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.
Photo: Ștefan Oana, Head of Capital Markets at Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance
Investor Country | Value 2025 (million euro)
- Romania – 193
- United Kingdom – 156
- Hungary – 52
- Israel – 40
- Japan – 35
- Lebanon – 30
- Turkey – 15.8
- Belgium – 15
- Cyprus – 6.4
- Greece – 4.2
- n/a – 20
A single investor from the United Kingdom, M Core, purchased retail parks and shopping malls in secondary cities with a total value of euro156 million, placing this nationality second in terms of total transaction volume.
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 Gordiusz Private Equity Fund, 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.
Nicolae Ciobanu, Managing Partner – Head of Advisory at Fortim Trusted Advisors, a 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 of euro467 million. That year, Romanian investors accounted for 49% of the total transaction volume, in a context of record investment levels.
