Romanian developer One United Properties aims to raise up to €100 million in equity from investors through a share capital increase. The move will be up for vote during the next shareholder’s meeting of the company slated for April 26.
One United Properties said the fresh capital would be used for new developments, while the current cash position will be used to accelerate the delivery of the ongoing developments. The company’s focus is to invest with priority in Bucharest, where most of the pipeline is located.
“We see good growth opportunities in the market today, and we are determined to benefit from them. Nonetheless, we want to go to the market only if the context is right. Upon the decision and approval of the capital increase in the General Meeting of the Shareholders, we will diligently select and expand our pipeline, and act, as always, in the best interest of our shareholders and ensure that we can raise new capital at the right price level, over the next 12 months,” added Andrei Diaconescu, co-CEO at One United Properties.
The company aims to issue around 330 million new shares in the capital increase that will be carried out in two stages. In the first phase, the existing shareholders will be provided with preference rights based on which they will purchase newly issued ONE shares. Shares that remain unsubscribed in the first phase will be offered to other investors in the market via a private placement. The timing of the offering will be decided following the shareholders’ vote.
The planned capital increase would be the fifth for One United Properties.
