Elena Oancea, Co-CEO of Goldbach Group, talked to Property Forum about the group’s ongoing developments in the retail parks niche, the focus on sustainability in its construction and interior design divisions and its pipeline of photovoltaic projects in Romania.
This interview was first published in Property Forum’s annual listing of "The 50 most influential people in Romania’s real estate market”.
How did the Goldbach Group perform in 2024, and what are your plans and growth targets for this year?
For Goldbach Group, 2024 was a dynamic year, bringing us numerous growth opportunities across the sectors in which the 8 companies in our portfolio operate. We achieved progress in multiple areas: in the development of retail parks, in green energy through our photovoltaic power stations, in the civil and industrial construction sector, as well as in architectural design and urban planning. In 2025, we aim to consolidate our presence in these industries while also continuing to explore new development directions.
Our concrete plans for this year include expanding nationwide our retail parks under the K2 brand, the construction of new photovoltaic power stations through Goldbach Energy, and consolidating the international growth of our architectural & interior design division K2 Design Lab.
What is the strategic advantage of your diversification, and how do the different businesses within the group collaborate?
Operating across diverse sectors gives us a clear competitive advantage. Each of the 8 companies within Goldbach Group is developing along its own path, yet the growth of one company represents an asset for the others as well.
Goldbach Group is built on a culture of collaboration and open communication between its divisions, which is why our companies act as partners, sharing internal expertise and resources to support cohesion and collective growth.
No matter the sector we operate in, we are united by a shared commitment to creating a positive impact for people and the environment, fostering sustainable development within the communities we support.
What is your strategy for your retail park investments, and what are your targets for this segment?
Our retail park investments focus mainly on small and medium-sized cities in Romania, where we have identified significant potential for urban development. Our strategy is based on being close to local communities with projects that have a long-term impact, ensuring sustainable progress. We want the retail parks we develop to serve as hubs of local growth, providing access to modern retail infrastructure while also creating jobs. At the same time, we are the main partner of large retailers in Romania for national expansion. We gained a lot of experience in the past years working with diverse retail concepts, taking projects from early stages to last ones.
From an operational perspective, the expansion of the K2 Retail Properties portfolio has reached a new significant threshold: with the recent launch of the 10th location in Berceni commune, near Bucharest, the total leasable area in operation has reached 13,000 sqm. In the coming period, the portfolio will grow by at least 37,000 sqm, reaching the threshold of 50,000 sqm of leasable space by 2027, thus consolidating the company's position as a reference player in the development of modern retail at a regional level.
So far, Goldbach Group has paid €120,000 in local taxes for its 10 existing retail galleries. Our total contributions are projected to reach approximately €650,000 by 2027, with ongoing developments.
Currently, these locations have created 110 jobs, and with the new projects we are developing, our aim is to increase the workforce to 340 employees by 2027.
How do you view the development potential of the retail, construction, and interior design sectors in the current context, and what do you see as the biggest opportunities for 2025?
From the perspective of the retail parks we build, the development potential is significant because small and medium-sized cities in Romania are underserved from a commercial standpoint, with limited access to modern retail infrastructure. As such, these retail parks can act as growth drivers, representing an opportunity both for local communities and for us, as developers. At the same time, we see how new urban communities are developing and the need for new and modern retail spaces is huge for people's well-being.
In terms of the construction and interior design sectors, the opportunities we identify are closely tied to current trends in these fields. There is a strong focus on sustainability and creating spaces where functionality and emotional well-being play central roles.
Keeping up with these trends is a chance for any company to stay competitive and strengthen its position in the industry, while also delivering sustainable projects that enhance the lives of its clients.
How are you funding your investments in the real estate sector, and what is your outlook for the financing environment this year considering the international trade uncertainties?
We use diverse financial resources, our own capital and from banks that are open to financing the development of retail parks, whether completed or at different stages of construction. At Goldbach Group we firmly believe that adaptability is a key trait for a business to succeed.
We strive to adapt on the go to any changes that may arise.
Do you see potential for creating synergies between your real estate and renewable energy investments?
Sustainability is a key concept in both real estate and the construction industry today, which is why creating synergies between our real estate and renewable energy investments is a natural step forward.
We recently saw at Milan Design Week 2025 that sustainability is now also a key concept in interior design, not only using recycled materials, but also by simplifying products, with careful consideration given to their environmental impact throughout their entire life cycle. Integrating green energy solutions and focusing on sustainability into our real estate projects confirms our commitment that through everything we do, we try to bring benefits to people, to the planet, and to our shared future.
How attractive is Romania for property investments from a CEE-based perspective?
With a dynamic real estate market, Romania is an attractive property investment destination in CEE. Major cities like Bucharest and Cluj-Napoca are seeing strong demand for modern, sustainable developments. Romania's long-term prospects are supported by its EU integration, ongoing infrastructure improvements, and gradual progress in renewable energy deployment.
There are also some structural issues, such as bureaucratic delays, instability of the legislative framework, and pressure on construction costs. From our perspective, Romania remains a market of opportunity, but one that requires adaptability and a long-term strategic view.
