Romanian court dismisses claim against One United's project

The claim sought the suspension of the building permits that One United had received for the residential development, the company said in a statement filed with the Bucharest Stock Exchange on Friday.

On April 11, the court dismissed the request submitted by the two plaintiffs - Asociatia S.O.S. Orasul and Asociatia pentru Conservarea integrata a Patrimoniului Natural si Cultural to suspend the building permits and also denied the defendant's request to have the plaintiffs fined. The decision is not final and and is subject to second appeal.

"As previously stated by the Company's management, the Company is not aware of any validity issues concerning the building permits for the One Peninsula development and intends to vigorously defend itself against any such claims," One United Properties said in the statement.

The company obtained the building permit and started the construction of the One Peninsula development in August 2020, it said back then.

Last week, One United Properties said that the Bucharest Tribunal dismissed a claim by the municipality and the mayor of Romania's capital against its One Lake District project.

Established in 2009, One United Properties is a developer of residential, commercial and office real estate. In 2023, the company booked a net profit of almost 443.2 million lei ($95 million/89.1 million euro), down by an annual 12%.

Blue-chip One United's shares traded 0.11% lower at 0.935 lei as at 1044 CET on Monday on the Bucharest bourse.

(1 euro=4.9714 lei)