Romanian developer One United Properties eyes net profit of over EUR 110 mln this year
One United Properties, one of the largest green developers of residential, mixed-use, and office real estate in Romania, said it estimates revenues of RON 1.52 billion (some EUR 307 million) and a net profit of RON 548.7 million (EUR 111 million) in 2022. The developer plans to complete several projects and invest in new ones this year.
One United Properties’ Board of Directors adopted the budget for 2022 on January 10. Next, the shareholders will also have to approve it in the General Meeting of Shareholder scheduled for April 26.
“We are confident that 2022 will be another strong year for the Romanian real estate market and One United Properties, and we expect our business to continue growing at a good pace. […] This year, we will complete four new residential and two new commercial developments while also investing in new properties to develop. As a result, we foresee strong increases both for the residential sales due to an increase in the number of completed and new developments, as well as a significant increase in the rental income,” said Victor Capitanu, co-CEO of One United Properties.
“In parallel, we will continue investments in new properties to develop and further expand our portfolio in Romania. We estimate that we will invest RON 1.16 billion in 2022, capital that will be used exclusively to build additional value for our stakeholders,” he added.
The developer plans to complete several residential projects this year, namely One Verdi Park, One Modrogan, One Timpuri Noi and One Floreasca Vista. Moreover, the company estimates the completion of phase 2 of One Cotroceni Park before the yearend, further driving recurring revenues in the coming years.
The company said the rental income is estimated to reach RON 71.78 million (some EUR 14.5 million) in 2022, driven by a full occupancy of One Tower, the reception of One Cotroceni Park Phase 1 and its lease, as well as the acquisition of the majority stake in Bucur Obor.
One United Properties is the third-largest entrepreneurial company listed on the Main Market of the Bucharest Stock Exchange, as well as the largest real estate developer listed on the local capital market. The company’s shares floated on BVB on July 12, 2021, following a successful IPO, during which the company raised RON 260 million for further developments in both the residential and office segments.
As of December 20, 2021, ONE shares are included in the FTSE Russell Global All-Cap index.
(Photo source: the company)