Romania's One United to launch private offering of minority stake

The four shareholders are seeking to improve the liquidity of the company's shares by bringing in more institutional investors, the real estate developer said in a filing to the Bucharest Stock Exchange.

SSIF Swiss Capital S.A. has been appointed as global coordinator and bookrunner for the offering.

Last month, One United requested its shareholders to temporarily give up pre-emption rights during their general meeting scheduled for April 25. A potential approval of this request will enable One United Properties to increase its capital by up to 20% over the next three years. The company also proposed to its shareholders to endorse a potential bond issuance worth up to 300 million euro ($319.7 million) that it will pursue if rates ease in the future.

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 Uniteds shares traded 8.61% lower at 0.934 lei as at 1647 CET on Friday on the Bucharest bourse.

(1 euro=4.9714 lei)