In the Spotlight

In the Spotlight

Court invalidates ANCPI restriction on surface modifications
Court invalidates ANCPI restriction on surface modifications 495 600 BUCHAREST REAL ESTATE CLUB

Counsel Dana Toma și Associate Andrei Popa, members of Wolf Theiss’ Real Estate & Construction team, talk about the implications of this decision. By means of Judgment no. 178/2024 (hereinafter referred to as the “Judgment”), the Brașov Court of Appeal annulled Article 98 paragraph (2) of ANCPI (National Agency for Cadastre and Real Estate Publicity) Order no. 600/2023, which limited to 2% the modification of the surface area of properties resulting from merger or de-merger operations. The court held that this restriction is not provided by the Law no. 7/1996 on cadastre and real estate publicity (hereinafter referred to as “Law no. 7/1996”) and constitutes an addition to the law, which is not permitted through a lower-ranking normative administrative act.

What’s new

The Brașov Court of Appeal’s decision reaffirms the prerogative of the principle of hierarchy of normative acts, namely that lower-ranking normative administrative acts issued by public authorities (i.e., Order no. 600/2023 of the General Manager of the National Agency for Cadastre and Real Estate Publicity – “ANCPI” – approving the Regulation on Reception and Registration in the Cadastre and Land Book Records) shall be adopted solely on the basis of and for the enforcement of the law under which they were issued, and within the limits set by such law.

Until the publication of the Judgment in the Official Gazette (i.e., 18 November 2025), the Regulation on Reception and Registration in the Cadastre and Land Book Records approved by Order no. 600/2023 imposed an additional 2% limit in case of modifications to the surface area of properties resulting from merger or de-merger operations. This requirement created difficulties for owners and practitioners in their dealings with the cadastre and real estate publicity offices, particularly in situations where the modifications exceeded this threshold but fell within the limits set by Law no. 7/1996 (i.e., 15% for plots located within built-up areas and 5% for plots located outside built-up areas). These limits apply in cases where works for registration in the cadastre and land book reveal that the measured surface differs from:

  •  the surface recorded in a land book based on a cadastral documentation received by the territorial office; or
  • the surface in the cadastral documentation received by the territorial office for which no land book has been opened; or
  • the surface indicated in the ownership documents for which no land book has been opened.

By means of the Judgment, the court held that this additional restriction is unlawful, as the text of Law no. 7/1996 makes no distinction based on the type of operation and does not provide for the 2% threshold, but only for the general limits mentioned above (i.e., 15% for plots located within built-up areas and 5% for plots located outside built-up areas, as indicated above).

By means of Decision no. 4044 of 19 September 2025, the High Court of Cassation and Justice dismissed the appeal lodged by ANCPI against the Judgment as ungrounded, thereby rendering the solution pronounced by the Brașov Court of Appeal final.

Thus, the Judgment confirms that additional conditions cannot be introduced by an order of the general manager of ANCPI as compared to the text of a law contained in a normative act with superior legal force. The arguments raised by ANCPI in its defence, according to which the 2% threshold would have applied in cases of technical errors or repositioning, were dismissed, as the wording of Article 98 paragraph (2) made no such clarification and was not correlated with the articles concerning the correction of errors (i.e., Articles 104 and 109 of Order no. 600/2023). The court emphasised that Article 98 paragraph (2) is located in the section regarding cadastral documentation for modification of the property’s surface area and not in the section concerning the correction of positioning errors, while the law makes no distinction based on the operation from which the additional surface results. Consequently, the additional 2% limit contravenes the clear provisions of Article 41 paragraph (3) letter (b) of Law no. 7/1996, which allows modifications of up to 15% for plots located within built-up areas and 5% for plots located outside built-up areas, without any other limitations or conditions related to cadastral operations of de-merger or merger.

Implications

For property owners and practitioners, surface modifications resulting from merger or de-merger operations shall be assessed against the limits set by Article 41 of Law no. 7/1996, namely up to 15% for plots located within built-up areas and up to 5% for plots located outside built-up areas, without the 2% restriction in the case of mergers or de-mergers. This decision removes a practice of the cadastre and real estate publicity offices that created difficulties in preparing cadastral documentation and carrying out real estate transactions. The ruling constitutes an important precedent regarding compliance with the hierarchy of normative acts and the limits of the regulatory powers of public authorities, reiterating that acts falling within tertiary legislation (i.e., orders of the director general of the National Agency for Cadastre and Real Estate Publicity) cannot introduce additional conditions beyond those provided by primary legislation (i.e., Law no. 7/1996).

FORTIM Study: Romanian Investors Lead the Commercial Real Estate Investment Market in 2025
FORTIM Study: Romanian Investors Lead the Commercial Real Estate Investment Market in 2025 538 600 BUCHAREST REAL ESTATE CLUB

In 2025, the total volume of investments in commercial properties in Romania reached 579.4 million euro, according to a study conducted by Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.
Romanian investors held the largest share of total invested capital, accounting for 34% of transaction value, 193 million euro.

Second place was taken by investors from the United Kingdom, with 27% of the total and investments 156 million euro, followed by Hungarian investors with 9%, equivalent 52 million euro.

This structure marks a significant change compared to 2024, when Belgian investors ranked first, followed by Czech investors, while Romanian investors were in third place.

Among the most important commercial properties acquired by Romanian investors in 2025 are the Winmarkt Someș shopping center in Cluj-Napoca, the Joy retail park in Calafat, the Iride, Ethos, Pipera Business Tower and Henkel HQ office buildings in Bucharest, the Heineken factory in Constanța, as well as the Capitol hotel complex in Eforie Sud and the Balada Hotel in Saturn.

“The significant increase in the share of Romanian investors reflects the maturation of the local market and growing confidence in the long-term potential of commercial real estate assets in Romania. We see well-capitalized local investors with clear strategies and an increased appetite for diversification, covering all four real estate segments: offices, retail, industrial and hotels,” said Ștefan Oana, Head of Capital Markets at Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.

A single investor from the United Kingdom, M Core, purchased retail parks and shopping malls in secondary cities with a total value ofeuro156 million, placing this nationality second in terms of total transaction volume.

TARA INVESTITORI VALOARE 2025 (MIL. EURO)
ROMÂNIA 193
MAREA BRITANIE 156
UNGARIA 52
ISRAEL 40
JAPONIA 35
LIBAN 30
TURCIA 15,8
BELGIA 15
CIPRU 6,4
GRECIA 4,2
n/a 20

Top 3 Transactions of 2025 

The largest transaction of 2025 was carried out by M Core, which acquired seven retail parks located in smaller cities for 57 million euro.
Second place was taken by a transaction involving Romanian capital: Alfa Group purchased part of the IRIDE office complex in the Pipera area of Bucharest for 55 million euro.
Third place was occupied by the Equilibrium transaction, acquired by Hungarian investors from Adventum for 52 million  euro.

One of the most important transactions expected in 2025 in the industrial segment—the acquisition of the P3 portfolio by CTP—did not receive approval from the Competition Council. Under these circumstances, the total investment market volume remained, at year-end, below the level recorded in 2024.

The largest transaction in the industrial segment was the acquisition of a tire factory in Mehedinți County for 35 million euro by a Japanese company.

“In 2026, investor interest will remain high in the retail park segment, which continues to benefit from high occupancy rates, in the industrial-logistics segment, which has the greatest investment potential supported by the expansion of road infrastructure, as well as in the office segment. In this case, investors are particularly attracted by market opportunities generated by pricing levels and seller flexibility, if office assets are located in well-positioned areas,” estimates Nicolae Ciobanu, Managing Partner – Head of Advisory at Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.

The highest volume of investments ever made by Romanian capital in the real estate sector was recorded in 2022, when Pavăl Holding acquired office buildings with a total value ofeuro467 million. That year, Romanian investors accounted for 49% of the total transaction volume, in a context of record investment levels.

Navigating Europe’s mandatory building energy efficiency regulations
Navigating Europe’s mandatory building energy efficiency regulations 1067 600 BUCHAREST REAL ESTATE CLUB

Not long ago, energy performance was a nice-to-have. A green label on your building said something about your values, but rarely influenced whether tenants signed a lease or investors backed up your portfolio. Today, it’s a different story. Across Europe, managing energy usage is no longer just a bonus – it’s a regulatory baseline. And for the business sector, whether it’s offices, the hospitality industry or retailers, that baseline is moving fast.

The laws driving change

At the heart of this shift are two legislations from the European Union: The Energy Performance of Buildings Directive (EPBD) and the Energy Efficiency Directive (EED). Together, they form the backbone of the EU’s strategy to decarbonize one of its most emissions-heavy sectors: buildings. According to the European Commission1, buildings are responsible for 40% of the EU’s energy consumption and over one third of the EU’s energy-related GHG emissions come from buildings.

1 Source: Energy Performance of Buildings Directive

The aim of the EPBD is to achieve a fully decarbonized building stock by 2050 to contribute to the EU’s energy and climate goals. Of course, this doesn’t happen overnight and there are several steps to take in between to get there. From 2030 onwards, all newly constructed buildings must be zero-emission. For public buildings, that deadline comes even sooner: 2028. And for the vast majority of existing office stock across Europe, national governments are rolling out mandates to push renovations of the worst-performing buildings.

It doesn’t stop there. The EED adds another layer of urgency, compelling public authorities to renovate 3% of their building stock2 every year – expanding the obligation to all public buildings, including those at local and regional levels. As part of a broader energy savings target, the expectation is clear: doing nothing isn’t an option.

2 Source: Public buildings

Rethinking the building space

Reaching compliance can seem like a daunting task, but everyone in the sector should see it as an opportunity to drive transformation. It’s not just about meeting new rules, but it is an invitation to rethink how buildings should function in a world that demands more: from energy, from resources, and from the working environments we create.

And it’s not just a technical challenge, it’s also about meeting tenants’ needs. Today, they are asking more questions and corporate users are under their own pressure to make continuous progress in their net-zero roadmap. A high-performing energy label is no longer a vanity metric; it’s part of their ESG reporting and a growing factor in their leasing decisions. Buildings that don’t keep up risk falling out of favor, or off the market altogether.

Furthermore, suppliers like Samsung Climate Solutions are continuously driving innovation to support building owners and facility managers. Not just in terms of the latest modern HVAC systems but also when it comes to smart technologies. For example, we recently introduced our SmartThings Pro software solution which enables business owners and site managers to monitor and control climate control devices in commercial buildings. Its user-friendly interface lets users check the status of various IoT devices across different locations3. The dashboard is equipped to improve the efficiency of managing additional facility equipment with device status checks and remote-control options. This will help owners and managers enhance the tenant experience and improve the long-term value of their portfolios.

3 Is only available with SmartThings Pro Advanced License model codes: HD-DASHBDST1A1 and HD-DASHBDST2A1.

The retrofit reality

Of course, not every building is easily upgraded and the reality is more complex. Did you know that 85% of buildings in Europe were built before 2000 and amongst those, 75% have a poor energy performance? Emphasizing that action is needed. However, the fact is that Europe’s office landscape is filled with aging, space-constrained, or architecturally protected structures where a full revision isn’t always straightforward.

Compact systems which are optimized for energy efficiency4 – like Samsung’s HVM Chiller systems – offer a modular concept, allowing building owners to connect up to 16 outdoor units to meet their needs. Since they have a compact and lightweight design, it’s possible to combine and install multiple units even when space is limited. And its flash injection technology and a highly efficient heat exchanger increase the heating performance during heating mode in low ambient conditions. Helping building owners make critical upgrades to their buildings.

4 HVM Chiller outdoor units have a SEER (Nominal Cooling) of 5.7 and SCOP (Nominal Heating) of 4.3. Tested based on the AG042 model at test conditions: Water 35 without pump input. Results may vary depending on environmental factors and individual use.

Leading by example

There is a lot of work to be done, but this transition isn’t fully uncharted territory. Across Europe and Asia, forward-looking building owners have already embraced integrated systems that connect climate solutions with smart building management. By combining modular retrofits with integrated climate platforms, they’re proving that transformation is not only feasible — it’s happening now.

One of the examples is the Warsaw Hub, a multifunctional office complex in Warsaw, Poland, combining office spaces, collaboration hubs, and hotels. Two connected towers, standing at 130m and 86m respectively, house advanced building management systems, including Samsung’s DVM S Water for centralized cooling. A total of 2,101 indoor units have been installed throughout the building, ensuring seamless integration with a variety of systems. Samsung’s b.IoT solution was used here to enable monitoring and control of the HVAC systems, optimizing energy use and providing ease of operation. Samsung’s cutting-edge algorithm-driven system meets the demands of large-scale centralized AC systems.

This is just one example, but there are countless more to show others have paved the way and you don’t have to reinvent the wheel. Besides, it’s important to keep the benefits in mind: buildings with optimized climate solutions are more comfortable to work in, easier to lease, and increasingly attractive to tenants with their own corporate responsibility goals. They suffer less downtime, and send a clear message to the market: we are ready for the future.

A structural shift, not a passing trend

The regulatory shift currently sweeping through Europe is not a passing storm. It’s a structural transformation of the built environment, and it’s moving faster than many expected. But amid the pressure lies an enormous opportunity. For those ready to invest, adapt, and lead, this moment can mark the beginning of a modern and more resilient office portfolio.

BREC AWARDS 2025: VISIONARY CONSULTANCY AWARD
BREC AWARDS 2025: VISIONARY CONSULTANCY AWARD 901 600 BUCHAREST REAL ESTATE CLUB

The annual BREC Christmas Party was a great opportunity to inaugurate BREC AWARDS, a new initiative designed to bring recognition to BREC members for their activity throughout the year in the real estate industry.

BREC AWARDS is our way to honour the visionaries who transform cities, redefine communities, and set new standards of excellence. BREC AWARDS has given us the opportunity to look closely at each member’s work in 2025 and highlight the investments, transactions, and companies that bring greater maturity and professionalism to the Romanian real estate industry.

VISIONARY CONSULTANCY AWARD – IO PARTNERS

BEST OFFICE DEAL: PROCTER & GAMBLE – YUNITY PARK

The company has gone through a series of notable transformations recently. In 2023, following the JLL – iO Partners transaction, JLL offices in Romania, the Czech Republic, Hungary and Slovakia became iO Partners. Starting from January 2026, the new market manager for Romania will be Andrei Vacaru, as recently announced.

We were glad that Andrei was present at the BREC event and that he can inaugurate the new role with an award, which we are offering for the best office transaction: Procter & Gamble at Yunity Park.

VISIONARY CONSULTANCY AWARD – FILIP & COMPANY

EXCELLENCE IN LEGAL ADVISORY & TRANSACTIONAL SUPPORT

Filip & Company is a company founded in 2019 by Cristina Filip and which has become one of the most active in the real estate area.

The real estate law practice is formed by lawyers with solid experience, who are at the forefront of the development of the real estate market in Romania. Ioana Roman, the coordinating partner for real estate within the firm, is recognized in Band 4 of the renowned Chamber & Partners. We are granting them the award for excellence in legal advisory & transactional support.

VISIONARY CONSULTANCY AWARD – FORTIM TRUSTED ADVISORS

TOP TRANSACTION: MEDICANA HEALTH GROUP

Fortim Trusted Advisors is a member of the BNP Paribas Real Estate Alliance. With headquarters in Bucharest and a branch in Cluj-Napoca, the company offers integrated real estate consulting and brokerage services across all market segments.

Fortim was the architect of a significant transaction recently concluded: Medicana Helath Group, for a 120-bed hospital, an investment of over 46 million Euros.

VISIONARY CONSULTANCY AWARD – SCHOENHERR ROMANIA

TOP CROSS-BORDER REAL ESTATE LEGAL ADVISORY

Founded in Vienna 75 years ago, the company has been active on the Romanian market for almost 30 years.

SCHOENHERR is active throughout the Central and Eastern European region and at BREC AWARDS 2025 we recognize their merits for international transactions.

VISIONARY CONSULTANCY AWARD – EST HOSPITALITY

BEST HOSPITALITY STRATEGY & ADVISORY

This award recognizes the merits of a niche consulting company. We are talking about tourism consulting and hotel affiliation in international brand chains.

Mircea Draghici is a pioneer in this field; he has numerous contracts that have materialized in successful hotel businesses. At BREC AWARDS 2025 we offer him the award for the best hospitality strategy & advisory.

BREC AWARDS 2025: EXCELLENCE IN CONSTRUCTION AWARD & ASSET MANAGEMENT AWARD
BREC AWARDS 2025: EXCELLENCE IN CONSTRUCTION AWARD & ASSET MANAGEMENT AWARD 901 600 BUCHAREST REAL ESTATE CLUB

The annual BREC Christmas Party was a great opportunity to inaugurate BREC AWARDS, a new initiative designed to bring recognition to BREC members for their activity throughout the year in the real estate industry.

BREC AWARDS is our way to honour the visionaries who transform cities, redefine communities, and set new standards of excellence. BREC AWARDS has given us the opportunity to look closely at each member’s work in 2025 and highlight the investments, transactions, and companies that bring greater maturity and professionalism to the Romanian real estate industry.

EXCELLENCE IN CONSTRUCTION AWARD – KONE ROMANIA

INNOVATION IN BUILDING MOBILITY SOLUTIONS

Founded in Finland in 1910, the company began operating in Romania in 2008 and has recorded steady business growth, reaching annual revenues of over 14 million Euros and over 90 employees. Kone products are present in residential projects, office buildings or shopping centers but also in public projects.

At BREC AWARDS 2025 we recognize their merits for innovations in mobility solutions.

EXCELLENCE IN CONSTRUCTION AWARD – KNAUF GIPS

DARING INVESTMENTS IN ROMANIA – KNAUF HUEDIN

German manufacturer Knauf is investing 88 million Euros in a gypsum factory in Huedin, which will be one of the largest of its kind in Europe. The factory will serve not only the local market, but also the countries in the region – Bulgaria, the Republic of Moldova, Serbia, Greece, Hungary, Ukraine, the Czech Republic and Slovakia, areas with a high potential for reducing energy consumption.

EXCELLENCE IN CONSTRUCTION AWARD – VITALIS CONSULTING

OUTSTANDING ACHIEVEMENT IN CONSTRUCTION PROJECT MANAGEMENT

Vitalis Consulting, a Romanian company, will celebrate its 20th anniversary next year. They are the ones who paved the way for what professional project management services in construction mean today and have an impressive portfolio: over 5 million sqm managed with a value of 3 billion Euros.

We are granting them the award for outstanding achievement in construction project management.

EXCELLENCE IN CONSTRUCTION AWARD -CONCEPT STRUCTURE

INNOVATING THE FUTURE OF STRUCTURAL DESIGN

With a 17-year history, Concept Structure has registered a 50% growth this year and is counting on the continuous training of the team and international expansion.

At BREC AWARDS 2025 we recognize their merits for innovation in the field of structural design.

EXCELLENCE IN CONSTRUCTION AWARD – WEMAT GLOBAL

EUROPEAN REGIONAL STRATEGIC EXPANSION

WEMAT is a company founded in Romania that has expanded regionally in Hungary and Bulgaria.

The company has evolved from a specialized flooring supplier to a full-service provider covering design, project management and execution. The company works with Romanian manufacturers of custom-made joinery and furniture, exporting their products for interior design projects in Hungary and Bulgaria. With a turnover of 25 million Euros in 2025, the target for 2027 is between 50-60 million Euros for the entire group.

ASSET MANAGEMENT AWARD – RUSTLER ROMANIA

OUTSTANDING ACHIEVEMENT IN PORTFOLIO MANAGEMENT

The company began its activity 90 years ago in Vienna. Part of the Rustler Gruppe, Rustler Romania was founded in 2011. In the last five years, they have recorded an increase from 26 million Ron turnover in 2020 to 40 million Ron in 2024.

We are granting them the award for outstanding achievement in portfolio management.

ASSET MANAGEMENT AWARD – VÖLKEL REAL ESTATE ROMANIA

BEST OPERATIONAL EFFICIENCY  

Voelkel Real Estate Romania was founded in 2019, part of the Völkel Group, one of the leading full-service property managers in Germany. The group operates in 15 locations in Germany, serving over 1,500 tenants. Its managed portfolio includes 160 commercial properties, with a total of 1.1 million sqm of leasable area and assets under management exceeding 2 billion euros.

ASSET MANAGEMENT AWARD – SINGU

DIGITAL TRANSFORMATION OF BUILDING MANAGEMENT

The SINGU platform is implemented by 500 companies in a portfolio exceeding 200 million sq m of commercial properties in over 30 countries. Clients include GTC, Logicor, NEPI Rockcastle and White Star.

At the BREC AWARDS 2025 we grant them the award for digital transformation of building management.

BREC AWARDS 2025: OFFICE INNOVATION AWARD & SUSTAINABILITY AWARD
BREC AWARDS 2025: OFFICE INNOVATION AWARD & SUSTAINABILITY AWARD 901 600 BUCHAREST REAL ESTATE CLUB

The annual BREC Christmas Party was a great opportunity to inaugurate BREC AWARDS, a new initiative designed to bring recognition to BREC members for their activity throughout the year in the real estate industry.

BREC AWARDS is our way to honour the visionaries who transform cities, redefine communities, and set new standards of excellence. BREC AWARDS has given us the opportunity to look closely at each member’s work in 2025 and highlight the investments, transactions, and companies that bring greater maturity and professionalism to the Romanian real estate industry.

OFFICE INNOVATION AWARD – VASTINT ROMANIA

INTEGRATING THE LARGEST FOOD HALL IN AN OFFICE DEVELOPMENT – TIMPURI NOI SQUARE

Vastint’s large development has completely changed the Timpuri Noi area of ​​Bucharest.

Currently, the investor is working on the second phase of the project, covering an area of ​​60,000 sq m. Once completed, it will double the total leasable area of ​​the project, which will thus reach 112,000 sq m.

At BREC AWARDS 2025 we are awarding them for a special concept: New Tales, the largest food hall that will be integrated into an office area.

OFFICE INNOVATION AWARD – GTC ROMANIA

LONG-STANDING COMMITEMENT FOR HUMAN-CENTRIC WORKSPACES

Today, the company has a 30-year history in Central and Eastern Europe. In Romania, one of the most recent investments was the renovation of the group’s flagship project, the City Gate towers in the Romexpo area.

At BREC AWARDS 2025 we recognize their long-term commitment to the office market.

OFFICE INNOVATION AWARD – THETA FURNITURE & MORE

TRUSTED PARTNER FOR OFFICE LANDLORDS

Theta Furniture & More is a company with a history of over 15 years in Romania, during which it became one of the largest local integrators of interior design solutions, with its own furniture production unit, in Prahova County.

At BREC AWARDS 2025 we grant them the OFFICE INNOVATION AWARD for being a trusted partner for office investors.

OFFICE INNOVATION AWARD – GENESIS PROPERTY

LEADERSHIP IN RECONVERSION – YUNITY PARK

Genesis, one of the largest office owners in Bucharest, is constantly investing in its properties.

We are granting them THE OFFICE INNOVATION AWARD  for the Yunity Park concept, a project that has undergone a reconversion process which includes the addition of an amphitheater and green spaces – a 2,000 square meter urban forest. The project is entering its final development phase, which will include an Innovation Center with a food hall, conference center, co-working spaces and a kindergarten.

OFFICE INNOVATION AWARD – BL ASSOCIATES

EXCELLENCE IN WORKSPACE DESIGN

BL Associates is a company founded by Brandon Lee. Born in Malaysia and educated in Singapore, Bradon worked in China and Taiwan but remained in Romania.

BL Associates has numerous notorious collaborations in the field of office design, some of the most famous being with Banca Transilvania.

At BREC AWARDS 2025 we grant them the OFFICE INNOVATION AWARD for excellence in workspace design.

SUSTAINABILITY AWARD – KAUFLAND ROMANIA

EXCELLENCE IN RETAIL OPTIMIZATION & CUSTOMER-CENTRIC MANAGEMENT

Kaufland Romania is a company which pays special attention to the ESG component. According to their latest report, the company has invested 63 million Euros in ESG initiatives regarding the supply chain of its stores, reducing its environmental impact and projects with impact in the Community.

We award Kaufland for excellence in retail optimization and customer-centric management.

SUSTAINABILITY AWARD – VGP ROMANIA

HIGHEST INTERNATIONAL STANDARDS IN INDUSTRIAL DEVELOPMENT

VGP Romania is part of the VGP group, a pan-European developer, manager and owner of high-quality logistics and semi-industrial properties, as well as a provider of renewable energy solutions. In Romania, it owns logistics parks in Bucharest, Brasov, Timisoara, Arad and Sibiu.

VGP Park Arad has received this year the BREEAM Outstanding certification with 96.3%, representing the highest score worldwide awarded to an industrial building.

SUSTAINABILITY AWARD – SEACE ROMANIA

LEADERSHIP IN TECH EDUCATION FOR SUSTAINABLE SOLUTIONS

Samsung climate solutions have seen double-digit growth in the last five years in the Romanian market.

At BREC Awards 2025 we recognize SAMSUNG ELECTRONICS AIR CONDITIONER EUROPE for their educational initiative aimed at engineers and installers to explore state-of-the-art HVAC technologies, delivering maximum value to end users.

SUSTAINABILITY AWARD – BUILD GREEN

SUSTAINABLE COMMUNITY IMPACT

Build Green is a company that practically identifies itself with the sector of sustainable certification.

The firm started its activity in Romania and today has a presence in 27 countries, has certified over 900 projects with a total area of ​​12.5 million square meters and investments totaling over 14 billion Euros. At BREC Awards 2025 we grant them the award for sustainable community impact.

SUSTAINABILITY AWARD – ELDRIVE ROMANIA

DYNAMIC CHARGING NETWORK EXPANSION

Eldrive has reached 1,000 electric charging points nationwide, and beginning of December 2025 was an important point for them, because they inaugurated in Pitesti the first HYC1000 EV charger in Eastern Europe, with a power of 1 MW, for very fast charging of electric vehicles.

At BREC Awards 2025 we grant them the SUSTAINABILITY AWARD for the dynamic expansion of the charging network.

SUSTAINABILITY AWARD – MEDARU ARCHITECTS

PROMOTER OF HISTORIC INFILL CONCEPT – MODERN INTERVENTIONS ENHANCING HISTORICAL HERITAGE

Founded in Iasi, MEDARU ARCHITECTS offers services in numerous areas of expertise both nationally and internationally.

At BREC Awards 2025 we are rewarding them for their contribution to sustainability by promoting the HISTORIC INFILL concept: modern interventions can enhance a city’s heritage, without dominating it. Revitalizing historic areas can be done without losing their identity, while integrating contemporary design solutions with low carbon emissions.

SUSTAINABILITY AWARD – 4ENVIGO

BEST STRATEGY FOR ENERGY PERFORMANCE

The young company was founded by the ambition of a professional expert to become an entrepreneur. Founded by Andrei Ivan, 4ENVIGO emerged from the need to provide smart, energy-efficient climate solutions, at commercial and industrial levels, to organizations committed to reducing their carbon footprint in their fight against global warming.

At BREC Awards 2025 we are offering the award for the best strategy in terms of energy performance.

SUSTAINABILITY AWARD – ADP GREEN BUILDING

LEADERSHIP IN PROMOTING GREEN DEVELOPMENT 

ADP was founded in Cluj-Napoca by Adrian Pop and focuses on Green building consulting and certification.

At BREC Awards 2025 we are offering the SUSTAINABILITY AWARD for leadership in promoting green development.

BREC AWARDS 2025: QUALITY LIVING AWARD
BREC AWARDS 2025: QUALITY LIVING AWARD 901 600 BUCHAREST REAL ESTATE CLUB

The annual BREC Christmas Party was a great opportunity to inaugurate BREC AWARDS, a new initiative designed to bring recognition to BREC members for their activity throughout the year in the real estate industry.

BREC AWARDS is our way to honour the visionaries who transform cities, redefine communities, and set new standards of excellence. BREC AWARDS has given us the opportunity to look closely at each member’s work in 2025 and highlight the investments, transactions, and companies that bring greater maturity and professionalism to the Romanian real estate industry.

QUALITY LIVING AWARD- AFI ROMANIA

PIONEERING THE BUILD-TO-RENT SECTOR – AFI HOME NORTH

AFI ROMANIA has long been known for its activity in ​​​​the management of shopping centers and office buildings. However, the company has turned its attention to a sector where not many investors look: residential build to rent.

AFI Home North was completed in early 2025, introducing a new way of life: fully furnished apartments, pet-friendly and with a series of facilities such as a gym or coworking center.

For the pioneering work they do in this field but also for raising the standards in the process of renting a home, we grant AFI ROMANIA the QUALITY LIVING AWARD.

QUALITY PERFORMANCE I LIVING AWARD – AKCENT CITY

OUTSTANDINGN SALES

Akcent City represents a large-scale development of 723 residential units, 900 parking spaces and 4,000 sq m of green spaces, in the area of the Jiului metro station.

We award Akcent City for sales performance: over 90% pre-contracted prior to completion.

QUALITY LIVING AWARD – CLOUD 9 EVOLUTION

BUILDING SUSTAINABLE COMMUNITIES THROUGH INVESTMENTS IN EDUCATIONAL INFRASTRUCTURE 

Built following an investment of 90 million Euros, on an area of ​​3.2 hectares, Cloud 9 Evolution will include over 1,000 apartments & parking spaces, as well as a wide range of integrated facilities.

We are happy to see that today residential projects are no longer just about apartments, but also dedicated infrastructure, facilities and green spaces. CLOUD 9 EVOLUTION allocates 3 million Euros for a new school with 10 classrooms, 4 laboratories, library, gym, medical office and administrative spaces.

QUALITY LIVING AWARD – HILS SUNRISE

A NEW BENCHMARK IN EASTERN BUCHAREST

HILS Development is developing HILS Sunrise, the first pre-certified Green Homes complex in eastern Bucharest.

HILS Sunrise implements the most of sustainable measures and solutions, improving the living conditions of the future community. Spread over an area of ​​15,000 sq m, HILS Sunrise will include 4 buildings, with 704 new apartments and 732 parking spaces. With a completion date of 2026, the project will benefit from the most integrated network of facilities, developed to date in HILS projects.

QUALITY LIVING AWARD – INTERO PROPERTY DEVELOPMENT

RESHAPING THE OBOR AREA

InteRo Property Development is a family office, founded in 2006 by Michael Topolinski, and later joined by his 3 children.

The investor is working on his most complex project, SkyLight Residece, which will modernize the Obor area. In total, the development will include 2,200 apartments, 115,000 sq m of offices, 8,540 sq m of commercial space and 28,000 sq m of green spaces. The first phase, with 551 apartments, is scheduled for completion in 2027.

We are granting the QUALITY LIVING AWARD for reshaping the Obor area.

QUALITY LIVING AWARD – HERCESA ROMANIA

TWO-DECADE PROPERTY LEADERSHIP

This year marked a double anniversary for the Spanish group Hercesa: 50 years since its foundation and 20 years of activity on the Romanian market. With 50 million square meters of land under management and 500 professionals within the group, Hercesa has delivered 30,000 homes in those 50 years.

In Romania, the investor completed 1,200 housing units and saved the Cismigiu Hotel from degradation, transforming it into a landmark in the center of Bucharest.

QUALITY LIVING AWARD – BHB PROPERTIES

THE COMMITMENT TO CREATE LIFESTYLE-CENTERED COMMUNITIES – BHB AVENUE

BHB Properties completed this year in the North area BHB Avenue: a premium project, offering high quality services: an urban garden, spa area or concierge services.

For the commitment and determination to create communities around shared values we are granting the QUALITY LIVING AWARD to BHB Properties.

QUALITY LIVING AWARD – IMPACT DEVELOPER & CONTRACTOR

INTEGRATED VISION FOR EXPANDING ACCESSIBLE HOUSING ACROSS THE COUNTRY

Impact Developer & Contractor is the developer with the longest experience on the real estate market in Bucharest: over 30 years and the first real estate company listed on the BVB in 1996. With such a history, the company has gone through all kinds of turbulent periods but has always successfully overcome numerous challenges.

And in 2025 they announce an ambitious plan: investments of almost 2 billion Euros for almost 10,000 new residential units in Bucharest, Constanta and Iasi.

For their vision to expand the concept of affordable housing nationwide we are granting the QUALITY LIVING AWARD.

QUALITY LIVING AWARD – CORDIA

CONTINUITY IN INVESTMENTS ON THE ROMANIAN MARKET

Cordia is one of the leading residential developers in Central and Eastern Europe, with a strong presence in Hungary, Spain, Romania and other key markets. The company’s portfolio includes over 11,000 apartments sold and 2,500 units under construction.

In Romania, Cordia has completed the Parcului20 project and is preparing to launch new residential developments in Bucharest, focused on energy efficiency and long-term value.

QUALITY LIVING AWARD – SEMA REAL ESTATE

VISIONARY URBAN INTEGRATION – SEMA HOME 

The vision for the development of the former industrial platform Semanatoarea is already almost 20 years old. This is where the initial investments in the office sector appeared.

We are glad to see that the owner also includes the residential component, with commercial facilities, through the recent launch of SEMA HOME.

For the vision of integrated development in the Semanatoarea area we are granting the QUALITY LIVING AWARD at BREC AWARDS 2025.

QUALITY LIVING AWARD – ATRIA URBAN RESORT

AFFORDABLE HOUSING IN NORTHERN BUCHAREST

Atria Urban Resort is a project developed in partnership by Cityring Development and Evergent Investments. Atria spreads over 6.5 hectares, near Lake Străulești, has a low-density concept, with a GF+4 regime, green spaces designed according to an integrated concept, swimming pools and playgrounds for children.

The project proves that affordable housing can be built in the northern area, seen more as an area for high-priced units.

QUALITY LIVING AWARD  – WEST GROUP

BEST INTEGRATED REAL ESTATE & CONSTRUCTION DEVELOPER

With an impressive portfolio of completed projects, WEST GROUP’s activity covers both industrial and residential constructions, as well as logistics and real estate solutions.

The group has over 800 employees and operates with 4 key divisions: West Construct, West Beton, West Logistik and West Imobiliare.

In Romania they have acquired the iResidence project and are preparing new investments.

QUALITY LIVING AWARD – DELTA STUDIO

KEY ROLE IN DEVELOPMENT OF THE RESIDENTIAL SECTOR THROUGH DESIGN EDUCATION

Delta Studio was founded in 1996 and has become a provider of integrated interior solutions for architects, designers, developers and end customers.

At BREC AWARDS 2025 we recognize their merits in terms of education in the field of interior design, they are the ones who campaigned for collaboration with professional designers when this seemed more like a caprice.

QUALITY LIVING AWARD – IMOBILIARE.RO

TRANSPARENCY FOR A MORE MATURE MARKET

Imobiliare.ro with a 25-year history, started as an listings site and has become today probably one of the main sources of qualified leads for many developers, but also the actor that brings transparency where it is most needed – housing prices.

At BREC 2025 we are awarding the company for their efforts to mature this sector through transparency.

BREC AWARDS 2025: SPECIAL AWARD & STRATEGIC INVESTMENTS AWARD
BREC AWARDS 2025: SPECIAL AWARD & STRATEGIC INVESTMENTS AWARD 901 600 BUCHAREST REAL ESTATE CLUB

The annual BREC Christmas Party was a great opportunity to inaugurate BREC AWARDS, a new initiative designed to bring recognition to BREC members for their activity throughout the year in the real estate industry.

BREC AWARDS is our way to honour the visionaries who transform cities, redefine communities, and set new standards of excellence. BREC AWARDS has given us the opportunity to look closely at each member’s work in 2025 and highlight the investments, transactions, and companies that bring greater maturity and professionalism to the Romanian real estate industry.

SPECIAL AWARD – IULIUS COMPANY

25 YEARS OF EXCELLENCE IN TRANSFORMING ROMANIA’S CITIES

This year, the IULIUS Group marks two and a half decades of activity, a period in which it transformed itself from a pioneer of modern retail outside the Capital, into a developer with major investments in urban regeneration. The company currently owns eight projects, in Iași, Timișoara, Cluj-Napoca and Suceava, totaling 320,000 sq m of retail space and 240,000 sq m of offices. With 1,700 employees and investments of 1.2 billion Euros in Romania, Iulius is an important player in the economic life of the cities where it operates. The projects in the portfolio have generated cumulative economic benefits of over 330 million Euros to the central and local budgets, through taxes and duties.

We are granting a SPECIAL AWARD to Iulius for the way they contributed to the development of Romanian cities and for 25 years of excellence in real estate.

SPECIAL AWARD – HAGAG DEVELOPMENT EUROPE

ACTIVE CONTRIBUTION TO THE REVITALIZATION OF BUCHAREST’S HERITAGE – H STIRBEI PALACE

With this award, we recognize the vision of a player to invest in historical, heritage buildings when no one else was considering this.

With investments of over 150 million Euros and a budget of another 380 million Euros for the next period, Hagag Development Europe actively contributes to the remodeling and revitalization of Bucharest’s urban fabric. The investor set out with the intention of developing new landmarks for the local real estate market and raising the quality standard in the industry. They explored, invested and grew a market segment neglected by developers at the time, that of urban regeneration through the renovation, modernization and reconversion of old buildings with historical value.

We are granting a SPECIAL AWARD For the active contribution to the revitalization of Bucharest’s heritage and for the courageous investment in the Stirbei Palace.

SPECIAL AWARD – ONE UNITED PROPERTIES

INTRODUCING THE HOXTON BRAND & GLOBAL LIFESTYLE EXPERIENCES IN BUCHAREST

One United Properties started its activity as a residential developer, later investing in large-scale projects with multiple functions.

At BREC AWARDS 2025 we recognize their merits for the initiative to pay attention to historical buildings and at the same time to enter a new sector – hotels. On Academiei Street, in the dowtown of ​​Bucharest, One United Properties is investing in the restoration of three historical buildings, where they will bring a new brand to Bucharest: Hoxton!

STRATEGIC INVESTMENTS AWARD – CPI PROPERTY GROUP ROMANIA

EXTRAORDINARY ACHIEVEMENT IN ASSET TRANSFORMATION – SUN PLAZA

CPI Property Group owns a significant portfolio of 590,000 sq m in Romania: 340,000 sq m of offices and 250,000 sq m of retail space in cities such as Bucharest, Cluj-Napoca, Constanța, Pitești or Baia-Mare and is constantly investing in the modernization of its properties.

In 2025, CPI Romania initiated a significant modernization process of Sun Plaza. This redevelopment includes the expansion of the Zara store as well as the relocation of the Pull&Bear store. At the same time, Sun Plaza entered a major renovation phase this spring, aimed at integrating new retail concepts, including a modernized Auchan hypermarket but also international brands.

We are granting a STRATEGIC INVESTMENTS AWARD for the significant investments in the transformation of this asset.

STRATEGIC INVESTMENTS AWARD – LION’S HEAD

EXPANDING ROMANIAN PORTFOLIO THROUGH LOGISTICS DEVELOPMENT

Lion’s Head entered the local office market with the acquisition of Oregon Park. This year, it expanded its activity in Romania and began development in the logistics sector, in the southern area of ​​Bucharest.

The new project, which requires investments of 65 million Euros, is financed by the International Finance Corporation. We are granting a STRATEGIC INVESTMENTS AWARD for the courage to invest in an extremely competitive sector.

STRATEGIC INVESTMENTS AWARD – FIA IMOBILIAR BT PROPERTY

CONSISTENT REAL ESTATE PERFORMANCE

Starting this year, FIA Imobiliar BT Property became part of INNO Investments, the newest company of the Banca Transilvania financial group, specialized in the management of alternative investment funds. INNO Investments underwent a rebranding in June 2025, the former company OTP Asset Management, acquired by Banca Transilvania in October 2024.

We are granting a STRATEGIC INVESTMENTS AWARD for consistent real estate performance.

STRATEGIC INVESTMENTS AWARD – LOGICOR ROMANIA

PERFORMANCE IN URBAN LOGISTICS DEVELOPMENT

Logicor, a leading European logistics property owner, manager and developer has a portfolio of over 19 million sq m of warehouse space.

In Romania, Logicor is focused on Bucharest, where it has the largest presence, with over 250,000 sq m of a total portfolio exceeding 330,000 sq m of Class A warehouse space. The total value of Logicor’s portfolio in Romania exceeds 220 million Euros.

We are granting a STRATEGIC INVESTMENTS AWARD for performance in urban logistics development.

STRATEGIC INVESTMENTS AWARD – MEDCITY

PIONEERING HEALTHCARE BUILDING DEVELOPMENT

Through this STRATEGIC INVESTMENTS AWARD we recognize the merits of a company that has opened a new niche on the Romanian real estate market, namely medical buildings.

Medcity has reached 12 medical hubs in Romania, the most recent investments being in Craiova and Timisoara. We are granting them the award for the courage to pioneer the healthcare building development.

STRATEGIC INVESTMENTS AWARD – YELLOW TREE

EXPANDING INTO RETAIL – ARIA SHOPPING CENTER

Yellow Tree is a company active on the Romanian market since 2018. Today, Yellow Tree has a team of over 45 professionals specialized in all aspects of property management.

The year 2025 represented a milestone for Yellow Tree for a new beginning, starting the investment for the ARIA Shopping Center project, a new commercial concept in Sector 6, Valea Cascadelor area.

We award Yellow Tree for the decision to invest and expand in the retail sector.

STRATEGIC INVESTMENTS AWARD – META ESTATE TRUST

TRANSPARENCY & GOVERNANCE EXCELLENCE

META ESTATE TRUST is a holding company, founded in March 2021 by Romanian entrepreneurs, with experience in the real estate and capital markets. The company’s strategy is based on a mix of investment typologies with different return and risk profiles, with total assets worth 126.8 million lei as of September 2025. Listed on the AERO market of the BVB, the company has played an important role in the steps to legislate REITs and institutionalize the real estate market.

We are granting a STRATEGIC INVESTMENTS AWARD for for transparency and governance excellence.

iO Partners announces the appointment of Andrei Văcaru as Managing Director for Romania
iO Partners announces the appointment of Andrei Văcaru as Managing Director for Romania 620 600 BUCHAREST REAL ESTATE CLUB

04.12.2025

Andrei Văcaru as Managing Director iO Partners

iO Partners is entering a new leadership chapter in Romania with the appointment of Andrei Văcaru as Managing Director from 1/1/2026. After a transition period with Andrei till year end, Vlad Stanislav will take some time off before pursuing new opportunities. We wish him every success in his new endeavors, and we thank him for his contribution over the years.

Andrei’s appointment marks a natural evolution for someone who has been part of the company’s backbone for 18 years. He is one of the most consistent reference points for colleagues and clients alike, throughout every phase of the organization’s evolution, from its JLL heritage to the formation and growth of iO Partners. His experience spans multiple market cycles, structural shifts and strategic transitions, giving him a deep understanding of how the business operates and what it needs to perform at its best.

Throughout the last two and a half years, his leadership of the CEE Capital Markets team has redefined the company’s position in the region. Under his guidance, the team delivered its strongest results to date, completed landmark transactions across multiple markets and asset classes, grew revenue at an unprecedented pace, and built the reputation that now places iO Partners at the forefront of investment advisory in Romania and among the top players in CEE.

Andrei will continue to lead the CEE Capital Markets team while taking on his new role, further supporting our regional experts and facilitating cross border capital flows.

Beyond performance, Andrei has been instrumental in establishing iO Partners as a recognized regional brand, helping transform a new identity into a name trusted by global and local investors alike.

He brings into the role a long-standing connection with JLL. Having built his career inside the global platform and maintained close collaboration ever since, Andrei understands both operating models in depth. He is the bridge that aligns values and execution between iO Partners and JLL, a link that is a strategic advantage for clients in a setup that relies on balancing independence with partnership.

“Andrei has shaped this organization in ways few people have, and his judgment has been a stabilizing force through every transition we’ve gone through”, said Charles Boudet, CEO of iO Partners. “His appointment brings the continuity and market understanding we need as we move into the next phase of growth.”

“Stepping into this role feels like a natural continuation of the work we’ve been building for many years. I’ve worked through many stages of this company’s development, and that perspective helps me understand what differentiates us and what makes us strong. We have skilled people, solid partnerships and a clear direction. My focus now is to bring stability where it’s needed and pace where it matters”, said Andrei Văcaru, Managing Director of iO Partners Romania.

HILS Nord, the newest project signed by HILS Development
HILS Nord, the newest project signed by HILS Development 1067 600 BUCHAREST REAL ESTATE CLUB

• HILS Nord is a mixed-use residential development spanning 10 hectares, 100% electric, nZEB and Green Homes pre-certified, located in the immediate vicinity of Lake Șaulei with direct access to the A3 motorway.
• The project has a total investment value of approximately EUR 200 million, coming from bank loans and own sources.
• HILS Nord will comprise 2,705 apartments, along with 35,000 sq m of generous green areas, retail spaces and community-focused amenities.
• Phase 1 includes 1,200 apartments, 1,440 parking spaces and over 11,000 square meters of landscaped green spaces.
• Estimated completion deadlines are 2028 for Phase 1 and 2032 for the full project.
• Through HILS Nord, the company is expanding its activity to the northern part of the Bucharest, continuing its strategic direction of diversifying its portfolio through middle-premium developments that are sustainable and adapted to new urban living standards.

HILS Development, leader in the residential and mixed-use developments in Bucharest, announces the launch of the HILS Nord project, the seventh residential project in the company’s portfolio. The new project marks HILS Development’s expansion from the east of the Bucharest to the north and continues the strategic direction of diversifying the portfolio through middle premium developments. Developed on an area of 10 hectares, with direct access to the A3 motorway, the entire HILS Nord project will include 2,705 apartments, green areas, underground and above-ground parking lots, commercial spaces, a spa center with a fitness room and a park with a direct view of Lake Șaulei. According to current plans, Phase 1 will be completed in 2028, and the entire HILS Nord complex by 2032.

“We have two decades of residential development in Bucharest, with more than 12,000 homes delivered, a journey that started in the north, continued in the southern area, in the 4th district and Popești – Leordeni, and then expanded to the east. Today, we are naturally returning to the north through HILS Nord, right next to the first residential project we launched 20 years ago. It is a mature step in a solid journey, throughout which we have constantly adapted to the needs of the city and its people. HILS Nord marks the continuation of a growth and consolidation story, with well-designed, sustainable homes that are truly connected to the real dynamics of Bucharest,” says Ionuț Negoiță, CEO & Founder HILS Development.

HILS Nord, modern homes, responsibly built for the future

HILS Nord is a mixed-use project designed to offer a modern and connected lifestyle, in harmony with the principles of sustainability and respect for nature. Currently, Phase 1 of the project is under construction, covering 3.5 hectares and including 4 buildings with 1,200 apartments available for sale. Over 11,000 square meters of this phase are dedicated to green areas, children’s playgrounds, and community leisure spaces. Phase 1 will feature 1,440 parking spaces both above and below ground, as well as electric vehicle charging stations, promoting a modern and sustainable lifestyle. The development will benefit from pedestrian access to Lake Șaulei, while within the HILS Nord community, Phase 1 will include a park of approximately 5,000 square
meters, featuring an open-air amphitheater, walking paths and viewpoints overlooking the Lake Șaulei. HILS Nord is a 100% electric, nZEB, Green Homes pre-certified concept. The project, with a total investment value of EUR 200 million, includes photovoltaic panels to reduce energy consumption in common areas, air-to-water heat pumps, underfloor heating, generous glazed surfaces, and ventilated facades. The architecture features terraced building heights of 2, 4, 5, 6 and 11 floors, ensuring a harmonious transition toward the surrounding natural environment. In the next development stages, the project will also include retail areas, completing the experience of a modern and balanced lifestyle.

Start Typing