Bucharest-based GELD Capital Management and its subsidiary REPACO Capital are set to open three new retail parks in Romania throughout 2025, under an investment plan exceeding €20 million.
The first, Curtea de Argeș Retail Park, will open on April 17, offering 6,100 sqm of leasable space near the future Bucharest-Sibiu highway. Two more projects are underway: Breaza Retail Park, currently under construction with 3,100 sqm and Lidl as anchor tenant, and Bartolomeu Retail Park in Brașov, which is in the permitting phase and already 85% pre-leased.
These developments are supported by CEE Estate, which is managing investment and consulting responsibilities. Combined, the three parks are expected to generate around 300 jobs in 2025.
Founders, Track Record & Future Pipeline
REPACO Capital is 25% owned by Muntenia Engineering & Construction, led by Silviu Grigorescu (ex-Hanner Romania), while the remaining 75% is controlled by GELD Capital Management, founded by former bankers Liviu Arnăutu, Dragoș Balaci, and George Nistor.
The companies have already delivered retail parks in Calafat, Sovata, and Crevedia (GLA 11,470 sqm), and are currently developing Timișoara Retail Park and the Brașov project.
Looking ahead, GELD and REPACO plan to open a new retail park in Reghin (Mureș County) in 2026, while five more projects totaling over 50,000 sqm are in pre-development. By the end of 2025, the group aims to reach 38,000 sqm GLA and surpass €70 million in cumulative investment.
Retail Market Outlook: Resilient Growth Driven by Rising Consumption
Romania’s modern retail market continues its expansion, fueled by improving purchasing power and rising consumption levels.
According to Colliers Romania, a total of 167,000 sqm of new modern retail space was delivered in 2024 — down from 221,000 sqm in 2023 — yet still above the long-term annual average of 140,000 sqm recorded over the past decade. Pitești led retail deliveries in 2024, reflecting the growing trend of developers targeting small and medium-sized cities. Key projects completed in Pitești include: Arges Mall (51,000 sqm) — by Prime Kapital / MAS REI and M Pitești Park (24,000 sqm) — by M Core.
For 2025, over 200,000 sqm of new retail space is expected to be delivered in Romania, including major projects such as the expansion of Mall of Moldova (62,000 sqm) in Iași and the reopening of Agora Mall (35,000 sqm) in Arad.
Additionally, dominant players such as NEPI Rockcastle, Iulius, and Prime Kapital / MAS REI are resuming development of large shopping centers exceeding 100,000 sqm of leasable space — after several years of focusing on retail parks.
2027–2028: Malls Come Back in Force
Analysts forecast accelerated growth in large-scale retail developments, with several new malls expected between 2027 and 2028, supported by increasing consumer spending.
Over the past 15 years, Romania’s per capita spending has climbed significantly — from one-sixth of Germany’s level to now standing just 20% below Europe’s largest economy, according to Colliers. This improvement in purchasing power is expected to further boost retail demand.
