Romanian real estate leasing co Ready Office Rent's bonds start trading in Bucharest

This is the first corporate bonds issue listed on Bucharest Stock Exchange after the Romanian capital market upgrade to Secondary Emerging Market status by global index provider FTSE Russell in September, the BVB said in a press release.

"In the next period, we plan to expand Ready Office to other points of interest in the capital in order to support those who want a safe and easy environment for carrying out their own activities. I appreciate that coming to the Bucharest Stock Exchange generates financial health for the company, which will increase its value and consolidate a position on the market segment specific to the activity carried out," Ready Office Rent sole administrator Narcisa Mindu said.

The issue of 51,882 guaranteed bonds of 100 lei in par value each bear a fixed interest rate of 8% per year, payable semi-annually. The issuer guarantees the bonds with future receivables from its customers. 

The bonds were sold through private placement in October 2019 and will mature in October 2022. They were purchased by 97 investors (5 legal entities and 92 individuals).

Ready Office Rent targets small and medium-sized companies that want ready-to-use office space. The company is managing an area of some 2,500 square meters, consisting of 50 offices located in Victoriei Square in Bucharest.

The company ended last year with a net profit of 35,000 lei, compared to 106,000 lei in 2018, while turnover doubled, reaching 293,000 lei. In the first half of 2020, Ready Office Rent recorded a loss of 250,000 lei and a turnover of 344,000 lei.

The company expects its turnover to exceed 1 million lei this year. Profit for the year is forecast at 52,000 lei.

Ready Office Rent, established in 2012 as Tradexpress Impex SRL, is owned by Lucian Ciofoaia with 99.50% and by Narcisa Mindu with 0.50%.

(1 euro=4.8739 lei)