The largest retail real estate transaction ever recorded in Romania
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One Portfolio. Six Assets. A Historic Retail Transaction.
MAS PLC sought to divest six dominant retail schemes across six Romanian cities — a portfolio of massive scale and complexity. iO Partners ran a structured, multi-tiered sale process that reached roughly 100 pre-qualified investors, and closed the sale to AFI Europe in under six months - at a price aligned with the seller's target and a yield below prime.
A Rare Opportunity, Narrowed by Its Own Scale
MAS PLC sought to divest a portfolio of six dominant retail schemes spread across six Romanian cities - an exceptional opportunity, but a genuinely complex one to execute. In December 2025, iO Partners launched a targeted marketing campaign reaching approximately 100 pre-qualified potential buyers, framing the portfolio for what it was: a rare chance to acquire a meaningful foothold in Romania's retail real estate sector through a single, consolidated transaction.
Buyer feedback consistently validated the portfolio's genuine strengths - a unique market position, strong locations with excellent accessibility and visibility, and solid tenant performance across all six assets. But one factor shaped the entire mandate: the scale of the ticket size, which meaningfully narrowed the realistic buyer pool. Sustaining credible, deep investor interest within that smaller universe was central to the advisory challenge.
Maximum Reach. Minimum Wasted Motion.
- Launched a targeted marketing campaign in December 2025, reaching approximately 100 pre-qualified investors across local, regional, and pan-European distribution channels
- Coordinated the local Romanian process directly, supported by CEE Capital Markets heads and the JLL Poland team for regional reach, and the wider JLL global network for international distribution
- Built a compelling sale narrative around the portfolio's market dominance, location quality, and tenant performance - positioning scale as an opportunity rather than a constraint
- Maintained active, multi-round engagement with the most credible buyer universe to sustain momentum and prevent interest from dissipating given the large ticket size
- Managed the full structured process from launch through to legal close, ensuring deal certainty and clean execution at every stage
Record Scale. Record Speed. Target Price.
- Romania's largest retail real estate transaction on record - a six-asset portfolio sold to AFI Europe
- Transaction closed in under six months from launch - exceptional pace for a deal of this scale and complexity
- Final price closely aligned with the seller's target valuation
- Yield achieved below the level iO Partners had quoted as prime for the country - a strong signal of buyer confidence and execution quality
- One of the highest levels of investor interest ever recorded for a portfolio transaction in Romania
A rigorous, multi-tiered marketing process and deep regional expertise translated exceptional market complexity into exceptional market results.
Andrei Văcaru • CEE Head of Capital Markets
To discuss investment opportunities in Romania's retail real estate market, get in touch with our Capital Markets team in Bucharest - Andrei Văcaru, Managing Director Romania & Head of Capital Markets CEE, or Andrei Drosu, Capital Markets Director Romania.
Managing Director RO • Head of Capital Markets CEE • Executive
Director • Capital Markets