One United Properties: developments that reshape life in the city

One United Properties, the leading green investor and developer of residential, mixed-use, and office real estate in Romania, experienced solid development in 2023, as proven by its most recent financial results. Business Review sat down with Beatrice Dumitrascu, the CEO of the Residential Division at One United Properties, who shared the key elements behind the company’s success.

By Anda Sebesi

What were the biggest challenges One United Properties faced in 2023?

The company’s most recent financial results showcase strong development, with a significant increase in revenue compared to the previous year. We recorded a consolidated turnover of RON 1.15 billion for the first nine months of 2023, marking a 27% growth compared to the same period of 2022. As for the real estate market in general, I would say that 2023 has been a year of resilience since we adapted to the general context and performed on a troubled market, facing a new reality of inflation and increased cost of capital.

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What were the most important projects the company carried out in 2023?

We continued to diversify our portfolio by including the rehabilitation and reintegration of historical buildings in the public circuit. Such cases included One Athénée or the Ford factory, both currently under renovation. In 2023 we also made a significant step by entering the hospitality market with the announcement of our agreement with Ennismore to bring the internationally famous Mondrian brand to Bucharest. Another important project that’s worth mentioning was a record transaction on the office sector with German tech giant Infineon Technologies, who have commissioned One United Properties to develop a sustainable turnkey office building to serve their local headquarters needs for the next 15 years. In terms of residential development, we continued our efforts to develop sustainably designed apartments that reshape urban living. Our purpose is to contribute to creating new and vibrating communities that live and work together. One important partnership that we announced in 2023 was the one with Armani/Casa for One Lake Club, whereby the famous designer brand will furnish the lobby of one of the residential towers, as well as a penthouse and two show-flat apartments.

How important are ESG and sustainability criteria for One United Properties?

Our goal is to build new communities and improve existing ones by developing high-quality, energy-efficient buildings. These projects may require significantly higher initial investments, but over time, they result in cost-efficient maintenance and a reduced impact on the environment and urban pollution. An example is our partnership with Veolia Romania, which allows us to implement geoexchange systems in our developments, where feasible. This technology utilises the Earth’s thermal energy as a source for the heating, ventilation, and cooling systems of buildings, significantly reducing carbon emissions. ESG represents a fundamental pillar for One United Properties, which not only drives overall company value growth but also contributes to building a strong brand for Bucharest.

What were 2023’s main challenges from a management point of view?

In 2023, some of the key challenges from a management perspective in the real estate industry revolved around navigating a complex market environment and addressing issues such as market volatility, supply chain disruptions, regulatory and legislative changes, as well as integrating sustainable practices in operations and talent acquisition and retention. All these required a proactive approach, strategic partnerships, innovative solutions, great teamwork, and a strong focus on sustainability, while ensuring the company’s financial stability and growth for all stakeholders.

What is the outlook for the real estate industry in 2024?

The real estate sector will see continued demand for residential properties, driven by various factors like urbanisation, changing lifestyles, and potentially affordable mortgage rates. With the potential stabilisation of the economy, the demand for modern office and retail spaces will continue to grow as well, as businesses re-evaluate their post-pandemic office needs. Further integration of technology in real estate, including smart home features, virtual tours, and advanced property management systems could become more prevalent. Our focus will stay on sustainable residential developments, state-of-the-art office spaces, as well as on the restoration of historical buildings.