Romania's One United seeks pre-emption rights change

The proposal to remove pre-emption rights will be put to the vote at the general meeting scheduled for April 25, the company said in a statement filed with the Bucharest Stock Exchange, BVB, on Thursday.

A potential approval will enable One United Properties to increase its capital by up to 20% over the next three years. The company pointed out that it plans raise equity only when market conditions are favourable and solely via cash contributions. Additionally, it clarified that it has no plans to introduce a stock option plan or engage in share swaps as part of merger and acquisition transactions.

Additionally, the company is asking its shareholders to agree to a potential bond issuance worth up to 300 million euro that it will pursue if rates ease in the future.

One United Properties said it expects a period of strong growth for the real-estate sector, especially in Bucharest, and it plans to use the additional funding that it may raise to double its business by 2030, and expand it four times by 2035.

Recently, One United Properties partnered with global hospitality company Ennismore to open a hotel in Bucharest.

Established in 2009, One United Properties is a green investor and developer of residential, commercial and office real estate. In 2023, the Romanian real estate company booked a net profit of almost 443.2 million lei on revenue of 1.516 billion euro.

Blue-chip One United's shares traded 0.92% lower at 0.967 lei as at 1343 CET on Friday on the BVB.

(1 euro=4.9727 lei)