One United Properties, one of the green developers of residential, mixed-use and office real estate in Romania, announces the conclusion of an agreement to buy a majority stake in Bucur Obor S.A., a company listed on the AeRO market of the Bucharest Stock Exchange under symbol BUCU.
“The decision to acquire the majority stake in Bucur Obor is in line with One United Properties’ strategy to increase the weight of profits from rental activity in a sustainable manner. Bucur Obor has a long-standing history of profitability from rental activity, and we believe the agreement we have entered today is another step made with a purpose of creating additional value for our company and our stakeholders,” said Victor Capitanu, co-CEO at One United Properties.
One United Properties acquired a stake in Bucur Obor indirectly, through a company BO Retail Invest SRL. On November 19th, 2021, BO Retail Invest purchased 54.4351% of share capital against a sum of RON 64,935,000, at a price per share of RON 8.918, which represents a significant discount compared to the price of RON 21.8 at which BUCU shares traded in the prior day. The sale and purchase agreement whereby One United Properties will acquire 100% of the shares of BO Retail Invest SRL is subject to a clearance from the Competition Council, transfer of ownership over the BO Retail Invest S.R.L. shares occurring only after issuance of such clearance.
Bucur Obor is a shopping centre in Bucharest that opened its doors in 1975. Today, the centre accommodates stores of all sizes, from family businesses to well-known international brands. The company was listed on the Bucharest Stock Exchange in July 1997 and is currently quoted on the AeRO market, having a market capitalization of RON 289 million. In 2020, Bucur Obor S.A. registered a turnover of RON 31.6 million, out of which the rental income amounted to RON 26.9 million, and a net profit of RON 10.2 million.
One United Properties is the largest real estate company listed on the Main Market of the Bucharest Stock Exchange. The company’s shares floated on BVB on July 12th, 2021, following a successful IPO, during which the company raised RON 260 million for new real estate investments. As of September 20th, 2021, ONE shares are included in the BET index, which follows the evolution of the 19 most liquid companies listed on the Bucharest Stock Exchange.