RomiProperty finances retail park development projects alongside Romania's leading development groups: entering at the earliest stages, accompanying each project through construction and operation, and realizing value through sale to institutional buyers.
The best development deals in Romania are rare, close within weeks, and are reserved for those who arrive with capital ready. Leading development groups work with a standing circle of investors who accompany them from deal to deal. RomiProperty pools its investors' capital into a single fund and enters each transaction's project company (SPV) as the financing partner, giving our investors a seat at a table that is closed to individual investors.
Deals reach us through development groups and investment houses we work with on an ongoing basis. Our investment committee examines: the land, the retail anchor, bank financing, and a minimum return threshold.
Each investment is made into a dedicated project SPV, only under a signed shareholders' agreement: collateral, milestone-based drawdowns, and a pre-defined distribution waterfall.
We accompany the project from planning through construction and leasing, to exit: sale to an institutional buyer or retail operator, and recycling the capital into the next deal.
The difference between speculative and disciplined development is the order of operations. For us, the land acquisition is not the beginning of the journey: it is the end of the verification stage. Four conditions are locked in before a single euro goes to land:
Planning, engineering and legal due diligence on the land, confirming that a retail center can actually be built, before any commitment.
Early meetings and understandings with the mayor and local authority, in advance, before purchase, securing a fast, smooth permitting path for retail development. Land the municipality doesn't want for retail is simply not bought.
A financing framework agreed in principle with a lending bank before the purchase, and every project has a lending bank from the moment the land is held by the SPV.
In a flip transaction: the onward land sale is agreed in principle up front; in full development: an LOI in principle with significant anchor tenants, confirming the location interests them, before the purchase.
The two transactions below are current, real deals from the Romanian market, known to our team first-hand: one drawn from signed transaction documents, the other as presented to us for investment by one of Romania's leading investment houses. They illustrate precisely the two deal types the fund finances.
| Project scope | ~8,200 sqm built on a ~21,500 sqm plot |
| Total budget | ~€11.7M |
| Owners' equity in the deal | €4.2M |
| Pre-construction conditions | 70% signed leases + closed bank financing |
| Annual net operating income (NOI) | €1.24M |
| Exit value (at an 8.5% yield) | €14.58M |
Figures: taken from the transaction's signed shareholders' agreement (December 2025).
| The land | 22,000 sqm on a metropolitan ring road |
| Purchase price | €170 per sqm |
| Expected sale price to anchor | €245-250 per sqm |
| Investor capital required | Up to €1.4M · 80% bank financing secured |
| Effective risk | ~€150K planning costs only; advance secured by mortgage |
| Profit split | 50/50 · if a full park is built, 60/40 to the investor |
Figures: as presented to our team in an investment proposal by a leading Romanian investment house.
The fund raises capital through two parallel tracks, so each investor chooses the risk profile that suits them.
Every investment enters a transaction only when wrapped in legally-reviewed layers of security: the very same mechanisms we have seen in the documents of the representative transactions.
SPV entry only under a signed SHA: distribution waterfall, veto rights, drag/tag mechanisms and defined exit terms.
Advances secured by a registered mortgage on the land; funds released against milestones only.
Entry condition for construction: a threshold of signed leases (70%+) and closed bank financing, before the main capital goes to work.
During planning stages, exposure is limited to zoning costs only, not the full capital.
No more than 40%-45% of the fund in a single transaction; a mix of short and long deals.
Quarterly investor reporting; day-to-day management under a fixed, transparent services agreement with an active management company in Romania.
We don't ask for trust: we write it down. A full investment rulebook is attached as a binding annex to every round's subscription documents, and every decision is measured against it. These are its essentials:
Every funding round is incorporated as a separate legal entity. Each investor's stake is registered at the Trade Registry, exactly pro-rata to their investment: registered property rights, not just a contractual promise. A full wall between rounds.
Ten mandatory conditions before every investment: from feasibility, municipality, lending bank and anchor before any land purchase, to a minimum 20% projected return, a per-deal exposure cap, and diversification across at least two development groups.
Any sale of a project at a value of NOI ÷ 9% or better is pre-approved: no votes, no delays. A sale below the floor requires a 75% supermajority of investors. The full realization mechanism is detailed in the subscription documents.
The manager operates within the rules without friction; investors vote on a closed list only: a sale below the floor, budget overruns above 20%, changing the rules, or replacing the manager.
Full quarterly reporting plus a transparent pipeline log: which deals were reviewed, which were rejected, and why. You see what we chose not to do as well.
In every round the manager invests personally, with the exposure disclosed. Combined with the promote-only model, interests are fully aligned, from the first euro to the last.
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