Romanian developer One United Properties has recorded a turnover of €184.2 million in the first nine months of this year, up 43% compared to the same period of last year, while the gross profit doubled to €97.2 million due to higher residential sales.
One United Properties sold 260 apartments with a total surface of 24,505 sqm and 544 parking spaces and other unit types for a total of €103.8 million by Q3 2022.
Excluding the 258 residential units from the two developments that were added to the sales portfolio in Q3 2022, the share of the contracted apartments amounted to 89%. Amounts to be received under contracts concluded with customers by the end of Q3 2022 are €189 million in additional cash by 2024, of which €44 million in Q4 2022, €135 million in 2023, and €10 million in 2024.
The rental income, which includes the income generated by the office as well as retail divisions, registered a 30-fold increase, reaching €8.4 million.
“The third quarter of the year brought another series of significant topline increases for One United Properties due to sales kickoff at newly permitted developments One Herăstrău Vista and One Lake Club, as well as continued solid sales for the developments that will be delivered in 2023. The acquisition loan for office building One Victoriei Plaza and other drawdowns for various developments have slightly increased our gross loan-to-value ratio to 31% as of Q3 2022. Nonetheless, we are maintaining the low leverage of the Group compared with the European peers,” said Victor Căpitanu, co-CEO at One United Properties.
Shares in One United Properties were up 0.74% to 0.95 lei on Friday morning trading on the Bucharest Stock Exchange (BVB).
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