Romanian developer One United Properties has secured a €47 million loan from Banca Transilvania.
The company will use the funds to fully repay the existing credit contracted by the company in 2021 from the Black Sea Trade and Development Bank for the development of One Tower office building, part of One Floreasca City mixed-use scheme.
Additionally, this new financing will ensure the partial repayment of existing shareholder loans and other associated costs.
“The demand for our office portfolio is extremely high, and One Tower building is fully leased, demonstrating the quality of our workspaces. With a gross development value of €120 million, this property represents a significant landmark in our portfolio. We are also committed to meeting the growing demand for sustainable office spaces through the development of new offices on the first floor of One Gallery, a building currently under restoration,” said Andrei Diaconescu, Co-Founder and Co-CEO of One United Properties.
Shares in One United Properties were down 1% to around 0.88 lei on Friday afternoon trading on the Bucharest Stock Exchange (BVB).
