News Article Constanța CPI Property Group ESG IRIDE Park office retail Romania S Immo Sun Plaza Top 50 VIVO! Cluj-Napoca

by Property Forum | Interview

Fulga Dinu, Country Manager of CPI Romania, talked to Property Forum about the investments and new leasing deals across the group’s 590,000 sqm office and retail portfolio in the local market and CPI’s ultra personalized approach in relation to its tenants.


This interview was first published in Property Forum’s annual listing of "The 50 most influential people in Romania’s real estate market”.

What are CPI Romania's targets for new lease agreements and occupancy rates within its commercial portfolio in 2025?

Over the past two years, we successfully integrated the portfolios of Immofinanz and S IMMO following the takeover by CPI Property Group, boosting our performance across both the office and retail segments. The occupancy rate of our office portfolio reached 92%, and we continue to remain engaged in delivering increased performance. 

Today, CPI Romania has an office portfolio of 340,000 sqm, which represents 10% of the total modern office space in Bucharest. We are extremely proud of the strong leasing results achieved last year, as we managed to secure nearly 80,000 sqm in both new leases and prolongations. Our strategy continues to focus on delivering high-quality management services for our assets and on investing in the buildings that have the potential for increased performance. 

On the retail side, where we own 250,000 sqm across Romania, we registered solid growth in turnover and traffic and an average occupancy rate above 98%. This great result comes after significant investments in the modernization of our shopping centers, which attracted new internationally renowned brands, diversified services aligned with ESG policies, and a variety of events appreciated by the communities created around these projects. Upon the completion of this refurbishment, the occupancy rate is expected to reach 100%. 

With the delivery of new office spaces in Bucharest remaining low this year, how does CPI Romania intend to leverage this market condition to enhance the value and occupancy of its existing office buildings? 

We continuously scrutinize the needs of the market, and, in response, we strive to create personalized solutions. For instance, some of our buildings have become home to private hospitals and clinics. 

The dermatology and oncology surgery hospital operated by Leventer Group will soon open in myhive Victoria Park, spreading over an area of over 6,500 sqm. Băneasa Airport Tower hosts Policlinica Băneasa, owned by Regina Maria, and Nord Hospital occupies an entire building in IRIDE Park, with an area of over 11,000 sqm. 

We are actively adapting our leasing strategies and solutions to meet each tenant's needs in order to further increase occupancy rates. 

This includes refurbishments and the creation of tailored office solutions for companies of various sizes, and leveraging any information for identifying and attracting new or growing sectors, such as medical, commerce, tech, etc. 

As an example, The Mark office building has recently undergone a refurbishment process, which included, among other upgrades, the modernization of its lobbies. These areas are now more welcoming for our tenants. The building currently boasts a 98% occupancy rate, and we are pleased to have recently signed multi-year lease extensions with some of our major clients. 

Are there any further strategic acquisitions or disposals of office or retail assets that CPI Romania anticipates undertaking in 2025? 

We are currently focused on portfolio optimization and business consolidation, and we are parting ways with assets that no longer align with our core strategy. CPI remains a long-term investor committed to providing excellent asset management services to its clients. 

What is your strategy to diversify the mix of tenants in your retail portfolio? 

As one of Romania's key owners of retail spaces, we focus on continuously having a relevant tenant mix across our portfolio, which includes Sun Plaza in Bucharest, VIVO! shopping centers in Constanţa, Cluj-Napoca, Piteşti, and Baia Mare, as well as Felicia shopping center in Iași and the Stop Shop retail park in Botoşani. 

Our strategy to diversify this mix is guided by evolving consumer preferences, local market dynamics, and the need to create compelling destinations that go beyond traditional shopping. We are actively integrating more experience-based concepts and prioritizing support for local and regional brands to bring unique offers to our visitors, while maintaining strong partnerships with established international retailers. 

What are CPI Romania's broader sustainability goals for its entire property portfolio? 

Our ESG policy is fully aligned with our group's strategy, which focuses on enhancing energy efficiency and reducing utility costs across our buildings. 

We continuously monitor the needs of our tenants and invest accordingly in all our retail and office projects. These investments include upgrades to technical installations, smart metering systems, green electricity, waste management solutions, water treatment systems, and the expansion of green spaces. 

Among other initiatives, we have implemented electric vehicle charging stations, green mobility solutions, bike stations, the widespread use of LED lighting, and selective recycling. Almost all our buildings are certified under BREEAM, LEED, and Access4You standards. 

What specific investment projects are planned for CPI Romania's retail portfolio?

Shopping centers need continuous investments to remain relevant to the communities they serve, and this is what CPI Romania is doing right now by revamping assets to add value and increase attractiveness. 

In Sun Plaza, for example, we are undergoing a revamping process to accommodate the needs of one of our major tenants, the Inditex Group, to consolidate its footprint. 

We are thus creating space for Zara's new shop, which will operate on two floors, with almost double the surface area, and we will also relocate the Pull & Bear shop. Moreover, this spring, Sun Plaza will undergo a major refurbishment process meant to welcome some of the most desired and appreciated brands on the market. 

At VIVO! Cluj-Napoca, we are working around the clock to welcome Primark this autumn, a popular brand that is very much desired by the local community. In VIVO! Constanţa, we plan to redesign the food court, transforming it into a marketplace with a modern, more personalized, and appealing format. Also, we are bringing in new brands. 

For instance, we have just welcomed the Spanish fashion retailer Mango, which is now the only store in Constanţa. 

What is your outlook for the overall development of Romania's commercial real estate sector this year? 

Romania continues to offer long-term potential, driven by its strategic location, resilient consumer base, skilled workforce, and growing interest from both regional and global investors. While short-term volatility may lead to more selective investment decisions, the fundamentals remain strong, especially in major urban hubs.