SeenewsSeenews
Search
Seenews
AlertsSeenewsSeenews
Searchclose
TOPICS
arrow
COUNTRIES
arrow
INDUSTRY
arrow
Economy
arrow
Browse Economy
Mix and match your focus countries with our advanced search
Investments
arrow
Browse Investments
Mix and match your focus countries with our advanced search
Deals
arrow
Browse Deals
Mix and match your focus countries with our advanced search
Tech
arrow
Browse Tech
Mix and match your focus countries with our advanced search
Green
arrow
Browse Green
Mix and match your focus countries with our advanced search
0/5
You have 5 free articles left this month
You have 0/5 free articles
Sign up to get 5 more free articles this month
SIGN UP
arrow
LOGIN
arrow

One United gets 47 mln euro loan from Banca Transilvania

Jun 20, 2024, 2:50:55 PMArticle by Alexandru Cristea
share
June 20 (SeeNews) - Romanian real estate developer One United Properties [BSE:ONE] said that it has secured a 47 million euro ($50.4 million) loan from local lender Banca Transilvania [BSE:TLV].

One United gets 47 mln euro loan from Banca Transilvania
Source: One United Properties

One United will use the new financing to repay an existing loan it got in 2021 from the Black Sea Trade and Development Bank. This will help One United reduce its interest rate by 1% on the debt associated with the One Tower office building in Bucharest, the company said in a press release on Wednesday. The financing will also ensure the partial repayment of existing shareholder loans and other associated costs.

"The demand for our office portfolio is extremely high, and One Tower building is fully leased [...] With a gross development value of €120 million, this property represents a significant landmark in our portfolio", One United Properties co-founder and co-CEO Andrei Diaconescu said.

The company is currently developing its One Gallery project at the former Ford factory in Bucharest. The project has a gross development value of 100 million euro, making it the largest private investment in the restoration of a historic building in Romania, as per the statement. Following the restoration, the building's ground floor will host retail spaces while its first floor is planned to house office spaces.

Established in 2009, One United Properties is a developer of residential, commercial and office real estate. The company's consolidated net profit fell by 4% year-on-year in the first three months of 2024, reaching 157.3 million lei.

Shares in blue-chip One United changed hands 0.45% lower at 0.876 lei as at 1238 CET on Thursday on the Bucharest bourse.

(1 euro=4.977 lei)

Your complete guide to the emerging economies of Southeast Europe. From latest news to bespoke research – the big picture at the tip of your fingers.