One United gets 47 mln euro loan from Banca Transilvania

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)