, where tenants pay an average of 9.2 EUR/sqm per month, both up compared with the previous year.

"Housing prices and rents in Romania were influenced in 2023, among other factors, by the lower number of transactions concluded on the residential real estate market, by about 10% compared to the previous year, but also by the slowdown in housing construction activity, by almost 6%. Therefore, it is necessary to stimulate the activity on this market, in order to increase the supply and thus to meet the increasing demand that is emerging now and in the medium and long term," said Marius Vasilescu, Financial Advisory Partner, Deloitte Romania.

The 13^th edition of the Deloitte Property Index study analyzes the evolution of the residential real estate market in 24 countries and 69 cities in 2023. All price statistics collected are converted into euro to provide comparable results.

*The calculation refers to the average gross salary at national level in 2023 (i.e. before taxes), for a period of 12 months (annually).

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its 457,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through over 3,400 professionals.

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

The Inovatii Sociale Regina Maria Foundation organizes on 27th of September The Gratitude Gala, the 11th edition of "From the Heart to the Future” Gala. This is the foundation’s largest annual event, an opportunity to raise funds to support its medical and educational programs, while having a great time and networking.

Top managers, entrepreneurs, ambassadors, and public figures will unite to offer the most beautiful gift: the right to a dignified life for thousands of people in need and suffering, beneficiaries of the Foundation.

The event will take place on September 27th, starting 6:30 PM at the Enayati Medical City.

You can participate at the event as a Sponsor Company, or purchasing individual seats €350/seat).

For more information, please visit the page of the event and the sponsorship packages.

RSVP at frm@fundatiainovatiisociale.ro by no later than September 1st.

Mitiska REIM, the leading specialist investor in European convenience real estate, has today announced on behalf of the MEREP 3 fund a joint venture partnership with Park Lane Developments to develop retail parks in Bulgaria.

Park Lane Developments is a leading commercial property company which develops and manages prime office, logistics/light-industrial, and retail park assets in Bulgaria and the CEE Region. Park Lane is part of AG Capital, a leading commercial and residential real estate investment group operating in Bulgaria, Romania and Poland.

AG Capital is a prominent real estate group with operations and investments in Bulgaria, Romania, and Poland. Founded 30 years ago, its diverse portfolio includes development companies such as Park Lane and Lion’s Head (focused on business properties) and BLD and Ultima (specializing in residential properties). Recently, AG Capital acquired BPD, one of the largest logistics companies in Bulgaria. The group also collaborates with leading institutional investors like Mitiska REIM, Old Mutual, IFC, and Apollo Global Management.

https://agcapital.bg/ 

Under the joint venture, Mitiska REIM and Park Lane plan to develop and open at least 5 prime retail parks in Bulgaria over the next 5 years. The JV has already acquired its first land plot in the Hadzhi Dimitar district of Sofia to develop a retail park which is scheduled to open by the end of next year.

The new Hadzhi Dimitar development will feature more than 20 retail units, food-anchored by a Lidl supermarket, with a total gross leasable area (GLA) of 14,000m². The tenant mix will comprise a range of national and international brands offering clothing, shoes and home goods, in addition to services such as pharmacies and a food court.

In terms of sustainability, the new retail park will be designed to achieve an “Excellent” score on the BREEAM scale and will feature landscaped parking areas, charging stations for electric vehicles and bicycle racks.

Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia & Bulgaria, comments: “The Bulgarian market offers significant opportunities in the retail park sector – shoppers’ disposable income is rising, consumer spending is increasing, and retailers are looking for modern and sustainable retail space to meet this demand. We look forward to working in partnership with the Park Lane team to capitalize on this opportunity.”

Tanya Koseva-Boshova, Managing Partner at Park Lane Developments, adds: “Our partnership with Mitiska REIM is an excellent opportunity for us to expand our activities and bring international know-how to the retail park market in Bulgaria. We aim to create convenient, pleasant spaces for people that are within easy reach. As with our other projects, we strive to adhere to high standards for sustainable development with care for the environment.”

The Hadzhi Dimitar project is being designed by Planning Architectural Studio led by architect Iliyan Iliev, with construction by MMV Engineering. Legal advice on the transaction was provided by Wolf Theiss Bulgaria.

About Mitiska REIM

Mitiska REIM is headquartered in Belgium and is Europe’s leading specialist investor in convenience real estate, comprising retail parks, multi-let light industrial, self storage and urban logistics projects. The company’s investment focus capitalizes on the converging trends across these sectors and the increasing demand for urban infill sites from a growing range of end-users that offer accessible locations, affordable buildings, flexible design and sustainable solutions.

Mitiska REIM’s investment model is partnership-driven, positioning itself as an active, value-adding investor, in collaboration with experienced local co-investment partners in respective geographies. Its approach is to unlock opportunities and drive superior value creation through the execution of development projects and value-add acquisitions with subsequent active asset management.

Mitiska REIM recognizes that achieving sustainable urban growth is an important issue and that ESG factors play a crucial role in being a responsible fund manager, and are a key driver in creating long-term value for all our stakeholders and for society by making our business and our managed assets ‘future-proof’. To read Mitiska REIM’s most recent ESG Report, please click this link.

Over the past 12 years, Mitiska REIM has raised 5 funds and built a portfolio of 92 properties representing +/- 1,200,000m² gross leasable area across Belgium, The Netherlands, France, Germany, Spain, Portugal, Romania, Poland, Czech Republic, Slovakia and Bulgaria.

Mitiska REIM is a licensed alternative investment fund manager (AIFM) supervised by the Belgian regulator FSMA (www.fsma.be).

www.mitiska-reim.com

About Park Lane Developments

Park Lane Developments is a commercial development company which builds and manages prime office, retail and logistics real estate assets. Park Lane’s flagship projects include the iconic Class A Park Lane Office Center and Aya Business Center and the redevelopment of Sofia’s historic landmark Polygraphia Office Center.

Park Lane currently operates in Sofia, Bulgaria and is considering expansion to the CEE commercial property market with a variety of construction, management and built-to-suit services.

Park Lane is part of AG Capital – a leading real estate investment group in Bulgaria. The company is established on the strong foundation of the group’s expertise in commercial real estate development and asset management. www.park-lane.eu

For additional information contact: 
Park Lane Developments
communications@lhinv.eu
0728 10 99 07 

Romania recorded a 131% y-o-y growth of the real estate transaction volume during H1 2024, reaching a level of €418 million, corresponding to the highest growth rate in the Central and Eastern Europe (CEE). This significant evolution places Romania 3 rd in the region, following Poland and Czechia, surpassing Hungary and Slovakia. The retail and industrial segments were the main drivers on the local market, accounting for 90% of the total volume, while office transactions comprised just 4%, according to data from the Cushman & Wakefield Echinox real estate consultancy company. The total transactional volume at regional level (Romania, Poland, Czechia, Hungary and Slovakia) reached €3.26 billion in H1 2024, a 40% growth compared with the same period of 2023. Poland experienced an increase of 113%, while the investment volume in the Czech market saw a 19% rise. On the other hand, Hungary witnessed a 33% decline of the volume invested in income-producing real estate assets, with Slovakia registering an even more pronounced contraction of 73%. 
In Romania, 38 transactions were recorded throughout H1, compared with 17 in H1 2023, according to the Romania Investment Marketbeat report released by Cushman & Wakefield Echinox. Moreover, H1 2024 has been the most active first semester since 2017, while the second half of the year is usually stronger in terms of transactions. 

Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox: "We have witnessed a rebound of the investors' interest in the local real estate market in H1 2024, with an increased activity being observed especially from the existing players in the country. The forecast for the second half of this year remains positive, in a context characterized by more relaxed financing conditions and by stabilizing prices. Therefore, highly significant transactions are expected to be closed in the coming months, particularly on the retail and office segments, as the total 2024 transactional volume is due to be in the region of €1 billion, a normal yearly level for the local market over the past decade." Retail had the highest volume share (47%) in H1, followed by the Industrial (43%), Hospitality (6%) and Office (4%) segments. 

The largest transaction closed in the analyzed period pertained to the CTP acquisition of 6 industrial & logistics parks from Globalworth (267,900 sq. m GLA) for €168 million, a transaction through which CTP further consolidated its dominant position in this market segment. Another major deal closed in H1 was related to the WDP purchase of Expo Market Doraly, a 100,000 sq.m retail and wholesale center near Bucharest for ~€90 million. The prime yields have been very stable across all segments in H1, with only a 10 bp spike being recorded for industrial properties compared with the end of 2023. Therefore, the levels range between 7.25% for office and shopping center assets and 7.50% for industrial properties.

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. 

Deloitte Romania assisted the Turkish energy company Entek Elektrik Üretimi A.Ş., primarily engaged in the green energy sector, in acquiring Romanian companies. These include Eco Sun Niculesti S.R.L., which owns permits, some of which are in the application process, for a 214.26 MWdc solar power plant under development, and Euromec-Ciocanari S.R.L., the landowner of the project site, from Econergy International Limited.

Entek focuses on investing in new generation energy technologies, as well as renewable energy sources, and is 99.23% subsidiary of the Turkish energy company Tüpras, Türkiye Petrol Rafinerileri A.Ş. Tüpraş is Türkiye’s largest industrial enterprise and Europe’s seventh largest refiner, producing various fuel products.

The acquisition marks Entek’s entry into the Romanian energy market, with a transaction value of approximately 32.9 million euros, subject to closing adjustments. The documents were signed in June of this year and are subject to approval from the regulatory bodies and several conditions, including obtaining project permits for construction readiness. The transaction is expected to close by January 31, 2025.

A team of tax advisors from Deloitte Romania assisted Entek with tax due diligence and transaction support services, specifically in finalizing the sale-purchase agreement. This team included Dan Badin, Partner, Ana Petrescu-Mujdei, Senior Manager, Ana Bica, Senior Consultant, and Bianca Husariu, Consultant.

“We welcome Entek Elektrik’s entry into the Romanian renewable energy market, which will contribute to the growth of the solar energy sector and confirms our country’s potential to become a significant regional player in green energy. We are proud to have leveraged the extensive expertise of our tax advisors, specializing in the energy field, to contribute to the success of this transaction. We are grateful to Entek, our longstanding client, for entrusting us as their trusted tax advisor,” said Dan Badin, Tax Partner, Deloitte Romania.

Entek, operational since 1995, engages in various segments of the energy industry, including electricity production with 11 power plants located across seven cities in Türkiye, electricity trading and solutions for solar energy investments. The group’s portfolio now predominantly comprises renewable energy, accounting for approximately 80%.

Eco Sun Niculesti, established in 2021, will develop a 214.26 MWdc photovoltaic park in Romania. The landowner, Euromec-Ciocanari, was established in 1995.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its 457,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through over 3,400 professionals.

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

© 2024. For information, contact Deloitte Romania

Bucharest, August 12, 2024 – Private equity (PE) firms in Central Europe are overwhelmingly confident that 2024 will be a good year for investments, according to 84% of the participants to the latest Deloitte CE Private Equity Confidence Survey, as the sentiment regarding the economy continues to improve, with 31% of them expecting conditions to get better and 59% expecting them to remain the same. As a consequence, the Confidence Index, which is typically linked to economic expectations, has climbed for a fourth consecutive semester to 118, from 58, in June 2022, when it reached its second-lowest level since the first edition of the study, in 2003.

The Central Europe deal-doers’ confidence is also based on continued optimism regarding liquidity, with a third expecting debt availability to improve and 59% expecting it to remain the same for the rest of this year. This sentiment can be explained by a combination of falling inflation and alternative sources of funding for transactions.

Further signs of optimism can be seen in the share of respondents expecting to focus on new deals for the remainder of 2024, which reached 59% (from 49%, in December 2023). They are mainly looking to middle-size growing companies, with 45% of the respondents expecting this target category to be the most competitive in the market this year. Start-ups seem to continue to lose interest, as only 4% of the participants to the study think they will be generate the highest competition among investors.

“Even though evaluation multiples are down on average across the Central Europe, the fact that financing costs are still high lead private equity firms to prefer to invest in middle players, whom they buy with very clear and ambitious plans for development. This approach is seen across the region in various sectors, such as technology, software and healthcare, which have higher growth potential and resilience. Measures to ensure growth also vary substantially, from digitalization, to improving sales strategies, to advancing the ESG agendas and even to implementing artificial intelligence. The Romanian market has seen similar evolutions, and, although the macroeconomic environment has been dominated by uncertainty over the past years, it kept being attractive and proved it can provide the right environment for companies’ development, sometimes including even expansion on international markets,” said Radu Dumitrescu, Financial Advisory Partner-in-Charge, Deloitte Romania.

When choosing in which companies they invest, CE private equity firms pay more attention to ESG (environment, social, governance) factors. Over half of respondents have specific investment policies that include such criteria and 18% of them implemented post-deal measures targeting ESG improvements among portfolio companies. Private equity firms also deem more important technology capabilities of their targets as more companies are impacted by cyber threats and as business cases increasingly depend on robust technology implementation. A quarter of the respondents consider that IT and cyber are of critical importance and significantly influence the success of the deal, and 41% think they are of high importance, as cyber failures can influence the valuation of the company and have significant impact on its profitability and tech-related operational expenses.

Deloitte Central Europe Private Equity Confidence Survey has mirrored the private equity market evolution since 2003, twice per year.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its 457,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through over 3,400 professionals.

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

International law firm CMS has advised INVL Renewable Energy Fund I, a fund investing in renewable energy projects, on securing a EUR 24.4 million financing package from the European Bank for Reconstruction and Development (EBRD) and Eiffel Investment Group through Paris-based Eiffel Investment Group’s Energy Infrastructure Investment Fund. The proceeds will be used to facilitate the construction of a 60 MW solar power plant in Dolj County, Romania.

INVL Renewable Energy Fund I, established in 2021 by INVL Asset Management—the leading alternative asset manager in the Baltic States—is dedicated to advancing renewable energy projects. The fund invests in early- and mid-stage investments in solar and wind energy projects, encompassing the construction of new power plants, the development and acquisition of essential infrastructure, and the effective management of existing facilities across the European Union and the European Economic Area.

Overall, INVL Renewable Energy Fund I is investing in eight projects for solar power plants in Romania with a combined capacity of 451 MW.

Liudas Liutkevičius, Managing Partner at INVL Renewable Energy Fund I, says: “We greatly appreciate the trust and recognition shown to us by the EBRD and Eiffel Investment Group in providing financing, which is crucial for the successful construction of our new solar power plant in Dolj County. We are very grateful to Kateryna, Diana, and the wider CMS team for their expertise and ongoing support in securing the necessary financing to pursue our projects.”

Kateryna Chechulina, English law qualified Counsel in the Finance team at CMS Ukraine, says: “We are proud to support INVL in securing this significant financing. INVL’s investments are truly advancing the development of Romania’s renewable energy generation capacity, contributing to delivery on Romania’s commitment to the European Union's target of climate neutrality by 2050. We are pleased to have played a part in this progress along with Capcora team, financial adviser to INVL.”

Diana Dona, Associate in the Finance team at CMS Romania, adds: “This transaction showcases the exceptional collaboration between all parties involved, and we are proud to have played a role in supporting INVL's efforts to expand Romania's renewable energy infrastructure. The successful financing not only reflects CMS’s commitment but also the expertise in assisting clients as they advance the transition to a greener future.”

The CMS team was led by Kateryna Chechulina with support of Diana Dona (Associate, Finance, CMS Romania) and Andrei Tercu (Tax Director), on the negotiation of the financing documents and tax matters.

***

About CMS 
Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With 84 offices in 47 countries across the world and more than 5,800 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

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

For more information, please visit cms.law

The Cushman & Wakefield Echinox real estate consultancy company advised Infineon Technologies in a 20,000 sq. m office pre-lease transaction in Bucharest, the largest such transaction in a yet to be developed office building signed in Romania in the last five years. Moreover, the transaction sets a record in terms of total value considering both the area itself and the contractual period of 15 years.   

Bogdan Bogatu, director Office Agency and Alin Obretin, Senior Consultant Office Agency whithin Cushman & Wakefield Echinox were involved in this leasing transaction.

The building will be developed by One United Properties in the Pipera area of Bucharest and will accomodate a research and development center, a major investment which reconfirms the attractiveness of the Romanian office market, a market which registered a record level of demand in 2023, when more than 500,000 sq. m were contracted nationwide.

Bogdan Bogatu, Director Office Agency Cushman & Wakefield Echinox: ”This landmark transaction certifies that Romania is a business destination for activities with high added value, leaving aside the record it set in terms of both the leased area and the contractual value. We are pleased to have successfully concluded this transaction and we believe it is crucial to emphasize that the demand for office spaces is still very strong and developers who adopt the highest building standards in terms of quality, sustainability and technology will always be the most successful  when it comes to attracting and retaining tenants”.

Infineon Technologies is a global leader in semiconductor solutions for power and IoT systems, with over 58,600 employees worldwide.

The company entered Romania in 2005 with the opening of an R&D center in Bucharest and it also has a presence in Iasi, with more than 500 employees in the country.

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

The Cushman & Wakefield Echinox office agency was the market leader in Bucharest, closing transactions totaling 104,000 sq. m in 2023, having a 26% share in the volume brokered by real estate agents. Moreover, the office team oversaw leasing transactions of more than 225,000 sq. m in the past 3 years in Bucharest and in the regional cities. For more information, visit www.cwechinox.com

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

CMS has advised Nala Renewables (Nala), a global power and renewable energy investment platform and independent power producer, on the acquisition of a 99.2 MW onshore wind project from OX2, one of Europe's leading developers of renewable energy sources.

The project is located in eastern Romania and is expected to start construction during the third quarter of 2024. The deal includes a 12-year VPPA (Virtual Power Purchase Agreement) with a multinational corporate offtaker and has been structured as a complex transaction covering transfer of shares agreement, construction assets transfer agreement (whereby OX2 will continue to be engaged throughout the construction stage and act as interface with the key suppliers, i.e. TSA, BoP contractors) and specific industry contracts (turbine supply agreement, services availability agreement, balance of plant contracts).

Nala Renewables is a 50/50 joint venture between Trafigura and IFM Net Zero Infrastructure Fund that focuses on building and investing in green energy infrastructure. The CEE region is one of Nala’s key focus markets where Nala has a 1.5 GW+ portfolio of renewable energy projects.

CMS has advised Nala throughout the entire transaction process, from the initial stages of the project (legal due diligence) through to signing, financing and closing. The CMS teams have provided advice and support in relation to the due diligence process, transaction structuring, drafting, revise and negotiating the shares sale purchase agreements and ancillary documents, drafting and negotiating the full package of construction contracts and related asset transfer agreements, assistance in respect to energy regulatory matters, assistance in relation to environmental related issues, as well as in relation to setting the transaction framework of site specific interface issues,  assistance with obtaining the necessary regulatory clearance, as well as signing and closing proceedings.

CMS has been also advising on the project financing and continues to support Nala for post-closing actions and first drawn under the financing facility.

Varinia Radu, head of the Energy and Climate Change Romania and deputy head of CEE EPC says: “We are delighted to have strengthened our relationship with Nala in Romania and to have assisted on this transaction. This deal is ground-breaking in Romania in terms of the structure to buy an asset at COD. It has also brought a wide variety of legal matters from permitting, licensing, off-take to all the construction related agreement, corporate, FDI and finance arrangements. Our joint Bucharest and London teams have worked together closely to provide specialised advice on both Romanian and English law aspects of the transaction, and we are grateful to our client for the opportunity to contribute to the success of this deal”. 

Ramona Dulamea, Energy Counsel of CMS Romania, adds: “The Romanian wind energy sector continues to see remarkable growth thanks to the country’s significant wind potential. Working closely with other practices and calling on our expertise of the sector, we were able to support Nala on all the unique aspects of the transaction.”

The CMS multidisciplinary team was led by Ramona Dulamea (Energy), under the supervision of Varinia Radu (Energy), having on board Catalin Vasile (Corporate and M&A); Alexandru Trandafir (Real Estate) as core team and an extended team including Raluca Diaconeasa and Madalina Constantinescu (Energy); Edwina Udrescu (Bucharest) and Toby Commander (London) (EPC); Ana Radnev (Finance); Claudia Nagy (FDI). The wider team also included lawyers from finance, corporate, environmental and tax departments. The team was supported by London Partners Paul Smith on EPC and Partner Jonathan Dames on Finance. 

***

About CMS 

 

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 84 offices in over 45 countries across the world and more than 5,800 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

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

For more information, please visit cms.law 

The demand on the Bucharest hotel market in the first half of the year compared to the same period of 2023 had experience an increase of 3%, however, it remained below the 2019 level, according to data from the real estate consulting company Cushman & Wakefield Cushman & Wakefield.

Moving forward, according to Oxford Economics, Bucharest is projected to fully recover and exceed 2019 levels of overnight stays in paid accommodations by 3% by 2025. This growth will be primarily driven by an increase in domestic overnight stays.

Meanwhile, the CEE-6 capitals experienced a 0.6% increase in demand in the first half of 2024 compared to the first half of 2019, while supply grew by a 7.7% over the same period. This positive trend is driven by the impressive recovery of demand in Warsaw, which saw an approximate 17% increase.

Between 2024 and 2026, Bucharest will experience (Bucharest, Warsaw, Prague, Bratislava, Budapest and Sofia) with an approximate 5.8% increase, adding around 2,400 rooms. This growth outpaces the CEE-6 capitals' average growth of 3.2%.

Several exciting new brands are entering the Bucharest market, including Corinthia, Swissotel, Mondrian, Adagio, Handwritten Collection, and The Crest Collection. Additionally, existing players like Radisson Blu Bucharest will reintroduce renovated rooms in the coming years.

This influx of new supply will help diversify and enhance the hotel offerings in Bucharest's city center. However, it is expected that the increased competitiveness may temporarily hinder the market performance recovery.

As for the hotel market performance, Bucharest's RevPAR grew by 9.2% in H1 2024 compared to H1 2023, surpassing both the European and CEE-6 capitals average. This growth was primarily driven by a 5.6% increase in ADR compared to the first half of 2023, despite the VAT increase in January 2023.

Although Bucharest's ADR in H1 2024 has increased by 15.7% compared to H1 2019, this growth is still below the rate of inflation. This is due to the slow recovery of demand combined with an increase in room supply during the same period.

Occupancy in Bucharest grew by 3.4% in H1 2024 compared to H1 2023, partly driven by various events, such as the Coldplay concert in June. Further occupancy recovery is expected going forward, supported by Romania joining the Air Schengen Area in March 2024.

Sevda Cadir, Associate Director Cushman & Wakefield: "Bucharest has faced numerous challenges in recent years; however, the city's hotel performance has shown a healthy recovery, with RevPAR growth in H1 2024 surpassing the European average. While the significant 5.8% increase in supply may temper this growth, the influx of several prestigious brands is set to enhance Bucharest's hospitality offerings, positioning the city for a bright future in the hotel industry."

In YTD June 2024, the RevPAR in the CEE-6 capitals increased by 8.0% compared to H1 2023. This was driven by a 4.2% rise in ADR, with the strongest gains recorded in Prague, Bucharest, and Warsaw. Hotel occupancy reached 67% in H1 2024, 3.6% more than last year, albeit below the pre-pandemic levels across all cites except in Warsaw. Looking ahead, ADR growth is expected to moderate, while occupancy rates are projected to continue their recovery.

Romania experienced a 13% increase in transaction volume compared to H1 2023, reaching a total of EUR 20 million. This growth was mainly driven by the activity in Bucharest, highlighted by the sale of the Ambassador Hotel to Julius Meinl Group. The hotel is due for renovation and will reopen as an upper-upscale aparthotel under The Julius brand.

Currently, according to our market knowledge in Romania, approximately 400 rooms are currently on the market, indicating ongoing opportunities for investors.

Transaction volume in CEE-6 countries (Romania, Poland, Czech Republic, Slovakia, Hungary and Bulgaria) reached €122M in the first half of 2024, 27% less than in H1 2023. This was primarily due to the lack of hotel assets for sale in the CEE region, geopolitical uncertainty, and the high cost of financing. However, this has changed in recent months. Several properties are in various stages of disposition, and this, combined with continued performance growth, improved access to debt, and rising investor interest, is expected to boost volumes in the next 12 months.

After a notable decompression in 2023, yields remained generally stable in the first half of 2024, with values further supported by growing income. With the ECB’s interest rate cut in June and growing liquidity in the debt markets, we expect to see further stabilization in 2024 and gradual yield sharpening for prime assets as we progress into 2025.

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. 
For additional information, visit www.cushmanwakefield.com.

Deloitte Romania assisted the real estate developer AFI Europe in the acquisition of the Bucharest Financial Plaza office building from Immofinanz group. The transaction has an estimated value of approximately 27 million euros and was recently signed.

The Bucharest Financial Plaza building, whose construction was completed in 1998, is located on Calea Victoriei, close to kilometer 0, has a built area of over 38,700 square meters and is about to undergo a complete renovation, at the end of which it will become a class A property, aligned to ESG standards, which will provide office spaces, as well as retail and leisure spaces.

"We are delighted to transform this new building in the AFI Europe portfolio into a mixed-use project, aligned to the highest sustainability standards, right in the heart of the Capital. We thank the Deloitte team for advising on this transaction during the valuation and the due diligence stages," said Laura Croitoru, Chief Financial Officer, AFI Europe Romania.

The Deloitte Romania team involved in the project was made of financial advisors, who ensured the financial due diligence and the valuation process, and of tax consultants, who provided specialized assistance for the Bucharest Financial Plaza asset deal, as well as in the due diligence process. From the Financial Advisory practice, Radu Dumitrescu, Partner-in-Charge, Marius Vasilescu, Partner, Vlad Balan, Director, Sorin Rugina and Alexandru Macris, Managers, Sorin Vinatoru, Senior Associate, Daniel Mircia and Razvan Cristian, Associates, contributed to the success of the transaction. From the Tax practice, Dan Badin, Alexandra Smedoiu and Raluca Baldea, Partners, Laura Bobar, Ana Petrescu-Mujdei and Iulia Bica, Senior Managers, Alexandra Gheorghe, Senior Consultant, and Stefania Samson, Consultant, were involved in the project.

"AFI Europe continues the process of expanding its office portfolio on the local market and, after taking over in 2019 a portfolio of four office buildings located in Bucharest and Timisoara, which was considered at that time the largest transaction in the history of the local office market, now also acquires one of the most emblematic buildings in Bucharest. We are delighted to have been able to assist AFI Europe in a transaction involving one of Bucharest's historical landmarks and thus contribute to reshaping the capital's urban landscape," said Radu Dumitrescu, Financial Advisory Partner-in-Charge, Deloitte Romania.

AFI Europe is part of AFI Properties, one of the leading real estate development, management and investment companies in Central and Eastern Europe. The group has been operating since 1997 and is active in Bulgaria, Czech Republic, Latvia, Poland, Romania and Serbia. In our country, AFI Europe's portfolio includes shopping centers in Arad, Brasov, Bucharest and Ploiesti, office buildings in Brasov, Bucharest and Timisoara, as well as residential projects in Bucharest.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its 457,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through over 3,400 professionals.

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

© 2024. For information, contact Deloitte Romania

Deloitte Romania and Reff & Associates | Deloitte Legal assisted Nokian Tyres, the Finnish developer and manufacturer of premium tires, in obtaining the EUR 99.5 million (RON 495.2 million) state aid in the form of a direct grant that will support the establishment of the first zero CO2 emission tire factory in the world, located in Oradea, Bihor county. The European Commission has approved the state aid, after being notified by the Romanian state about its intention.

The construction of the factory started in May 2023 and requires a total investment of EUR 650 million. It will produce approximately 6 million tires per year once completed and will create 500 direct jobs, as well as further indirect jobs.

“We want to thank Deloitte Romania and Reff & Associates for their support throughout the state aid application process. The advice and assistance provided by the Deloitte team were instrumental in achieving the positive outcome. The obtained aid is significant and will support Nokian Tyres’ growth journey as a manufacturer of sustainably produced premium tires,” said Susanna Tusa, General Director and Vice President of Nokian Tyres Romania Operations.

A multidisciplinary team made of Deloitte Romania advisors in European funds and state aid and of lawyers specialized in competition law from Reff & Associates | Deloitte Legal assisted Nokian Tyres with the file for obtaining the approval of the European Commission for the state aid (national application, pre-notification and notification to DG Competition). The team was led by Alexandra Smedoiu, Partner, Florin Banateanu, Senior Advisor, Cristina Cojocaru, Senior Manager, Deloitte Romania, and benefitted from the significant contribution of lawyers Florentina Munteanu, Partner, and Andrea Grigoras, Senior Managing Associate, Reff & Associates | Deloitte Legal, as well as from the support of Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

”Nokian Tyres has committed to one of the most important investments in Romania over the past years and is on a tight implementation schedule, so our assistance focused on providing them with the best advice and support in obtaining this important incentive in due time. We are very proud of being able to contribute to the first state aid granted by Romania since the one in 2014, to Ford Romania,” said Alexandra Smedoiu, Partner, Deloitte Romania.

The company produced its first tire in the Oradea factory on July 1, 2024, as planned, and the commercial tire production is scheduled to start in early 2025.

”This project is one of our country’s success stories in attracting foreign investors. As already mentioned publicly by Nokian Tyres, after assessing more than 40 possible locations, considering aspects such as qualified workforce, logistics, green energy sources, railway infrastructure, proximity to key markets in Central Europe, as well as the support shown by the state, materialized through the exemplary cooperation with the local authorities and through the granting of this important state aid, this company chose Romania not only for a large investment, of EUR 650 million, but also for a project that will be a world premiere: the first zero CO2 emission tire factory. We are honoured to have been part of such an outstanding project,” commented Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

The tires produced in the Oradea factory will be primarily sold on the Central European markets.

Worldwide, Nokian Tyres reported total net sales of EUR 1,174 million in 2023 and over 3,400 employees. The company is listed on Nasdaq Helsinki.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its 457,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through over 3,400 professionals.

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

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

© 2024. For information, contact Deloitte Romania

• According to data provided by the National Agency for Cadastre and Real Estate Advertising (ANCPI), 4,521 real estate units were sold in Bucharest in July 2024.
• Sales data highlights the high demand for new homes and the need for residents of the Capital to increase comfort and secure their investments.
• North Bucharest Investments (NBI): The company recorded 116 transactions in July 2024, representing an 81% increase compared to July 2023.

According to data provided by the National Agency for Cadastre and Real Estate Advertising (ANCPI), 19% more homes were sold in the Capital in July 2024 compared to the same month last year, with 4,521 units sold compared to 3,782 units purchased in July 2023.

“The significant increase in sales reflects the strong demand for new homes, driven by the steady rise in rental prices and the high yields offered by real estate investments. In this favorable context, North Bucharest Investments has experienced growth four times higher than the average sales increase in Bucharest. In July 2024, we finalized 116 transactions, representing an 81% increase compared to the same month last year, when 64 contracts were concluded. Our buyers continue to be motivated by the improved living comfort and the strong prospects for long-term property value appreciation,” said Vlad Musteață, CEO of North Bucharest Investments.

The Bucharest real estate market remains the most sought-after destination for those looking to make a secure and profitable investment. In fact, Bucharest tops the list of cities in Romania with the most apartments and houses transacted in July 2024.

According to ANCPI, the top is followed by Cluj – 898, Ilfov – 895, Constanța – 860, Brașov – 827, and Timiș – 825 houses and apartments sold in July 2024.

 The substantial increase in sales indicates growing buyer confidence in the potential of this market. Modern infrastructure, strategic location, and easy access to essential services remain key factors attracting an increasing number of investors and buyers.

North Bucharest Investments

North Bucharest Investments (NBI) is a group of companies in the residential real estate segment, operating in two business lines - investment activities and intermediary services.

NBI Group was founded in 2011, in the Republic of Moldova, by businessman Vlad Musteață, and since the summer of 2022, it has also entered the Romanian market.

The North Bucharest Investments Group recorded over 400 real estate transactions in 2023, in new residential complexes in the northern area of the Capital. In just the last year, the company's turnover has doubled from 20 million lei to 42 million lei.

NBI manages the most important residential complexes in the northern area of the Capital, and the company's activity is differentiated by dedicated digital marketing services, experienced sales consultancy in selling new residential complexes, and customized communication of the portfolio's complexes on social media, all maximizing the sales results of all residential complexes in the company's portfolio.

A team of lawyers from Reff & Associates | Deloitte Legal and tax experts from Deloitte Romania assisted the local company Helinick, specialized in the design and implementation of electronic security, fire safety, communications and building management systems, one of the leaders of the local market in the field, in the sale to Convergint, one of the largest global players in this area. The transaction was completed in July 2024 and marks Convergint's entry into the Romanian market.

The multidisciplinary team within Reff & Associates | Deloitte Legal and Deloitte Romania provided legal and tax assistance throughout the sale process, from the conclusion of the framework agreement on the proposed transaction, during the due diligence analysis phase, as well as in the negotiation, signing and implementation of the transaction. The team consisted of Irina Dimitriu, Partner and leader of the real estate practice, Larisa Popoviciu, Senior Managing Associate, Diana Stan, Managing Associate, and Florin Geana, Senior Associate (real estate law), Silvia Axinescu, Senior Managing Associate, Andreea Zaharia, Managing Associate (GDPR and intellectual property law), Andrea Grigoras, Senior Managing Associate (competition law), Gabriela Ilie, Senior Managing Associate, Miruna Stanciu, Senior Associate (labor law), Alexandru-Ioan Ulici, Senior Associate, Alexandru Tinica, Associate, Adrian Radu, Associate (corporate law), Catalin Chibzui, Managing Associate (internal reporting requirements), and the contribution on tax aspects was provided by the team led by Alexandra Smedoiu, Tax Partner, Deloitte Romania.

“The completion of this transaction marks an important moment in the field of safety and security systems, demonstrating the evolution of the Romanian market and the significant role it plays in Convergint's strategic growth in the region,” said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and the leader of the real estate practice.

Convergint is a global leader in the design, installation and delivery of electronic security, cybersecurity, fire and life safety, building automation and audio-visual systems, with revenues of $2.5 billion, with more than 220 locations worldwide and more than 10,000 employees.

For over 15 years, Reff & Associates | Deloitte Legal is recognized as one of the leading real estate law firms in Romania, being involved in some of the most important transactions and development projects in the country, which have often involved complex corporate structures and cross-border financing. The real estate practice is also recognized by international rankings such as Legal 500.

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

For more information about Reff & Associates, please visit www.reff-associates.ro. For more information about the global Deloitte Legal network, please visit www.deloittelegal.com.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its 457,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through over 3,400 professionals.

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

© 2024. For information, contact Deloitte Romania