One United Properties closes first stage of its share capital increase, raising EUR 14.4 mil.
One United Properties announced the closing of the first stage of the share capital increase operation, having raised EUR 14.4 million. The capital increase operation will continue with the second stage – private placement targeting local and international institutional investors.
“We thank all our investors for their trust at a time when the global markets have been in turmoil, registering significant volatilities. The excellent result of subscriptions of existing shareholders, above our initial estimates, confirms the trust that we have managed to build over the years. As we continue the share capital increase operation through a private placement, we reconfirm once again the good prospects for the Romanian real estate sector as well as the existence of unique opportunities in the market today. Despite global challenges, the performance we have thus far recorded in 2022 is proof that both the residential and office segments continue to grow in Romania, and we are on track to deliver the results we promised to our shareholders at the beginning of this year. Moreover, already ahead of the closing of the capital increase, we have managed to seize rare opportunities in the market, expanding our residential portfolio with two new developments where we will build over 1,100 apartments and the commercial portfolio with 12,000 sqm of fully leased quality office space,” stated Victor Căpitanu, co-CEO at One United Properties.
The company targets to invest the capital raised in ten new developments. The first agreements, for two locations based in Bucharest, were already signed over last month. The developments that will be built on those plots are One City Club, located in sector 2 of Bucharest, which will host approximately 200 apartments organized in a low-rise community, as well as One Herastrau City, located in sector 1 of Bucharest, where One United Properties plans to build 900 apartments organized in seven high-rise towers.
In addition to investing in new residential developments, the company also acquired a new office building, One Victoriei Plaza. The new office building has a GLA of 12,000 sqm, and it is fully leased to First Bank for a remaining period of approximately 12 years. The annual rental income generated by the building is approximately EUR 1.9 million, and it is indexed with the yearly inflation. With his transaction, One United Properties commercial portfolio will reach GLA of 190,000 sqm by the end of 2022, out of which the office portfolio will amount to 148,000 sqm.