Romanian court dismisses claim against One United's project

The dismissed claim sought the annulment and suspension of the building permit that the real estate developer had received for the residential development, the company said in a statement filed with the Bucharest Stock Exchange.

On April 8, the court found that the plaintiffs lacked the procedural capacity for the claim and rejected their summons request, with right of appeal within 15 days.

"As previously stated by the Company's management, the Company is not aware of any validity issues concerning the building permit for the One Lake District development and intends to vigorously defend itself against any such claims. Construction works at all of the Company's construction sites located in District 2, including One Lake District, are currently proceeding without interruption, in accordance with their respective schedules," One United Properties said.

The real estate developer had announced in February 2023 that it obtained the building permit for One Lake District and plans to invest 337.7 million euro ($366.9 million) in the project comprising around 2,076 apartments spread across nine residential buildings.

Established in 2009, One United Properties is a green investor and developer of residential, commercial and office real estate. In 2023, the company booked a net profit of almost 443.2 million lei ($96.9 million/89.2 million euro), down 12% on 2022.

Blue-chip One United's shares traded 0.57% lower at 1.04 lei as at 1029 CET on Wednesday on the Bucharest bourse.

(1 euro=4.9682 lei)