One United founders sell 6.4% stake to accommodate global institutional investors

The founders of the Romanian real estate developer One United Properties (BVB: ONE) sold under a private placement 234.2 million shares (6.4% of the total) out of the 360 million put up for sale to address "the growing interest from global institutional investors."

The founding members said they plan to use the money to buy shares in the coming capital increase.

The 234 million shares were placed to over 60 local and international investors.

The placement was operated at an average price of RON 0.927, and the closing price dropped by some 10% on April 12 compared to the rather steady prices seen during April 9-11. On an annual basis, ONE shares' price rose by 8.3% y/y – still well below the blue chips index BET (+36% y/y).

Following the transaction, the company's co-founders, Victor Căpitanu and Andrei Diaconescu, own 50.03% of the share capital of One United Properties.

One United Properties, with a market capitalization of RON 3.55 billion (EUR 710 million) after the sale of the 6.4% stake, will require shareholders' permit for a 20% cash capital increase and for a EUR 300 million bond issue to be launched if/when the market circumstances will deem such a move appropriate.

(Photo source: the company)