One United Properties enters an agreement to buy majority stake in Bucur Obor S.A.

by   CIJ News iDesk V
2021-11-23   09:49

One United Properties announces the conclusion of an agreement to buy a majority stake in Bucur Obor S.A., a company listed on the AeRO market of the Bucharest Stock Exchange under symbol BUCU.

“The decision to acquire the majority stake in Bucur Obor is in line with One United Properties’ strategy to increase the weight of profits from rental activity in a sustainable manner. Bucur Obor has a long-standing history of profitability from rental activity, and we believe the agreement we have entered today is another step made with a purpose of creating additional value for our company and our stakeholders,” said Victor Capitanu, co-CEO at One United Properties.

One United Properties acquired a stake in Bucur Obor indirectly, through a company BO Retail Invest SRL. On November 19th, 2021, BO Retail Invest purchased 54.4351 percent of share capital against a sum of RON 64,935,000, at a price per share of RON 8.918, which represents a significant discount compared to the price of RON 21.8 at which BUCU shares traded in the prior day. The sale and purchase agreement whereby One United Properties will acquire 100 percent of the shares of BO Retail Invest SRL is subject to a clearance from the Competition Council, transfer of ownership over the BO Retail Invest S.R.L. shares occurring only after issuance of such clearance.