News von den Mitgliedern

• Global data centers' electricity consumption is expected to double by 2030 due to the increasing power demands of Gen AI
• AI agent usage is rising, with 25% of organizations using Gen AI expected to deploy it by 2025, increasing to 50% by 2027
• On-device Gen AI is on the rise. By 2025, over 30% of shipped smartphones and about 50% of personal computers (PCs) may have local Gen AI processing capabilities
• The average number of streaming video subscriptions per household is predicted to peak in 2025 at four in the US and 2.5 in Europe, then decline, driving market aggregation

As power-intensive Generative AI (Gen AI) consumption grows faster than other uses and applications, electricity consumption by data centers is forecasted to double to 4% of global electricity consumption by 2030, according to the latest edition of the Deloitte Technology, Media and Telecommunications (TMT) Predictions report. The power needed to support data centers’ most important components, among which storage systems, cooling and networking switches, is expected to reach 96 gigawatts globally by 2026, with AI operations alone expected to consume over 40% of that power.

“Sustainability is as important as transparency for building trust, for ensuring robust governance, for transforming talent and for managing mature data life cycle, which are all instrumental in defining the Gen AI roadmap. The report points out that, on average, a Gen AI prompt request uses 10 to 100 times more electricity than a standard internet search query. Given the use of this amount of power, hyperscalers and data center operators must consider alternative energy sources, innovative cooling methods, and more energy-efficient solutions when designing data centers,” said Andrei Ionescu, Consulting Market Leader, Deloitte Romania.

The report predicts that 2025 will be a year of growth for agentic AI - software solutions designed to complete tasks and meet objectives with little or no human supervision -, as 25% of the companies using Gen AI will launch agentic AI pilots or proofs of concepts in 2025, growing to 50% by 2027. Built on large language models, these AI agents will offer greater flexibility, and a wider array of use cases compared to traditional machine learning or deep learning methods.

As Gen AI solutions grow in versatility, deepfake – videos, photos and audio materials that seem real but are generated by artificial intelligence tools – emerges as a concern requiring organizations to enhance overall security and trust in digital content. To detect fake content and create standards for content authentication, organizations should prioritize tools and vendors that leverage varied and premium data collections and collaboration with peers across industries. At the same time, the report highlights that the end users should be encouraged to cross-check information with reliable sources and utilize multi-factor authentication to help mitigate risks associated with deepfake.

As on-device Gen AI is on the rise, Deloitte TMT Predictions report forecasts that GenAI-enabled smartphones will exceed 30% of total shipments and PCs with local GenAI processing capabilities will be around 50% of the total shipments, rising from an estimated 30% in 2024.

On the streaming front, the report shows that streaming video on demand (SVOD) has reached its limit after peaking at around four subscriptions per consumer in the US and an average of 2.5 in most European markets in 2024 and will start declining in 2025. While standalone subscriptions are expected to decline, SVOD revenues may still rise as providers implement price hikes, tighten password-sharing policies, and enhance bundling options.

The report also forecasts that the market will stabilize with just two or three stand-alone direct to consumer SVOD players per market, complemented by aggregators. Echoing the traditional model of pay TV providers, the report emphasizes a resurgence of aggregation, where intermediaries, such as telcos, pay TV platforms, and tech platforms, will consolidate multiple content sources into single offerings. The report underlines that the model is already visible in the United States, the United Kingdom and France, but also in Central Europe where it’s been estimated that 25% of all SVOD subscriptions are indirect, sourced via pay TV or telco. This shift may reduce costs and create a more sustainable streaming ecosystem.

This year’s edition of the Deloitte TMT Predictions report provides an outlook on technology, media and telecommunications trends that may disrupt and transform the business and consumer ecosystems worldwide.

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

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

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

Bucharest, February 2025: Cushman & Wakefield Echinox assisted MAS PLC, a leading property investor and operator in Central and Eastern Europe (CEE), in the disposal process of the strip malls portfolio in Romania to M Core Group.

The portfolio consists of 7 assets with a total GLA of approximately 32,000 sq. m located in Slobozia, Focsani, Ramnicu Sarat, Targu Secuiesc, Sebes, Fagaras and Gheorgheni. The properties are strategically positioned in densely populated areas next to Kaufland stores, have an occupancy rate of 100% and feature an impressive mix of national and international tenants, such as JYSK, Pepco, C&A, CCC, Deichmann, Sinsay, Altex, KFC, McDonald’s, etc.

Cushman & Wakefield Echinox provided strategic advisory services and transaction support, the project being coordinated by Cristi Moga, Head of Capital Markets, and Bogdan Marcu, Partner, Capital Markets. M Core Group was assisted during the process by CMS Cameron McKenna, Deloitte and IO Partners.

Cristi Moga, Head of Capital Markets, Cushman & Wakefield Echinox: “This transaction reconfirms the recovery trend of Romania’s investment market, with retail sector being acknowledged as a healthy and secure asset class. The quality of the portfolio was consequential for the transaction, while the professionalism of the parties involved significantly eased the process.”

Bogdan Marcu, Partner, Capital Markets, Cushman & Wakefield Echinox: “As the macroeconomic environment and consumers’ behaviour stabilizes, we are entering a new economic cycle. This shift has sparked heightened interest in Romania from both current investors seeking to expand their portfolios and newcomers. With its youthful market landscape, Romania presents considerable growth potential across all sectors. This recent transaction serves as a strong indicator of the retail market's resilience, increased liquidity, and the overall positive sentiment among investors.”

MAS PLC continues to prioritize investments in high-quality income-generating properties across the CEE region. Known for exceptional operational performance, MAS’ retail portfolio achieved an occupancy rate of 97.4% as of mid-2024 and a 7.2% like-for-like net rental income growth. The divestment aligns with the company’s strategy to maximise total long-term shareholder returns through selective capital reallocation.

MAS P.L.C. is a property investor and operator listed on the main board of the Johannesburg Stock Exchange and with a secondary listing on A2X Limited. The Group is operated by a multidisciplinary team of approximately 270 professionals with investment, acquisition, leasing, asset and property management, marketing and finance skills. MAS aims to maximise total long-term shareholder returns via its investments in directly-owned income property and other income-producing investments in CEE and indirectly, on a downside-protected basis, in developments via preferred equity in a development joint venture with co-investor, developer and general contractor Prime Kapital.

M Core is an established, highly profitable collective of property investment and management companies operating in the United Kingdom, France, Poland, Romania, Germany and Spain. M Core’s portfolio value exceeds 6bn pounds. The key members include LCP, Sheet Anchor, Proudreed, Evolve and Square 7 as local partner for Romanian portfolio.

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.

CMS has advised leading UK-based collective of property investment and management companies M Core Group on the acquisition of the strip malls portfolio in Romania from MAS P.L.C., as well as on the acquisition financing.

The portfolio includes seven properties located in Slobozia, Focsani, Ramnicu Sarat, Targu Secuiesc, Sebes, Fagaras and Gheorgheni, with a total GLA of approximately 32,000 sq. m and strategically positioned in densely populated areas. National and international tenants include JYSK, Pepco, C&A, CCC, Deichmann, Sinsay, Altex, KFC, McDonald’s, and more.

CMS has advised on all aspects of the transaction, including legal and tax due diligence, negotiation, all financing aspects, signing, and closing. The key members of the transaction include LCP, Sheet Anchor, Proudreed, Evolve and Square 7 as local partner for Romanian portfolio.

Partner and Head of Real Estate & Construction at CMS Romania, Roxana Fratila, said: “We are delighted to have advised M Core on yet another significant acquisition in the country. With this transaction, CMS reconfirms its position as the go-to retail law firm on the market. We were able to combine our retail sector expertise with our strong connection with M Core to close this deal successfully.”

Corporate M&A Senior Counsel at CMS Romania, Mircea Moraru, added: “The Romanian retail sector continues to attract considerable investments. The firm was able to assist M Core on another successful deal, highlighting CMS’ ability to provide seamless, multidisciplinary legal and tax support throughout all stages of the transaction.”

CMS’ advice on the transaction was led by Real Estate partner Roxana Fratila and Corporate M&A senior counsel Mircea Moraru, with support from tax director Andrei Tercu (Tax), senior associate Oana Mina and associate Aura Marina (Real Estate), and senior counsel Claudia Nagy (FDI). The CMS finance team was coordinated by Ana Radnev, partner, and Alina Tihan, senior counsel, with invaluable support from associates Bianca Radu and Florian Pacalici and lawyer Radu Dragan.

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About CMS
Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With 85 offices in 48 countries across the world and more than 6,300 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

Das Technologie- und Dienstleistungsunternehmen Bosch erreichte im Geschäftsjahr 2024 nach vorläufigen Zahlen einen Umsatz von 90,5 Milliarden Euro¹. Die Erlöse liegen nominal um ein Prozent unter Vorjahr, wechselkursbereinigt auf Vorjahreshöhe. Die operative EBIT-Rendite liegt bei 3,5 Prozent. „Auch Bosch konnte sich trotz größter Anstrengungen den wirtschaftlichen Realitäten nicht entziehen, aber im Branchenvergleich noch respektabel behaupten“, sagte Stefan Hartung, Vorsitzender der Geschäftsführung der Robert Bosch GmbH, anlässlich der Veröffentlichung der vorläufigen Geschäftszahlen. „Unsere Technologien für die Mobilität von morgen und das Zuhause der Zukunft bleiben für uns wichtige Wachstumsfelder.“ Für die Stärkung von Wettbewerbsfähigkeit und Wachstum habe Bosch im Geschäftsjahr 2024 mit Zu- und Verkäufen strategische Portfolioentscheidungen umgesetzt. Zugleich musste das Unternehmen laut Hartung auch Strukturanpassungen vornehmen.

Auf die Geschäftsentwicklung der Bosch-Gruppe wirkten sich neben dem schwachen Wachstum der Weltwirtschaft auch erhebliche Marktverzögerungen in Wachstumsfeldern wie der Elektromobilität ungünstig aus. Das Ergebnis belasteten fehlende Umsätze und damit nicht ausgelastete Kapazitäten sowie weiterhin hohe Vorleistungen für Zukunftstechnologien und Vorkehrungen für erforderliche strategische Anpassungen. Trotz aller Herausforderungen verfolgt Bosch seine ambitionierten Geschäftsziele konsequent weiter: Bis 2030 will das Unternehmen in seinen Geschäftsfeldern zu den führenden Anbietern in wesentlichen Märkten gehören. Darüber hinaus peilt Bosch im Durchschnitt ein jährliches Umsatzplus von sechs bis acht Prozent bei einer Rendite von mindestens sieben Prozent an.

Wachstumsstrategie: Portfoliogestaltung erhöht Geschäftschancen

Im abgelaufenen Geschäftsjahr setzte Bosch seine Strategie 2030 zielstrebig um und erreichte wichtige Meilensteine. Dazu gehört der geplante Erwerb des Heizungs-, Lüftungs- und Klimatisierungsgeschäfts von Johnson Controls und Hitachi in Höhe von rund acht Milliarden US-Dollar. Mit der geplanten Akquisition will Bosch seine Präsenz in Wachstumsmärkten wie den USA und Asien ausbauen. „Wir verfolgen auch im aktuellen Gegenwind konsequent unsere Wachstumsstrategie, und wir werden entscheidende Technologien für die Welt von morgen auch weiterhin entschlossen vorantreiben“, erklärte der Bosch-Chef. Mit dem erfolgreichen Verkauf von großen Teilen seines Produktgeschäfts für Sicherheits- und Kommunikationstechnik im Geschäftsbereich Building Technologies wird sich Bosch zukünftig auf das Systemintegrationsgeschäft konzentrieren und weiter wachsen. Damit zielt Bosch auf eine ausgewogenere Balance seiner Unternehmensbereiche, will sich robuster aufstellen und sein Portfolio zukunftsweisend ausbauen.

Zukunftstechnologien: Innovationen schaffen Technik fürs Leben

Um seine Wachstumsziele zu erreichen, treibt Bosch Innovationen in Zukunftsfeldern voran. „Elektromobilität, Wasserstoff und nachhaltige Technologien bleiben ein Wachstumsgeschäft und im Fokus unserer Innovationen“, betonte Hartung mit Blick auf die anhaltende Herausforderung durch den Klimawandel. In den USA testet Bosch zum Beispiel eine sogenannte Kryopumpe, die bis zu 600 Kilogramm flüssigen Wasserstoff pro Stunde verdichtet. Mit der Pumpe kann ein Lkw innerhalb von zehn Minuten genügend Wasserstoff für die nächsten 1 000 Kilometer tanken. Auch bei den Hausgeräten geht Bosch voran: Mit einer energieeffizienten XXL-Einbau-Kühl-Gefrier-Kombination ist Bosch in wenigen Wochen weltweit der erste Anbieter, der ein Hausgerät für die herstellerübergreifende Vernetzung mit dem neuen Standard Matter auf den Markt bringt. Am alltagstauglichen Einsatz von KI arbeiten rund 5 000 KI-Experten von Bosch: Zum Beispiel ermöglicht ein neuer KI-gestützter Notrufservice für Fahrstuhlnutzer einen simultan übersetzten Hilferuf in Muttersprache, ohne Aufzüge umrüsten zu müssen.

Digitale Lösungen: Künstliche Intelligenz stärkt Kerngeschäft

Intelligente Software und digitale Dienste haben sich für Bosch mittlerweile zu einer wichtigen Säule für das Kerngeschäft entwickelt. „Wir setzen KI immer stärker in unseren eigenen Prozessen ein und verbessern damit Qualität und Produktivität sowohl in den Werken wie in den Büros“, sagte Hartung. „Auch aus unseren Produkten und Lösungen ist KI nicht mehr wegzudenken.“ Bosch erwartet einen Umsatz mit Software und Services von mehr als sechs Milliarden Euro bis Anfang der nächsten Dekade. Rund zwei Drittel dieses Umsatzes sollen dabei auf den Geschäftsbereich Mobility entfallen. „Beim assistierten und automatisierten Fahren spielt KI bei Bosch schon seit Jahren eine wichtige Rolle“, verdeutlichte der Bosch-Chef. „Wir treiben die softwaredefinierte Mobilität auch jenseits der KI voran – damit ist Bosch ein idealer Partner für die großen Tech-Player weltweit.“ Ein Beispiel ist die Systemlösung Vehicle Motion Management. Diese ermöglicht unter anderem Brake-by-wire-Bremssysteme, bei denen ein elektronisches Bremspedal ohne mechanische Kopplung zum Einsatz kommt.

Wirtschaftspolitik: Wettbewerbsfähigkeit für ein starkes Europa

Für Wachstumsimpulse setzt Bosch auf neue politische Rahmenbedingungen in Deutschland und der EU. Laut Bosch-Chef Hartung gilt es, die Wettbewerbsfähigkeit und Attraktivität als Wirtschaftsstandort zu stärken. „Eine starke EU besteht aus weniger Vorgaben und mehr Investitionen sowie weniger Barrieren und mehr Markt“, erklärte Hartung. Mit Blick auf Energiepreise, Bürokratie und fehlende Investitionen in die Infrastruktur des Heimatmarktes Deutschland wünscht sich Hartung, nach der Bundestagswahl schnell vom Reden ins Handeln zu kommen. „Alles, was das wirtschaftliche Handeln vereinfacht, geht in die richtige Richtung“, sagte der Bosch-Chef. „Dann können Deutschland und Europa wirtschaftlich und technologisch auch in Zukunft an der Weltspitze mitspielen.“ Bosch will wie bisher seinen Beitrag dazu leisten: Auch im kommenden Jahr sollen rund 40 Prozent der weltweiten Investitionen des Unternehmens an deutsche Standorte gehen.

Geschäftsverlauf 2024: Marktentwicklung beeinflusst Spartenumsätze

Die Umsatzzahlen der Unternehmensbereiche von Bosch spiegeln deutlich die Marktentwicklung wider. „Das Jahr 2024 war insgesamt geprägt durch die seltene Konstellation, dass sich alle unsere Fokusmärkte gleichzeitig nur schwach entwickelten“, erklärte Markus Forschner, Geschäftsführer und Finanzchef der Robert Bosch GmbH. Der Unternehmensbereich Mobility erzielte mit einem Umsatz von 55,9 Milliarden Euro in etwa das Vorjahresniveau. Trotz des rückläufigen Marktes blieben die Erlöse auch wechselkursbereinigt nahezu unverändert. Im Unternehmensbereich Industrial Technology erreichte der Umsatz 6,5 Milliarden Euro. Das sind nominal 13 Prozent weniger als im Vorjahr, wechselkursbereinigt minus zwölf Prozent. Die schwache Maschinenbaukonjunktur hatte die Hauptmärkte Europa, China und Amerika besonders hart getroffen. Im Unternehmensbereich Consumer Goods stiegen die Erlöse nominal um zwei Prozent auf 20,3 Milliarden Euro. Wechselkursbereinigt lagen sie sogar drei Prozent über dem Vorjahr. Damit erziele Bosch im Konsumgütergeschäft erstmals nach dem Nachfrageeinbruch am Ende der Corona-Pandemie wieder Zuwächse. Im Unternehmensbereich Energy and Building Technology erreichten die Erlöse 7,5 Milliarden Euro. Nominal und wechselkursbereinigt lag der Umsatzrückgang bei drei Prozent. Wesentlich dafür war die gedrückte Stimmung auf dem Heizungsmarkt in Europa.

Geschäftsverlauf 2024: Verhaltene Umsatzentwicklung in den Regionen

Neben der Marktentwicklung wirkte sich die Konjunktur unterschiedlich stark auf die Umsatzentwicklung in den Regionen aus. „Das Europageschäft war besonders von der konjunkturellen Entwicklung betroffen“, erklärte Forschner. In Europa lag der Umsatz mit 44,5 Milliarden Euro nominal und wechselkursbereinigt fünf Prozent unter dem Vorjahr. Auch in Amerika und Asien-Pazifik wuchsen die Umsätze eher verhalten. Dafür ausschlaggebend war die Entwicklung in Nordamerika sowie China. In Nordamerika stieg der Umsatz nominal und wechselkursbereinigt um fünf Prozent auf 16 Milliarden Euro. In Südamerika lag der Umsatz bei 1,8 Milliarden Euro. Das ist ein Plus von nominal sechs Prozent, wechselkursbereinigt von zwölf Prozent. In Asien-Pazifik erreichten die Erlöse 28,1 Milliarden Euro. Der Zuwachs lag nominal bei einem Prozent, wechselkursbereinigt bei drei Prozent.

Mitarbeiterentwicklung 2024: Geringerer Personalbedarf zeichnet sich ab

Bosch beschäftigte zum Stichtag 31.12.2024 weltweit rund 417 900 Menschen – das sind knapp drei Prozent weniger als im Vorjahr (-11 500). Wesentliche regionale Veränderungen gab es in Europa und in Asien. Auch in Deutschland verringerte sich die Mitarbeiterzahl um rund drei Prozent (-4 400) auf gut 129 800.

Ausblick 2025: Schwache Konjunktur erhöht weiteren Kostendruck

Ein sehr anspruchsvolles Umfeld erwartet die Bosch-Gruppe auch für das laufende Jahr. „Wir stellen uns auf eine weiterhin nur moderat wachsende Weltwirtschaft ein“, sagte Forschner. „Die globale Wirtschaft dürfte erst 2026 wieder etwas anziehen.“ Bosch erwartet für 2025 einen Konjunkturanstieg von zunächst lediglich 2 ½ Prozent. Um seine Wachstumsstrategie umzusetzen, verfolge das Unternehmen seine Finanzziele zielgerichtet weiter. „Auch angesichts anhaltend widriger Rahmenbedingungen wollen wir unsere Umsatz- und Ergebnissituation im Geschäftsjahr 2025 weiter verbessern“, betonte Forschner. Aus Sicht des Finanzchefs ermöglicht nur profitables Wachstum die kraftvolle Weiterentwicklung des Unternehmens. Bosch will dementsprechend 2026 seine Zielrendite von sieben Prozent erreichen. Dazu solle die Wettbewerbsfähigkeit auf allen Ebenen weiter gesteigert werden – von attraktiven Produkten über marktfähige Kosten bis hin zu passenden Strukturen für ein zukunftsweisendes Portfolio. „Sinnvolles Sparen und zielgerichtetes Investieren sichern uns die dazu erforderlichen Gestaltungsspielräume“, verdeutlichte Forschner. Das werde nicht einfach, verlange größte Anstrengungen und schließe auch schmerzhafte Entscheidungen nicht aus.

¹ Gerundete Zahlen, ggf. Abweichungen zu späteren Kennzahlen des Konzernjahresabschlusses.

Dunwell Industrial Brokerage announces the successful completion of the leasing process for a modern logistics space, including office components, with a total area of approximately 5,000 sqm, to DACHSER Romania, one of the European leaders in logistics services. The space is located within Schwartz Immobilien Industrial Park, part of Otter Distribution Group, in the western part of Bucharest, on Industriilor Street – an expanding area known for its industrial developments.

The newly completed Class A warehouse boasts state-of-the-art specifications and high energy efficiency. Its strategic location offers excellent access to the ring road and benefits from public transportation, connecting Bucharest and its surrounding areas.

This relocation was driven by the increased activity volume of DACHSER, requiring double the warehouse space and a significant upgrade in facilities. The new location notably enhances the logistics specifications, improving operational efficiency and expanding the range of services offered to clients.

DACHSER Romania is part of the global DACHSER group, with nearly 100 years of history, present in 45 countries across all continents. The company offers customized and scalable solutions for transport, warehousing, and supply chain management. Active in Romania since 2009, DACHSER operates in four locations (Bucharest, Brașov, Ploiești, and Arad), employing 107 staff and delivering 174,600 shipments last year.

On behalf of DACHSER, Mr. Dan Georgescu, Branch Manager of DACHSER Bucharest, commented on this collaboration: "Starting from 13.12.2024, we officially kick off production at our brand-new logistics center, including 700 m² of modern office space, warehouse with a seismic certified rack system, and a cross-dock area equipped with 15 ramps supporting parallel loading and unloading of all network shipments.

This is a very special moment for the entire team at DACHSER Bucharest and a significant step in our continuing journey toward sustainable logistics and efficient operations in the South-East Europe region”.

Schwartz Immobilien, part of the Otter Distribution group – one of the largest footwear manufacturers and retailers in Romania – develops industrial real estate projects, offering Class A spaces with cutting-edge specifications to its partners. The project within the Schwartz Immobilien Industrial Park highlights the company’s commitment to sustainable development in Romania's industrial and logistics sector.

Mr. Filip Schwartz, Shareholder and Administrator of the Otter Distribution Group, stated regarding the completion of this transaction: “We believe in the Romanian logistics market, and given the 100% occupancy rate of the existing facilities in our logistics park, we have decided to invest in a new Class A warehouse, featuring the latest specifications.”

Daniel Cautiș, Managing Partner of Dunwell Industrial Brokerage, declared:

“We are proud to have been part of this project! We have been collaborating with DACHSER for several years and have closely followed their development, which has led to the need for a larger warehouse. Having a strong collaborative relationship with Schwartz Immobilien, we successfully completed this project. This collaboration once again demonstrates our commitment to bringing together top companies and high-quality logistics spaces. At Dunwell, we focus on offering the best-customized solutions in the industrial and logistics real estate market, ensuring successful partnerships for our clients. Excellence and efficiency at all levels are two key aspects we continually strive for in our work. We are confident that this warehouse will support DACHSER’s operational growth and efficiency, contributing to the development of Romania's logistics sector.”

About Dunwell:

Dunwell is the first brokerage agency in Romania specialized exclusively in the industrial sector. The company facilitates logistics and industrial transactions, offering customized solutions for both local and international clients.

For more information, please contact:

Contact person: Cristina Toader

Email: cristina.toader@dunwell.eu

Website: dunwell.eu

Brand Management, recorded a nearly 40% increase in turnover last year, reaching 15 million RON, compared to 10.8 million RON in 2023. This performance was driven by a growing volume of campaigns implemented and higher budgets allocated by brands for promotion in shopping centers.

"In 2024, indoor advertising generated increased interest, with budgets rising by an average of 20% compared to the previous year. Brand Management conducted over 400 campaigns across the top 10 cities in Romania for more than 250 national and international brands. This upward trend clearly indicates that indoor advertising is becoming an increasingly important element in brands' marketing strategies. Enhancing visibility in malls and other premium indoor spaces has been crucial for brands aiming to reach consumers at the point of purchase and when they are more likely to engage with advertising messages. Furthermore, the measurable impact of these campaigns, reflected in 130 million opportunities to view, demonstrates that indoor advertising is not merely a supplementary channel but a strategic component in media planning,” said Georgian Drăghici, Commercial Director, Brand Management.

Last year, Brand Management directed approximately 90% of its investments toward developing a state-of-the-art platform aimed at optimizing processes and improving the customer experience. This all-in-one online platform simplifies the implementation of offline advertising campaigns and helps save considerable time and costs for brands choosing to run campaigns through it.

By 2030, Brand Management's announced investment volume will reach 50 million RON. To date, over 20 years of activity, Brand Management has made total investments of 25 million RON, nearly half of which have been allocated to scaling the business.

Strategy for 2025: Digitalization and consolidation

Brand Management's priorities for 2025 include consolidating its market leadership by diversifying collaborations with advertising space providers and simplifying offline exposure processes. The company also aims to connect brands more effectively with their target audience by providing demographic data from annual market studies, previously inaccessible, and using digital solutions to facilitate indoor advertising campaign management.

In 2025, the company will make significant investments to help advertising space owners achieve better results with less effort, while diversifying brand communication channels. The focus will also be on integrating new digital solutions, such as digital screens, to meet the increasing market demand.

"In our 20 years of activity, we have closely followed and strengthened relationships with all players in the indoor advertising market to organically increase the share allocated from global client budgets to this communication channel. In the short term, we aim to harmonize and standardize the dynamics of the indoor advertising industry in Romania, and in the long term, we aim to position indoor advertising as an essential and indispensable channel in brand marketing strategies. Through constant investments in technology, creativity, and data analysis, we want to demonstrate that indoor advertising can deliver not only visibility but also measurable results that support the business objectives of any brand looking to increase sales and visibility. We want to be a catalyst for innovation in this industry and contribute to the organic creation of a sustainable and efficient ecosystem for all partners involved," added Laurențiu Jiga, Founder & Managing Director, Brand Management.

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About Brand Management
Brand Management was founded in 2004 as the first company in Romania to provide comprehensive indoor advertising services nationwide. With over 20 years of experience in implementing advertising campaigns in shopping and business centers, Brand Management creates indoor advertising campaigns for companies in industries such as IT, telecom, fashion, beauty, jewelry, banking, and FMCG, managing dedicated budgets of over 150 million lei, including 2024.

Operating in over 150 locations across Romania (malls, hypermarkets, office buildings, etc.) in the country's major cities, the company ensures indoor advertising campaign exposure to over 130 million visits per month, as tracked and reported by the locations. Approximately 85% of the company's clients have been part of its portfolio since its early years.

The Cushman & Wakefield Echinox real estate consulting company assisted Lion’s Head, real estate investment fund currently owning assets in Romania and Bulgaria, in the acquisition of a 15-Hectare plot in Popesti Leordeni, in an important road node. This transaction marks the expansion of Lion's Head in the Romanian industrial market, as well as its debut in the real estate development segment.

The purchased property is located at just a few kilometers from the Bucharest ring road, in close proximity to the future A0 motorway. This area has become in recent years one of the most attractive points for logistical and industrial developments due to its quality road infrastructure and excellent connectivity with the main national and international routes.

Andrei Brînzea, Business Development Land & Industrial Cushman & Wakefield Echinox: ”The southern area of Bucharest represents an extraordinary opportunity for players interested in investing in modern logistics and industrial spaces. Its strategic location near the future A0 motorway and national roads creates the conditions for this region to transform into a new industrial development hub. We are glad that we facilitated the entry of a new player on the Romanian industrial market, and at the same time that we manage together to develop new areas and offer a greater diversity to potential tenants".

The industrial and logistics market in Bucharest continues to experience rapid growth. By the end of 2024, the total stock of industrial and logistics spaces in the Bucharest-Ilfov area exceeded 2 million square meters, with an occupancy rate of over 95%. The growth of domestic consumption and the development of e-commerce have fueled the demand for modern logistics facilities, making Bucharest an attractive destination for both international and local companies.

Lion’s Head is the owner and manager of quality and sustainable income producing commercial properties in Central and Eastern Europe, current portfolio including real estate actives in Bulgaria and Romania. The company focuses on prime offices with international blue-chip tenants, backed by AG Capital and Old Mutual Property.

In Romania, Lion's Head is the owner and manager of Oregon Park, a class A office complex, composed of three 7-storey buildings, offering over 70,000 sq m of office space. By committing to sustainability and excellence, Oregon Park managed to attract multiple high-profile tenants, including Fortune 500 companies and won the prestigious SEE Real Estate award "Best Office Project 2019".

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

Cushman & Wakefield is one of the global leaders in commercial real estate services, with 52,000 employees in nearly 400 offices across more than 60 countries and annual revenues of $9.5 billion. The company’s core services include asset and investment management, capital markets, leasing, property management, tenant representation, project services, and valuation. For more information, visit www.cushmanwakefield.com.

CMS has advised DRI, the EU renewables arm of Ukrainian private energy company DTEK, on the physical power purchase agreements (PPA) signed with OMV Petrom, for three solar projects. This is Romania’s largest-ever PPA transaction to date and it is based on the EFET (European Federation of Energy Traders) template contract adapted for the Romanian legal and regulatory framework, a project CMS also advised on at the time.

CMS devised bespoke mechanisms to seamlessly coordinate the scheduling and delivery of electricity and guarantees of origin from three geographically distinct DRI solar plants while addressing contingencies and risks across their development, construction, and operation.

CMS also advised DRI on transaction structuring, interface risks, regulatory and commercial alignment, security arrangements, financing implications and cross-chain risk mitigation. The complexity was further compounded by the need to design, negotiate, and finalise these intricate arrangements within an accelerated timeframe and in close collaboration with DRI’s in-house legal, commercial and financial teams.

Under the terms of the transaction, the delivery of electricity will commence in January 2026, with OMV Petrom set to acquire (in varying permutations) 62% of the electricity generated by DRI’s Glodeni I and Glodeni II solar projects; the purchase of 50% of the output from DRI’s Vacaresti solar project will commence in January 2027. The combined capacity of the projects is 239 MW.

In total, the PPAs account for approximately 100 GWh of annual electricity generation, over an 8.5-year period.

Varinia Radu, head of the Energy and Climate Change Romania and deputy head of CEE EPC says: “We are delighted to have had this opportunity to work with DRI on these complex arrangements. As more renewables projects reach the construction phase and need to secure financing, we see more liquidity in the physical PPAs dealflow in our market. This transaction ranks among the most complex PPAs in Central and Eastern Europe to date, underscoring the growing sophistication of the Romanian electricity market.”

The CMS team was led by partner Varinia Radu, and included counsel Ramona Dulamea, senior consultant Filip Radu, with support from Ada Romanti (Energy).

***

About CMS

Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With 85 offices in 48 countries across the world and more than 6,300 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, February 10, 2025 – Deloitte Romania assisted UK-based property investment and management group M Core in the acquisition of a portfolio of seven strip malls in Romania from the Central and Eastern European property investor and operator MAS PLC. The transaction, valued at EUR 49 million, was signed at the end of 2024 and was finalized in January 2025, after obtaining the necessary approvals from the Competition Council and the Committee for Foreign Direct Investments in Romania.

Following this transaction, M Core expands its portfolio with a gross leasable area of 32,000 sq.m. The seven acquired malls are located in Fagaras, Focsani, Gheorgheni, Ramnicu Sarat, Sebes, Slobozia and Targu Secuiesc. M Core includes as partners LCP, Sheet Anchor, Proudreed and Evolve Estates, as well as Square 7, the latter representing the Romanian joint venture formed alongside Square 7 Properties.

Deloitte Romania provided assistance to M Core Group in the financial due diligence stage of the transaction, through a team of financial consultants consisting of Radu Dumitrescu, Partner-in-charge, Vlad Balan, Director, Sorin Rugina and Laura Necsuliu, Managers, Sorin Vinatoru, Senior Associate, Daniel Mircia and Elena Becheanu, Associates.

“We are proud to assist a prominent investor such as M Core Group in their ambitious growth agenda of expanding their European presence, through an additional acquisition on the Romanian market. This transaction further proves that retail remains an attractive asset class, with several other transactions being expected in the market in the course of the year,” said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

Set up in 1987, M Core Group now operates in the United Kingdom, France, Germany, Poland, Romania and Spain. It owns a combined portfolio of over 1,300 retail, industrial, office and residential properties, worth GBP 6 billion. In December 2023, M Core Group finalized its first investment on the Romanian market, nearing EUR 219 million and consisting of 25 assets.

MAS PLC is a leading property investor and operator focused on retail properties in Central and Eastern Europe (CEE). It was established in 2008 and owns assets in Romania, Bulgaria and Poland.

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

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

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

Bucharest, February 7, 2025 - Almost 90% of commercial real estate companies (commercial spaces, business centers and office, logistics premises) expect their revenues to increase in 2025, but remain cautious about the changing market conditions, and 60% anticipate an annual growth of more than 5%, after two consecutive years in which most participants expected revenue declines, according to Deloitte 2025 Commercial Real Estate Outlook. At the same time, more than 68% of participants (compared to 27% last year) expect real estate fundamentals to improve across areas such as cost of capital, capital availability, property prices, transaction activity, rental growth, and vacancies.

In these conditions, the budget pressure is also decreasing this year – only 7% of participants expect further cutbacks in spending, compared to almost 40% a year ago. Most respondents (81%) identified data and technology as the areas where they are most likely to focus spending for the coming years, perhaps encouraged by the emergence of generative artificial intelligence (Gen AI).

Regarding the top three macroeconomic trends that could have the greatest impact on their financial performance for this year, the participants in the study identified high interest rates (up from third place last year), followed by cyber risk (down from first place), changes in tax policies (up from 14^th) and cost of capital (up from fifth last year).

"Real estate companies' concern about elevated interest rates is not about further rate increase this year compared to previous years, but rather about the probability of facing a high-rate environment for a longer period, compared to the record low-rate levels from the prior decade. Consequently, real estate players have to adapt their business model to the new reality in the financial market and diversify their sources of financing. Technology investment, mentioned by most participants as the main spending focus in 2025, could be directed, among other things, to the buildings’ energy efficiency, making them eligible for more cost-effective green financing. At the same time, «greening» such assets has the potential to meet both higher investment returns and climate objectives," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal, and Real Estate Industry Leader at Deloitte Romania.

According to the study, sustainability evolves from being compliance-driven to having a financial impact, as firms also look for short-term financial returns and long-term benefits. In this context, companies are paying more attention to deep energy retrofits - 76% of participants plan to undertake such operations this year.

The top of assets considered the most attractive to investors has also changed significantly this year. The industrial and manufacturing rank first (up from sixth place last year), assets associated with the digital economy (data centers, mobile towers, etc.) fell to second place, followed by multifamily buildings (up from ninth place), logistics and warehousing (stagnant) and hotel and lodging assets (up from 12^th place).

The level of artificial intelligence (AI) adoption in commercial real estate is still in its infancy, with 76% of survey participants claiming their organizations are either researching, piloting or in early stage of implementation of AI processes and solutions. Companies in early stages of AI adoption are primarily focusing on leveraging AI for accounting and reporting (37%), but also in financial planning and analysis (36%) and risk management and internal audit (34%). On the other hand, the most advanced in this process are prioritizing financial planning and analysis (43%), risk management and internal audit (37%) and property operations (35%).

The Deloitte 2025 Commercial Real Estate Outlook study was conducted among approximately 900 commercial real estate companies with assets of over $75 million each, across three regions: Europe (France, Germany, the Netherlands, the United Kingdom, and Spain), North America and Asia-Pacific.

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

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

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

The successful completion of the transaction through which American investment funds Blackstone and HPS Investment Partners invested €1.3 billion in the Superbet Group, founded in 2008 by entrepreneur Sacha Dragic, marks a crucial moment in the Romanian company’s strategy to continue its impressive development efforts in the international entertainment and technology market.

The Bulboacă & Asociații team provided legal assistance to Superbet throughout the entire process, including structuring and finalizing the legal documentation and negotiating contractual terms in accordance with Romanian law.

This transaction strengthens Superbet’s partnership with Blackstone, which invested €175 million for a minority stake in 2019, and introduces a new strategic investor, HPS Investment Partners. Since then, Bulboacă & Asociații has been assisting the Superbet Group regarding the transaction's implications under Romanian law and continues to support the company in all subsequent financing stages.

"This refinancing represents a defining moment in Superbet's evolution, and we at Bulboacă & Asociații believe it has the potential to set a new standard for private financing in Romania. We think it is fair to highlight that this type of sophisticated mandate brings a great deal of responsibility, considering its macroeconomic impact, and it serves as concrete proof of the trust that financial giants have in our client’s formidable growth. It perfectly aligns with the values our firm strongly believes in,"* stated Cătălin Petrea, Deputy Managing Partner at Bulboacă & Asociații.

The funds allocated from this refinancing agreement will be directed towards technology innovation projects, Superbet’s development, and international expansion, with a particular focus on the Brazilian market and merger and acquisition opportunities.

The complexity and sensitivity of the transaction are also reflected in the full panel of international specialists involved. Superbet was financially advised by Morgan Stanley and Stifel Financial Corp, while International legal consultancy was provided by Herzog Fox & Neeman, Sidley Austin LLP, and Loyens & Loeff Luxembourg SARL. 

Blackstone benefited from financial consultancy from Citi and legal assistance from Simpson Thacher & Bartlett LLP. HPS Investment Partners was legally advised by Milbank LLP.

Bucharest, 11 February 2025 – Wolf Theiss has successfully advised the founders of Embryos Fertility Clinic S.R.L., a leading Romanian in vitro fertilisation clinic, on the sale of the majority stake to Integral Capital Group, a leader in pan-regional private equity investments. The transaction, closed on 31 January 2025, marks a strategic milestone in an emerging sector within the Romanian market.

The founders of Embryos Fertility Clinic S.R.L., Dr Andreea Carp-Veliscu, Dr Ionela Anghelescu and Dr Tarig Massawi, renowned specialists in human reproduction medical procedures, sold a majority stake in the company to Integral Capital Group. The transaction opens a new chapter in the company's growth, built on the dedication and expertise of its founders.

Wolf Theiss' Corporate/M&A team, led by Partner Ileana Glodeanu and Counsel Luciana Tache provided comphrehensive support to the founders throughout the competitive sale process. This included guidance during the investors' due diligence process, advice on the transactional documentation and the successful negotiation and closing of the deal.

The team involved in the transaction included Associates Marius Moldoveanu, Ruxandra Niţu and Elena Drăgan (Corporate/M&A), Partner Anca Jurcovan and Associate Claudia Andreescu (Competition & FDI), Senior Associate Ioana Iacob (Employment), Counsel Flavius Florea (TMT, IP & Data Protection), and Associate Ana-Maria Mustățea (Real Estate & Construction).

"Over the last few years, Wolf Theiss lawyers have advised on some of the largest transactions in the Romanian market involving local entrepreneurs. We are particularly proud to have supported the founders of Embryos Fertility Clinic and contributed to the successful outcome of this partnership", says Ileana Glodeanu, Partner and Head of the Corporate/M&A practice at Wolf Theiss Romania.

"This partnership opens new opportunities for Embryos Fertility Clinic which will be explored and capitalised on following closing. We are grateful for the amazing dedication of Wolf Theiss' team, who have expertly navigated us through the transaction and provided insightful advice on strategic matters. Their expertise was essential to the success and swift closing of the transaction." declares Ionela Anghelescu, Co-Founder Embryos Fertility Clinic.

Other advisors to the founders of Embryos Fertility Clinic S.R.L. on this transaction included Alexandru Rus from Rothschild, and Cosmin Comşa and Mircea Floares from KPMG Romania.

About Wolf Theiss

Founded in 1957, Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe (CEE/SEE). We have built our reputation on unrivalled local knowledge which is supported by strong international capabilities. With 390 lawyers in 13 countries, over 80% of the firm's work involves cross-border representation of international clients.

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

Beyond the fines that can be imposed by state authorities, failure to comply with cybersecurity rules can expose critical and important entities to claims from injured parties.

More on the objectives and novelties brought by Emergency Ordinance No. 155/2024 on the establishment of a framework for cybersecurity of networks and information systems in the national civil cyberspace, in a recent article written by Daniel - Alexandru Aragea – Partner, STOICA & ASOCIAȚII.

Bucharest, February 2025: Developers completed new projects with a leasable area of 572,000 sq. m across the country in 2024, reflecting a 27% growth when compared with 2023, while the total industrial & logistics stock in Romania reached almost 7.6 million sq. m at the end of Q4. The development activity returned to growth during 2024, after a year (2023) which witnessed a 46% y-o-y decrease of the new supply, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

Bucharest had the highest share of the newly completed projects in 2024 - 152,500 sq. m (27% of the national new supply), followed by Ploiesti with 127,200 sq. m (22%) and Brasov with 76,600 sq. m (13%).

The current under construction pipeline is of around 228,000 sq. m, but we estimate that the 2025 completions will exceed this level, given that developers have significantly reduced the number of speculative projects, while generally starting construction after having secured a series pre-lease agreements.

The Bucharest – Ilfov region has the largest share of spaces under construction (98,000 sq. m), with pipelines of 22,000 and 20,000 sq. m being recorded in Arad and Baia Mare respectively.

In terms of demand, the Q4 leasing volume was of 268,300 sq. m, 64% higher than in Q3, when only 164,000 sq. m were transacted. Overall, the 2024 activity reached 842,800 sq. m, corresponding to a 16.8% drop vs. 2023, while the net take-up had a share of 62% in the overall leasing volume throughout the year.

Retail and FMCG companies were the most active players on the market, followed by production, automotive and logistics & distribution operators.

The overall vacancy rate slightly increased to a level of 4.9%, but a downward movement is expected in 2025 due to the limited number of speculative projects under construction.

Ștefan Surcel, Head of Industrial Agency Cushman & Wakefield Echinox: "The Romanian industrial & logistics market is going through a period of stabilization, with an increasing number of deliveries and with solid demand from retail, FMCG and manufacturing companies. Despite a slight rise in vacancy, the outlook for 2025 remains optimistic, as the positive economic evolution, with GDP growth and declining inflation, creates a favorable environment for continued development in this sector."

The prime headline rents in Bucharest and in the main industrial & logistics destinations in Romania have generally remained flat, ranging between €4.20 - 4.70/ sq. m/ month in Q4 2024, with lower asking rents in locations with higher vacancy rates. Rents are expected to remain relatively unchanged going forward, with increases only being predicted for new developments, mainly as a result of the rising construction costs and land acquisition prices.

KEY CONSTRUCTION COMPLETIONS 2024 (SELECTION)

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in 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.

Bucharest, 12 February 2025 – Nhood Romania, an integrated real estate services and solutions company, reported revenue exceeding 10 million euros in 2024, marking a 10% increase compared to the previous year. At the same time, the company’s net profit grew by 63% year-over-year, leveraging a diversified portfolio and operational efficiency.

“In 2024, Nhood Romania continued to expand its portfolio by diversifying the projects managed and increasing the number of clients outside the group’s portfolio. Ceetrus remains our primary client, but we have also successfully secured seven new mandates with third-party clients. This growth strategy, established at the end of 2023 and implemented throughout 2024, has already delivered results that exceeded expectations,” stated Elena Bocan, Head of Market & Resources & Fund Investment, Nhood Romania.

Nhood Romania has broadened its service offering, and as of 2024, it provides ESG consulting through the Energy Sobriety, Green Lease, and Carbon Footprint Program, as well as advisory and consulting services in entertainment, food & beverage, and franchising. Additionally, the company has expanded its Capital Market services, including financial advisory and consultancy for credit structuring and funding solutions provided by financial institutions.

Among the new clients that joined Nhood Romania’s portfolio in 2024 are Urbano Cluj and Lagardère (for leasing services), a key player in the entertainment industry (for entertainment consulting and advisory), MADEX (for real estate development and project management services), and Spartan (for international expansion and franchise services).

Additionally, the company oversaw the development of the commercial area within the Coresi district in Brașov, which remains the largest urban regeneration project in Romania and is exclusively managed by Nhood Romania on behalf of its client, Ceetrus. As part of this project, Nhood Romania provided end-to-end real estate services, from concept design to the commercialization of retail space for the newly opened Decathlon store—the first in Romania to adopt the brand’s new global concept—as well as for Farmacia Tei and Bebe Tei. The stores, spanning a total area of over 7,000 sqm (2,050 sqm for Bebe Tei, 856 sqm for Farmacia Tei, and 4,300 sqm for Decathlon), were developed and delivered as turnkey projects, designed to offer visitors a modern, interactive, and innovative shopping experience.

According to Nhood Romania, prospective tenants are increasingly seeking flexibility and sustainability in the spaces they lease.

In the office building sector, companies require spaces that are adaptable to new ways of working, equipped with modern, energy-efficient amenities, and compliant with sustainability standards. Integrated technology and flexible collaboration areas are also in high demand, particularly within the creative and IT industries.

In the retail sector, there is a growing demand for shopping centers that provide a comprehensive retail experience, combining shopping, entertainment, and wellbeing. One notable example is Coresi Shopping Resort, where Nhood Romania has achieved significant success in the leisure and food court areas, which deliver a high-quality customer experience.

“While safety was once an implicit concern before the pandemic, it has now become a top priority for consumers. Additionally, customers are increasingly drawn to modern, comfortable, and visually appealing spaces where they can spend quality time with family and friends. We are also witnessing a growing interest in leisure and well-being experiences. This is why, at Nhood Romania, we focus on optimizing the commercial mix of the shopping centers we manage through an integrated leasing, property, and asset management strategy. We prioritize partnerships with brands in the health, fitness, and nutrition sectors, ensuring an offering that aligns with evolving consumer expectations and delivers a distinctive experience within shopping centers,” stated Gabriela Piștalu, Head of Property & Asset Services at Nhood Romania.

For 2025, Nhood Romania aims for a 22% revenue growth, driven by new client acquisitions and the expansion of its service portfolio, with a heightened focus on ESG initiatives and the implementation of sustainable solutions and green lease practices for its clients.

At the same time, the company will continue integrating ESG principles across all its projects, contributing to a more sustainable environment and enhancing the quality of life in the communities where it operates.

Additionally, Nhood Romania plans to finalize the development and promotional projects managed for its client Ceetrus within Coresi, Brașov. These include the U1 office building, offering 10,500 sqm of Class A office space. Ceetrus has already financed a total GLA of 60,000 sqm of office space, while Nhood Romania ensures the management of these real estate assets. The office building is designed to meet the growing demand from IT and manufacturing companies that have expanded their operations in Brașov. In addition to its state-of-the-art facilities, the building will adhere to the highest sustainability standards. It will feature integrated photovoltaic panels and energy efficiency solutions, contributing to a reduced carbon footprint and fostering a sustainable and employee-friendly work environment.

The successful completion of these objectives will be supported by an integrated strategy that combines Nhood Romania’s real estate expertise, innovative solutions, and strategic partnerships with both local and international stakeholders.

About NHOOD SERVICES ROMÂNIA:

Nhood Services Romania is a dynamic real estate services company specializing in community engagement, mixed-use project operations and commercialization, asset management, and the development of sustainable and urban regeneration projects. Acting on behalf of asset owners, it offers a comprehensive range of services from retail and residential to office spaces and community hubs, with the goal of transforming existing spaces into vibrant and attractive places with a positive impact on the environment, society, and economy.

Nhood operates across three business lines: Property & Asset Services, Resources & Fund Investment, and Development, as part of the Ceetrus and Nodi ecosystem. In Romania, the company manages 25 mandates for retail and office spaces (including leasing), a business park – Coresi Business Campus, a residential project – Coresi AvantGarden, and 23 retail locations nationwide, all Auchan shopping centers, including Coresi Shopping Resort. Nhood collaborates with over 15 clients, including Ceetrus and Auchan, and oversees Cartierul Coresi, the largest urban regeneration project in Romania.

Nhood brings together the real estate expertise of over 1,300 professionals across 11 countries to regenerate and transform an initial portfolio of nearly 300 shopping centers across Europe, with a potential for 30,000 housing units within 40 real estate projects. The assets under Nhood’s management are valued at over 8 billion euros.

20 Romanian entrepreneurial companies, with a combined turnover of EUR 2.7 billion in 2023 and a total of 9,204 employees, received the Deloitte “Best Managed Companies” certification for managerial performance analyzed against international best practices, at the end of the third edition of the Best Managed Companies Romania program, organized by Deloitte in partnership with Banca Transilvania (BT), the Black Sea Trade and Development Bank (BSTDB), the European Bank for Reconstruction and Development (EBDR) and the Bucharest University of Economic Studies (ASE). At this edition, the program attracted 113 local companies, of which 30 reached the main stage, that of the workshops and interviews held alongside mixed teams of experts appointed by Deloitte and the partner organizations, in the form of an exercise of analysis and self-analysis of business processes, structured in four pillars – strategy, culture and engagement, innovation and resources, and governance and financial aspects.

The companies that received the “Best Managed” certification for the first time at this third edition of the program are Agexim Transport & Logistics (active in commercial transports, established in 2021, with 615 employees and a turnover of EUR 33.5 million in 2023), Christian’76 Tour (active in tourism, established in 1997, with 311 employees and a turnover of EUR 126.5 million in 2023), Compexit Grup (active in automotive, established in 1995, with 105 employees and a turnover of EUR 47.2 million in 2023), IRUM (producer of machinery for agriculture and forestry, established in 1953, with 376 employees and a turnover of EUR 27.6 million in 2023), Perla Harghitei (active in mineral water bottling, established in 1990, with 265 employees and a turnover of EUR 30.5 million in 2023) and Temad Co (active in non-specialized trade, established in 1994, with 257 employees and a turnover of EUR 48.3 million in 2023).

The category of re-certified companies was opened by Celco (producer of construction materials, established in 1973, with 280 employees and a turnover of EUR 42.5 million 2023) and Lidas (active in the food industry, established in 1993, with 611 employees and a turnover of EUR 33 million in 2023), both having received the program certification for a third consecutive year, while 12 other companies received their second certification: Agricola International (active in the food industry, established in 1992, with 2,036 employees and a turnover of EUR 156.6 million in 2023), Arobs Transilvania Software (software producer, established in 1998, with 1,202 employees and a turnover of EUR 86.3 million in 2023), Bog’Art (active in construction, established in 1991, with 444 employees and a turnover of EUR 170 million in 2023), Cemacon (producer of construction materials, established in 1969, with 409 employees and a turnover of EUR 35 million in 2023), Dicor Land (active in agriculture, established in 2011, with 73 employees and a turnover of EUR 28.8 million in 2023), Eturia (active in tourism, established in 2006, with 80 employees and a turnover of EUR 28.8 million in 2023), OSCAR Downstream (active in the oil and gas sector, established in 2001, with 507 employees and a turnover EUR 1.47 billion in 2023), Phylosophy Design - Rovere (active in the field of furniture and interior design, established in 2005, with 180 employees and a turnover of EUR 30.8 million in 2023), RTC Proffice Experience (active in the field of office items and equipment distribution, established in 1994, with 196 employees and a turnover of EUR 40.8 million in 2023), Safeway International Impex (active in the trade of food and non-food products, established in 1994, with 182 employees and a turnover of EUR 34 million in 2023), Simtel Team (with business in telecom, established in 2010, with 130 employees and a turnover of EUR 58 million in 2023) and TeraPlast (active in the field of polymer processing, established in 1896, with 945 employees and a turnover of EUR 135.8 million in 2023).

The initial selection of participants in the third edition of the Romania Best Managed Companies program was made based on the application forms, taking into account the eligibility criteria, among which a turnover of at least EUR 25 million in 2023, and during the main phase 107 representatives of the management teams of the 30 companies that had been accepted, together with 47 facilitators from Deloitte, Banca Transilvania and the Black Sea Trade and Development Bank held over 345 hours of workshops and interviews. At the end of this stage, the program's independent jury, which included Victoria Zinchuk, Country Director of the European Bank for Reconstruction and Development (BERD), Radu Hanga, President of the Bucharest Stock Exchange (BVB), Cristian Popa, Member of the Board of Directors of the National Bank of Romania (BNR), Cristian Nacu, Senior Country Officer, International Finance Corporation (IFC), and professor Nicolae Istudor, Rector of the Bucharest Academy of Economic Studies (ASE), analyzed the conclusions of the workshops and interviews, and decided which are the companies whose organizational and managerial practices are best aligned with the international Best Managed Companies standard.

“Best Managed Companies has reached its third local edition, a landmark-moment, which, in addition to objective growth indicators – an initial selection pool that reached 113 companies, an admission threshold starting from 25 million euros in turnover – also brought validation from the increasingly numerous companies who chose to re-enroll and resume this deliberate exercise of self-analysis, persisting in their search for business performance beyond numbers as well. We therefore have a growing community, with professional guidance from our partners, Banca Transilvania, our ally since the first local edition of the program, as well as BSTDB, EBRD and ASE, who joined Deloitte Private in the ambitious endeavor of inspiring entrepreneurs to structure their business strategies and processes, including in terms of access to financing, listing on the stock exchange or succession. I congratulate all participating companies, including those who did not succeed in obtaining the certification; the program is precisely about improving performance from year to year, and international experience shows that repetitive participation increases the chances of certification. I would like to thank the program partners and jury members and, on behalf of the project team, I look forward to welcoming them all at the next edition of Romania Best Managed Companies”, said Andrei Burz-Pînzaru, Partner, Deloitte, leader of the Deloitte Private Program in Romania.

Best Managed Companies is one of Deloitte's longest-running international programs, held annually since 1993, in more than 45 countries on all continents, which analyzes, based on its own methodology, against international best practices, the way the business is organized and managed. The first edition in Romania took place in 2022.

The Best Managed Companies initiative is run under the umbrella of Deloitte Private, Deloitte's program for private companies of all sizes, including local entrepreneurs, SMEs, start-ups and family businesses.

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

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

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

Confidence in growth among global CEOs is increasing despite complex geopolitical and macroeconomic challenges, according to the latest EY-Parthenon CEO Outlook Survey: Global Confidence Index, which evaluates the optimism levels of 1,200 global business leaders based on 15 “Confidence Index" measures. The latest survey data was recorded after the 2024 US election and offers insights on leaders’ expectations for future growth and long-term value creation at many of the world’s leading companies.

Rapid technological advancements, evolving sustainability agendas and geopolitical tensions – which 49% of CEO respondents believe will further escalate in 2025 – are making corporate decisions more complex. However, the survey finds that overall CEO confidence has steadily increased to 73.5% (up from 70.5% in September 2024), with transformation at the heart of their ambitions. At the same time, more than half of CEO respondents (57%) are very confident they can successfully reimagine their business model for the future through transformation – which the report states will define the leaders and laggards of tomorrow.

Janet Truncale, EY Global Chair and CEO, says:

“Adaptability is the ultimate advantage in today’s landscape. Organizations that embrace transformation can turn disruption into opportunity, continuously learning, pivoting and growing to shape their future with confidence. The survey reveals that the most confident CEOs are taking a long-term approach to transformation, focusing on enhancing customer and employee engagement amid macroeconomic and technological shifts, and always placing humans at the center as the best path to sustainable value creation.”

The survey highlights that strategic vision and investment in people – including upskilling employees to keep pace with technological innovation – are considered essential levers for growth. Eighty-five percent of global CEO respondents believe that addressing capability gaps and striking the right balance between human talent and new technology will be a crucial driver for success in the year ahead. However, caution remains around the talent landscape, with 42% of CEO respondents indicating that declining profitability could lead to workforce reductions.

Notably, the most confident CEOs are likely to aim for better employee and customer experiences through transformation (60% vs. 30% of the least confident CEOs), while the least confident CEOs focus on improving top-line growth and margin expansion (40% vs. 20% of the most confident CEOs).

2025 set to be a bumper year for dealmaking

The overall appetite among global CEO respondents for mergers and acquisitions (M&A) in the next year has increased significantly, rising to 56% from 37% in September 2024 – the Outlook Survey’s highest deal ambitions for almost two years. This signals that a strong rebound is on the horizon for deals in 2025, continuing the upward trend of resilient M&A activity recorded in 2024. Notably, the most confident CEO respondents are significantly more focused on pursuing M&A in the next 12 months than the least confident CEOs (70% vs. 17%). Overall, 96% intend to pursue transaction initiatives over the next 12 months (M&A; divestments, spin-offs or IPOs; and joint ventures or strategic alliances).

There are also indications that 2025 could see an uptick in megadeals, with 60% of global CEO respondents expecting to see an increase in deals more than US$10b. Nearly half of CEO respondents are also looking to sell assets, with 48% planning a divestment or carve-out, up from 44% in September 2024 – adding further momentum to the deal market in the year ahead.

Andrea Guerzoni, EY Global Vice Chair – Strategy and Transactions, says:

“The rationale for M&A is strong. Digital transformation remains a critical driver of deal strategies, with artificial intelligence (AI) capabilities increasingly driving corporate acquisition strategies. At the same time, defensive consolidation helps companies build operational and competitive resilience. Cost synergies become more compelling in challenging economic environments. Activist investors continue pushing for strategic portfolio optimization and more accommodative credit conditions have improved M&A financing.”

The survey reveals that US, Canada and Mexico are among the top five hotspots for global investment in 2025, which could help global companies navigate potential tariffs from the US. Germany and the UK round-out the top five investment hotspots. From an industry perspective, real estate, technology, consumer products are the top three M&A destinations.

Guerzoni says: “CEOs across the globe are adapting to a new normal of complex change. By adopting a transformation mindset with M&A as a key catalyst, the most confident CEOs will mitigate disruption and drive sustainable growth in 2025.”

About EY Romania

EY is one of the world's leading professional services firms with 392,995 employees in more than 700 offices across 150 countries, and revenues of approx. US$51.2b in the financial year that ended on 30 June 2024. 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 1000 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

About the survey

On behalf of the global EY organization, in November and December 2024, FT Longitude, the specialist research and content marketing division of the Financial Times Group, conducted an anonymous online survey of 1,200 CEOs from large companies around the world that aims to provide valuable insights on the main trends and developments impacting the world’s leading companies as well as business leaders’ expectations for future growth and long-term value creation. Respondents represented 20 countries (Brazil, Canada, Mexico, the US, Belgium, Luxembourg, the Netherlands, France, Germany, Italy, Denmark, Finland, Norway, the United Kingdom, Australia, China, India, Japan, Singapore and South Korea) and five industries (consumer and health; financial services; industrials and energy; infrastructure; technology, media and telecoms). Surveyed companies’ annual global revenues were as follows: less than US$500m (20%), US$500m–US$999.9m (20%), US$1b–US$4.9b (30%) and greater than US$5b (30%).

The CEO Confidence Index is a measure of executives’ outlook on the macroeconomic environment and company performance, derived from data collected as part of the EY-Parthenon CEO Outlook Survey. CEOs rated their outlook on 15 statements using a 5-point scale ranging from "very pessimistic" (0) to "very optimistic" (100). These responses were categorized into five thematic groups: sector growth; prices and inflation; company growth; talent; and investment and technology. Higher Index values indicate a more positive sentiment regarding the future state of the economy and their businesses. An index of 100 is fully optimistic, 50 is neutral, and 0 is fully pessimistic.

Bucharest, February 2025: Cushman & Wakefield Echinox real estate consultancy company assisted Kinstellar throughout the entire process of relocating its Bucharest office to Globalworth Tower, providing consultancy services for the sale of the firm’s former headquarters in the city center, while also offering project management assistance for the setup of the new office space.

Kinstellar’s decision to relocate came in the context of a significant expansion of its team, following the acquisition of Noerr’s operations in Romania. This expansion required a space that could accommodate the entire team in a modern, efficient office, meeting the highest technical and sustainability standards.

This complex process began in 2024 and was completed at the beginning of this year, a process which required the involvement of 3 different departments within Cushman & Wakefield Echinox, ensuring a smooth and efficient relocation for Kinstellar by providing an integrated solution.

Victor Constantinescu, Managing Partner of Kinstellar România: “With our recent team expansion, we felt the need for a space that reflects Kinstellar’s growth and dynamism. Our new location in Globalworth Tower offers us not only more space, but also a modern working environment. This is a natural step in strengthening our presence on the Romanian market and continuing our development as a top law firm. With the integration of Noerr’s operations, we have also expanded our range of services with a new division dedicated to tax, financial and state aid consultancy.”

The Capital Markets team, represented by Mihaela Pană (Partner Private Investments) provided consultancy for the sale of the historical building previously owned by Kinstellar. Located in the ultra-central area of Bucharest, near Calea Victoriei, it served as Kinstellar’s headquarters for over 17 years. The decision to relocate was driven by the significant growth of the team, with the management opting for a larger and more efficient space.

Mihaela Pană, Partner Private Investments Capital Markets Cushman & Wakefield Echinox: “Unlike most law firms in Romania, Kinstellar was the long-term owner of this remarkable villa. Selling such properties can be challenging due to their listed-building status and, in this case, the need to time the transaction with Kinstellar’s integration of Noerr team as well as the relocation to the new space. I am pleased that we found a buyer and the perfect solutions to coordinate all these aspects. Located in the immediate vicinity to Calea Victoriei, a highly dynamic area undergoing significant transformation, the property represents a unique investment opportunity due to its location, architecture and structure. It includes a refurbished and well-preserved historical villa, along with a modern office building seamlessly integrated into the area’s architectural landscape.

Monica Vasile (Director Office Agency) and David Stănescu (Senior Broker Office Agency) provided strategic consultancy in identifying the best solution for the office relocation, working closely with Kinstellar’s representatives in order to find a space which would support both the operational needs of the expanded team and the high standards of design and efficiency desired by the firm.

Monica Vasile, director Office Agency Cushman & Wakefield Echinox: “Kinstellar needed a larger office which is more efficient and has the best technical and sustainability specifications. The challenge was to find a space which could meet all these requirements while also being located in a landmark building. This multidisciplinary approach allowed us to optimize every stage of the relocation process."

Rareș Mușat (Project Manager), Sorina Schedlinscky (Architect) and Andrei Ianculescu, (Head of Project & Development Services) were part of the team responsible for conducting the technical analysis of the buildings considered during the selection process for the new headquarters. They ensured that the new space met Kinstellar’s operational needs as well as its design and functionality requirements.

Rareș Mușat, Project Manager Cushman & Wakefield Echinox: “The Project & Development Services team played a crucial role in transforming the new space in Globalworth Tower into an ideal environment for Kinstellar's operations, by efficiently coordinating the fit-out process. Through the careful management of all stages - from planning & design to project completion - the team contributed to cost and time optimization, ensuring a seamless transition and a workspace perfectly tailored to the tenant's requirements.

Kinstellar leased 2,000 sq. m in Globalworth Tower, a landmark building located in the Floreasca - Barbu Văcărescu area, one of Bucharest's most important business hubs.

Kinstellar is a regional law firm with offices in Central, Eastern, and Southeastern Europe, as well as Central Asia. With offices  in 12 jurisdictions and a team of over 400 local and international lawyers, Kinstellar provides integrated legal advisory services across diverse markets, covering key areas such as financial law, competition, data protection, litigation, mergers & acquisitions, and employment law. The firm assists clients in strategic sectors including automotive, retail, energy, infrastructure, healthcare, real estate, and technology. Kinstellar’s Bucharest office is the largest in its network. In addition to legal advisory services, the local team also offers specialized tax and financial consultancy, supporting clients with tailored solutions for financing structures, tax optimization, and state aid projects.

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in 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.

Forvis Mazars Group, the international audit, tax and advisory services partnership, releases today its annual CEE M&A report, prepared in association with Mergermarket. It reveals that dealmaking in the CEE region suffered a decline in overall deal value, although a marginal rise in deal volume shows the market’s underlying robustness.

The Investing in CEE: Inbound M&A report 2024/2025 study, offers an overview of M&A activity in the region in 2024 and looks ahead to the challenges and opportunities in the coming months.

Overall, the CEE region saw 1,270 transactions in 2024, amounting to a combined value of €27.4bn, according to the reported data and taking into account the criteria set out in the methodology. Though the latter represents a 30% year-on-year decline in value terms, deal volume proved resilient with a 3% uptick compared to 2023.

Despite tougher conditions, particularly in sectors such as automotive and real estate, the M&A market in CEE has yet to witness a torrent of distressed deals.

“We are prepared for a restructuring cycle, but it still hasn’t happened. Most of the activity still revolves around growing, buying, and selling businesses”, says Andrija Garofulić, Partner, Financial Advisory, Forvis Mazars in Adria subregion. “But if instability continues, we may see distressed opportunities and restructurings over the next 12 months.”

Private equity (PE) dealmaking in CEE was also somewhat muted in 2024. Indeed, buyout volumes have fallen consistently in the region since 2021, with 160 announced in 2024, down 2% from 2023. Total buyout value, meanwhile, followed the same up-and-down trend that has been observed in the region for most of the last decade. The 160 buyouts announced in 2024 were worth a combined €5.6bn, down 18% compared to 2023 but comfortably ahead of 2022’s total (€4.4bn).

Despite the subdued year-on-year value totals, there are reasons to keep an optimistic outlook about the PE arena’s potential in CEE, spurred by broader European interest and financing in the region. “European fundings have helped to create new opportunities, giving confidence to PE funds to emerge and expand”, says Răzvan Butucaru, Partner, Forvis Mazars in Romania. “Investors and companies are more confident when a fund has already gone through a rigorous due diligence process to obtain financing. This will develop the region, boost local entrepreneurs’ confidence, and help them build more mature businesses.”

Looking ahead, the major headwinds in 2025 are likely to be political as much as economic. Europe, and not just the CEE region, faces a number of consequential elections in the upcoming months that could result in far-reaching political changes.

But there are tailwinds, too. The dialling down of conflicts in Ukraine and the Middle East is likely to boost confidence, particularly among inbound acquirers. And, perhaps paradoxically, global trade tensions could even accelerate the renaissance of manufacturing in the CEE region.

“Everyone is talking about trade wars with China. CEE is a natural place for manufacturing in Europe and at least part of this is being transferred back into our region”, says Garofulić.

Growth projections for the CEE region in the year ahead are still positive, outpacing even those of neighbouring Western Europe. Meanwhile, there are signs that looser monetary policy is helping to break the logjam of deals delayed by disagreements over valuations.

Further key findings from the report include:

·         Regional hotspots. Poland, Austria, and Romania were the CEE region’s top M&A deal generators in terms of volume in 2024, a pattern that has remained unchanged over the past three years.

In terms of aggregate deal value, Hungary took the top spot with transactions totalling €6.5bn, followed by Poland (€5.8bn) and Austria (€4.9bn), though most of Hungary’s aggregate deal value was generated by just two large transactions.

 

·         Sector focus. Innovative tech and sturdy industrials assets were the top attractions for inbound dealmakers in 2024. The technology sector generated the greatest number of deals, contributing a grand total of 216 transactions (representing 17% of all activity), of which nearly two-thirds (133) were led by bidders from outside the region.

After technology, the next biggest contributor to inbound M&A was the industrials sector, with a total of 82 deals by non-CEE acquirers.

 

·         Deal multiples among lowest on recent record. The median EV/EBITDA deal multiple for the CEE region (across all sectors) was 6.7x in 2023/24, according to Mergermarket data. This compares with 9.4x for the rest of Europe, though the gap between those multiples has narrowed over the last three years.

Interestingly, CEE’s median EV/EBITDA multiple was up in 2023/24 compared to the preceding period, when it was 6.1x. By contrast, the enterprise multiple for the rest of Europe is down, sliding by more than two turns of EBITDA versus 2022/23.

Romania continues to cement its position as the third most preferred destination for investment in Central and Eastern Europe (CEE), demonstrating resilience in a shifting market landscape

Romania has not only held its ground but continues to shine as the third most sought-after destination for investment in Central and Eastern Europe. With 138 deal announcements in 2024, the country has seen a 6% increase in deal volume from the previous year, reaffirming its strong presence in the regional market. While the total value of these deals dropped by 41% to €2.4 billion, Romania’s ability to attract such deal flow speaks to its resilience and long-term potential. Despite the challenges, Romania remains a key investment hub, drawing both local and international players who continue to see the country as a vital part of CEE’s economic future.

„Looking at the bigger picture, the past few years have been truly positive for Romania. We have gained significant visibility among inbound investors, and it has been inspiring to see local companies grow and mature. What is especially exciting is the growing diversity of investors, the increased initiative, and the openness to exploring new sources of financing. These are clear signs that Romania is on the right track, and they give us every reason to be optimistic about the future.”, added Butucaru.

While technology remained a key sector in Romania’s M&A activity in the prior year, 2024 saw a significant shift towards energy and utilities, reflecting the growing importance of sustainability and renewable energy in the region’s future. Energy and utilities accounted for one in five of Romania’s M&A transactions, with many of these deals involving inbound acquirers from outside the CEE region, signalling a growing international interest in the sector.

„Romania’s largest energy and utilities deal in 2024 (and the sixth-biggest deal overall in the CEE region) saw Greek state-owned utility Public Power Corp acquire a portfolio of renewable energy assets from Evryo Power - which is owned by funds managed by Macquarie Asset Management – for a total enterprise value of approximately €700m. On the other hand, technology still remains a strong contender, with Romania's tech sector continuing to see solid M&A activity.”, mentioned Adrian Mihalcea, Director, Deal Advisory, Forvis Mazars in Romania.

With Romania on the cusp of major infrastructural and geopolitical milestones, the outlook for its M&A landscape remains robust. Full accession to the Schengen Area, effective since January 2025, will significantly enhance cross-border movement, making the country an even more attractive hub for international investors. Coupled with one of Europe’s most ambitious road-building programmes - nearly 800km of highways and express roads currently under construction - Romania is poised to further solidify its strategic position in Central and Eastern Europe. These developments not only promise to drive economic growth but also to foster an environment ripe for continued investment, innovation, and prosperity.

 The full report can be downloaded here.

###

 Contact(s)

Emilia Popa, Head of Marketing, Communication, and Business Development,

Forvis Mazars in CEE & in Romania
Emilia.Popa@forvismazars.com  / +40 741 111 042

 Mădălina Lazăr, PR & Corporate Communication Manager, Forvis Mazars in Romania

Madalina.Lazar@forvismazars.com / +40 763 385 622

About Forvis Mazars

Forvis Mazars is a leading global professional services network. The network operates under a single brand worldwide, with just two members: Forvis Mazars LLP in the United States and Forvis Mazars Group SC, an internationally integrated partnership operating in over 100 countries and territories. Both member firms share a commitment to providing an unmatched client experience, delivering audit & assurance, tax and advisory services around the world. Together, our strategic vision strives to move our clients, people, industry and communities forward.  

 Forvis Mazars is the brand name for the Forvis Mazars Global network (Forvis Mazars Global Limited) and its two independent members: Forvis Mazars LLP in the United States and Forvis Mazars Group SC. Forvis Mazars Global Limited is a UK private company limited by guarantee and does not provide any services to clients.

Visit forvismazars.com to learn more.

About Forvis Mazars in Romania

In Romania, Forvis Mazars has 30 years of experience in audit, tax, financial advisory, outsourcing, consulting, and sustainability. We empower over 370 people to deliver our promise to clients with confidence.

Visit forvismazars.com/ro to learn more.

Bucharest, February 21, 2025 – Deloitte Romania assisted the investment group Integral Capital Group in the acquisition of a majority stake in the in vitro fertilization (IVF) clinic Embryos, located in Bucharest. Following the transaction, concluded in February 2025, the three founding doctors of the clinic remain minority shareholders and members of the management team. The development stage subsequent to this acquisition involves expansion by opening new clinics in other large cities in the country, as well as their integration into a pan-regional specialized platform, which would include other entities that will be taken over in neighboring countries.

The acquisition marks the expansion of Integral Capital Group's portfolio in Romania, following the takeover of Medima Health imaging network and of the vending operator O'Fresh.

"The takeover of this top Romanian clinic marks an important moment for us. With the continued support of the founders, we are confident that we will strengthen the clinic's position in its market and will turn it into an anchor for our strategy to develop a regional IVF platform. We thank the Deloitte team, which acted as a trusted financial advisor in the various phases of the process, starting with the due diligence, then in the signing phase of the sale-purchase agreement and in the completion of the transaction, marking a new successful collaboration for an M&A transaction," said Evtim Chesnovski, Partner, Integral Capital Group.

The Deloitte Romania team involved in the project provided assistance to Integral Capital Group in the financial due diligence phase, as well as support services in the transaction, and was made of Radu Dumitrescu, Partner-in-Charge, Vlad Balan, Director, Silvia Stefan and Laura Necsuliu, Managers, as well as Andreea Dobrota, Associate.

"Beyond the excellent collaboration with the Integral Capital Group team, we are also excited about our involvement in this transaction considering what it represents for a local entrepreneurial business. The contribution of resources and of know-how from Integral Capital Group can take Embryos to the next level and turn it into a relevant player at regional level," said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

The transaction is financed through the NextGenerationEU program, with the financial support of the Government of Romania and the Government of Bulgaria, through the National Recovery and Resilience Plan.

Integral Capital Group, formerly known as Integral Venture Partners, specializes in private equity and growth capital investments in Central and South-Eastern Europe and in the Adriatic region. The fund focuses on small and medium-sized entrepreneurial companies with growth potential. The group has central offices in Budapest and Belgrade, as well as local infrastructure in London, Bratislava, Bucharest and Sofia.

Founded in 2018, the in vitro fertilization clinic Embryos reported a turnover of 6.5 million euros in 2023.

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

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

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

In 2024, almost half of the strategic investors involved in transactions on the local market were Romanians

The mergers and acquisitions (M&A) market in Romania recorded one of the highest levels in the last five years in 2024, according to an analysis conducted by Deloitte Romania. With 151 transactions of over 5 million euros, whose total estimated value is between 5.7 and 6.1 billion euros and 5.2 billion euros, without the mega-transaction through which PPC took over the renewable energy portfolio from Evryo Group, the local market last year approached the record level of 2022, when there were 155 transactions with an estimated total value of approximately 5.2 billion euros (excluding the two mega-transactions in 2022, which totaled 1.7 billion euros).

This level of activity consolidates Romania's second position in the top of the most active M&A markets in the Central and Eastern Europe (CEE) region, according to Mergermarket data analyzed by Deloitte Romania. Our country's share in the total number of transactions registered in the region increased from 15% (in 2023) to 17%, being surpassed only by Poland (41%, down from 44% in 2023) and followed by the Czech Republic (13%) and Hungary (9%). Compared to 2023, the number of transactions in Romania had the highest annual growth rate in the region, of 27%. For comparison, the average annual growth in CEE was 9% in 2024.

"The sustained growth rate of the M&A activity in Romania in 2024 strengthens our country's position in the region, narrowing the gap from the leader, Poland. It is also worth noting the maturing trend of the local market, visible in the increase in the number of high-value transactions, in the average value of transactions, as well as in the share of local investors involved in transactions. For 2025, we expect an evolution in the same direction of market maturation and one or two mega-transactions", said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

Excluding the mega-transactions (with values of more than 500 million euros), the average transaction value was 34 million euros in 2024, compared to 25 million euros in 2023.

The sector in which the most transactions were recorded in 2024 in Romania remains real estate and construction (28%). This is followed by energy (18%), consumer products (13%), industrial products and services (10%) and technology (7%). In terms of value, the energy sector is the leader, with 34% of the total market, followed by real estate and construction (22%), consumer products (14%), banking services and securities and industrial products and services (8% each).

Strategic investors continued to dominate the market in 2024, with a share increasing slightly from 87% (in 2023) to 89% of the total number of transactions. Of these, 44% were Romanians, a significant increase compared to the previous year (29%), and the transactions in which they were involved represent 32% of the market value, again, a considerable advance compared to 9% in the previous year.

"It is remarkable that Romanian strategic investors involved in M&A processes in 2024 represent almost half of the total number and almost a third of the total value of transactions with strategic investors, which indicates a maturing trend of local entrepreneurial businesses, which are now strengthening their market position through acquisitions," added Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

Among foreign strategic investors, those from Greece invested the largest amounts (13% of the value of the local market in 2024), followed by the British (5%), Czechs (5%) and Swiss (4%). When it comes to the number of transactions in which they were involved, investors from the US (7% of the market volume), Germany (5%) and UK (4%) also stand out.

Deloitte Romania coordinates a multidisciplinary M&A practice, with a holistic approach, which includes business lines such as M&A Strategy, Corporate Finance, Due Diligence, Post-Merger Integration, Tax Advisory and Legal Advisory. Thus, Deloitte's teams of professionals can cover all relevant aspects of a transaction.

Note: The analysis is based on information collected from public sources and updated with transaction values resulting from the most recent information available.

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

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

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