November 19 (SeeNews) - Romanian real estate developer One United Properties [BSE:ONE] said on Friday it is indirectly acquiring 54.43% of local shopping centre Bucur Obor SA [BSE:BUCU] for 65 million lei ($15 million/ 13.1 million euro).
The decision of the company to purchase the majority stake in Bucur Obor is in line with One United’ strategy to increase the percentage of profits from rental activity in its total profit in a sustainable manner, it said in a statement filed with the Bucharest Stock Exchange, BVB.
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On November 17, One United granted a 13.5 million euro ($15.3 million) loan to BO Retail Invest and then signed a sale-and-purchase agreement to take over 100% stake in its shares. On November 19, using the loan,, BO Retail Invest acquired a 54.43% of the share capital of Bucur Obor for 64.935 million lei, corresponding to a price of 8.918 lei per share.
Through this transaction, One United Properties will indirectly control Bucur Obor, once the transfer of ownership over the shares of BO Retail Invest to One United Properties becomes effective. The sale purchase agreement between One United Properties and BO Retail Invest is subject to a clearance from Romania's competition authority.
One United Properties was founded in 2007 by Romanian entrepreneurs Victor Capitanu and Andrei Diaconescu.
Bucur Obor is a shopping centre in Bucharest that opened its doors in 1975. The company was listed on the BVB in July 1997 and is currently quoted on the AeRO market, having a market capitalization of 289 million lei. In 2020, Bucur Obor registered a turnover of 31.6 million lei and a net profit of 10.2 million lei. Amadeus Group owns 54.43% of Bucur Obor, Manea Gelu owns 16% and the rest is owned by various other shaheholders.
Blue-chip One United shares were changing hands 0.50% higher at 2.0250 lei as at 139 on Friday on the BVB.
Bucur Obor shares were trading flat at 21.8 lei as at 1045CET on Friday on the AeRO market of BVB,
($=0.8531 euro)