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Futureproofing Romania: A Buzz Interview with Loredana Popescu of Popescu & Asociatii

Futureproofing Romania: A Buzz Interview with Loredana Popescu of Popescu & Asociatii

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Real estate is going through a transitional period, the Recovery and Resilience Plan's short deadlines are creating both pressure and legal work, while sustainability and waste management take center stage in Romania, according to Popescu & Asociatii Partner Loredana Popescu.

"The post-COVID-19 ramifications, those of the war in Ukraine, and high energy prices have been persisting in Romania for the last year," Popescu begins. "These multiple crises have been translated into inflation, an increased cost of living, higher loan interests, and difficulty in obtaining funding, among others."

"In light of that, the real estate market has seen some interesting developments," Popescu continues. "The crisis hasn’t had a huge impact on real estate, meaning that some older projects have continued, while some new ones started last year. There were numerous leasing contracts concluded, but there were also a large number of renegotiations for the existing ones."

"At present, real estate developers are focusing on delivering projects that were initiated in the past few years," Popescu notes. "However, we also see a new trend in real estate investments – projects that show high energy efficiency are more attractive these days." According to her, "the office sector is also improving, with more focus on workplaces that provide strong socializing possibilities. 2023 will be a year of transition to a new real estate market, as real estate developers have to comply with the new client requirements in order to remain competitive." She adds that "some real estate developers are also interested in developing their residential projects that are focused not only on Bucharest but also on the center of Romania, as well as in the Western part of the country, which is in continuous expansion."

Another major development in terms of client work, according to Popescu, is related to the EU Recovery and Resilience Plan: "the EU funds are crucial for Romanian entrepreneurs as they can use the money for accelerating their development," she notes. "For us, the available funds include almost EUR 30 billion, with mainly companies in the production sector having the possibility to access them and support their development. All projects for the plan must be submitted by December 31, 2023, and companies will need sustained legal work to meet the EU requirements and provide all the necessary documents."

And, according to Popescu, the topic of sustainability has been very attractive of late. "A large number of companies are also interested in developing their activities in sustainable ways, with an eye to the environment and renewable energy resources," she notes. "On the other hand, a big part of activities in Romania is connected to waste management – both state and private companies are invested in the protection of the environment and contribute to waste reduction, recycling, and valorization." According to her, "the state has also put an emphasis on implementing the EU directives in that regard by initiating projects in the entire country." For instance, she says, "we have an integrated waste management system throughout the country, that was created to manage waste-related issues, ranging from their collection to their disposal to waste deposits. The country aims to have minimal pollution by focusing on preventing the production of waste and enabling its recycling when possible."

Popescu & Asociatii at a Glance

Popescu & Asociatii is a top Romanian business law firm founded to provide premium integrated services to premium businesses, both in Romania and abroad, in all the relevant areas of practice, and especially in all industries of interest for active economic players.

Established as a full-service law firm, Popescu & Asociatii genuinely combines the expertise and exposure in the consultancy field with high level of strategic capabilities and experience in trials and court rooms, to provide state-of-art advice and representation both in local and cross border deals and files. The firm acts for corporation, local companies, banks and financial corporations, as well as for investment funds and entrepreneurs in all the areas of law: Banking and Finance, Capital Markets, Corporate and Commercial/Mergers and Acquisitions, Competition and Antitrust, Dispute Resolution, Employment, Compensations and Benefits, Energy and Natural Resources, Environment, Healthcare & Pharmaceuticals, Intellectual Property and GDPR, IT, Telecom & Media, Infrastructure, PPP and Public Procurement, Prevention, Compliance and White-Collar Crime, Real Estate and Construction, Restructuring and Insolvency, Transport Law.

Our mission is to deliver strategic, excellent and innovative legal and business solutions. Excellence, collaboration, and innovation are at the core of the way we work, with each other and with our clients. We focus on building long-term relationships and we do this by staying true to our founding principles: to provide client service and the highest standards, always keeping in mind work ethics, integrity and the responsibility towards our clients businesses, deals and cases that they entrusting us.

Popescu & Asociatii is ranked and recognized among outstanding law firms in Romania by all the high-profile legal directories researching the Romanian market, Chambers & Partners, Legal 500 EMEA, IFLR 1000 Financial and Corporate and Benchmark Litigation Europe edition. In addition, the firm received Best Litigation Law Firm in Romania award and has been recognized as one of the best White-Collar Crime Romanian law firms, based on our outstanding experience and market recognition in Romania, at the Legal Annual Awards Gala.

More information about Popescu & Asociatii can be found here.