Fulga Dinu, Country Manager, CPI Romania, talked to Property Forum about the company’s strategy of resilience through diversification. She highlighted the growing integration of healthcare into office assets and the large-scale remodelling of Sun Plaza.
This interview was first published in Property Forum’s annual listing of "The 50 most influential people in Romania’s real estate market”.
What were your leasing results across your Romanian portfolio last year, and what are your targets for 2026?
In 2025, our leasing activity delivered strong results, highlighting the strength of the portfolio and sustained tenant demand. In the office segment, more than 55,000 sqm were secured through a mix of new leases and renewals, with demand remaining stable. In retail, the portfolio maintained a high level of occupancy, supported by the entry of international brands, ongoing refurbishments, and the repositioning of key assets.
For 2026, our focus remains on sustaining performance, maintaining high occupancy, and strengthening tenant partnerships. Our objective is to ensure that this strong leasing momentum continues to support the long-term relevance and competitiveness of our assets, while remaining aligned with evolving market conditions.
Do you see further diversification into the healthcare sector for your portfolio this year?
Diversification into the healthcare sector remains a strategic priority and is expected to continue in 2026. CPI Romania already plays a leading role in integrating private medical services into office assets, with more than 10% of the portfolio currently allocated to this segment through long-term partnerships, some exceeding 20 years. At the beginning of the year, this direction was further reinforced by the launch of the Băneasa Tumor Hospital within myhive Victoria Park, marking another important step in expanding the medical component of the portfolio.
This approach responds to growing demand for complementary services and reflects a broader transformation of office buildings into mixed-use environments. Healthcare operators bring stability, long-term occupancy, and a different type of footfall, contributing to the resilience of the assets. Looking ahead, this diversification is expected to continue, as it aligns with both tenant needs and long-term market trends.
How is the major remodelling of Sun Plaza progressing, and what impact do you expect it to have on footfall in the second half of 2026?
The transformation of Sun Plaza is progressing in several phases: the initial stages have already included the reopening of key international brands – such as Zara and Pull&Bear – in upgraded formats. The next phases will introduce a new-generation Auchan hypermarket of approximately 7,000 sqm and a 16,000 sqm fashion hub dedicated to international retailers. This comprehensive redevelopment is designed to modernise the asset, diversify its offer, and strengthen its positioning as a major urban destination. As the project advances towards completion at the end of 2026, we expect a noticeable increase in footfall, supported by a more attractive tenant mix and an enhanced customer experience that better reflects current consumption patterns.
With a high retail occupancy level in 2025, what is your strategy for maintaining this level amidst the current pressures on consumer spending?
Maintaining a high level of retail occupancy in a more challenging consumption environment requires a proactive and flexible approach to asset management. Consumers are becoming more selective, with a stronger focus on value, efficiency, and quality, while continuing to show strong interest in experiences that combine shopping with leisure and social interaction. In response, the strategy focuses on continuously refreshing the tenant mix, integrating new retail concepts, and strengthening the experiential component through gastronomy, entertainment, and complementary services. Well-located, modern assets with a strong and relevant offering are expected to remain resilient.
How has the arrival of new fashion brands at VIVO! Cluj-Napoca in late 2025 influenced your regional retail strategy for 2026?
The opening of the Primark store had a significant impact on the overall attractiveness of the centre, both locally and regionally. This development has reinforced the importance of regional shopping centres within our broader retail strategy, demonstrating that strong schemes outside Bucharest can successfully attract major international retailers. For 2026, this translates into a continued focus on strengthening our regional assets, ensuring a well-balanced tenant mix, and positioning our shopping centres as key retail and lifestyle destinations within their respective catchment areas.
As you extend ESG measures across your office portfolio, what specific technical upgrades are prioritised in the 2026 budget?
ESG remains a central component of the company’s strategy, with a focus on implementing practical and measurable improvements across the office portfolio. Priority is given to enhancing energy efficiency, optimising building management systems, and integrating sustainable solutions that reduce both operational costs and environmental impact. At the same time, investments are directed toward improving the tenant experience, ensuring that buildings support productivity, well-being, and operational efficiency. These upgrades are approached with a long-term perspective, balancing sustainability objectives with strong economic performance.
How are you leveraging the limited supply of new office space in Bucharest to enhance the performance of your existing prime assets?
The limited pipeline of new office developments in Bucharest creates a favourable environment for existing prime assets. We are leveraging this context by focusing on quality, adaptability, and tenant retention, ensuring that our buildings remain competitive and attractive. Well-positioned assets that offer strong accessibility, high-quality environments, and flexible layouts continue to attract sustained demand. By continuously upgrading these buildings and diversifying their use, including the integration of services such as healthcare, we are able to enhance both occupancy levels and overall asset performance.
What were the key lessons from the economic and political challenges of 2025 that are shaping CPI's resilience strategy for 2026?
One of the key lessons from 2025 has been the importance of operating in an environment characterised by limited predictability. This context requires constant vigilance, adaptability, and the ability to make well-informed decisions swiftly. As a result, our strategy for 2026 is centred on resilience, diversification, and disciplined asset management. We are focused on strengthening long-term partnerships, continuously optimising our assets, and ensuring that the portfolio remains relevant and competitive across varying market conditions. At the same time, flexibility and a strong understanding of local dynamics are essential to successfully navigating future challenges.
