One United Properties (BVB: ONE), Romania’s leading green developer of residential, mixed-use, and office real estate, recorded a preliminary turnover of 285.5 million euros in 2024, gross profit of 88.6 million euros, while the net profit for the year stood at 76.7 million euros.
“Over the past five years, One United Properties has transformed from a high-end residential developer into Romania’s leading premium real estate company. Our total assets have more than tripled since 2020, while our equity has quadrupled, reflecting disciplined growth and financial resilience. Despite complex and challenging market conditions in 2024, we have delivered strong results, while keeping a conservative loan-to-value ratio of 27%. Without a doubt, we wouldn’t be here without the support of our shareholders, whose trust has fueled our expansion. In 2024, we successfully raised 68.3 million euros from our investors, capital which will allow us to scale our business efficiently even further, and to seize new opportunities. 2025 will be our most active year to date, with record deliveries and further expansion of our commercial portfolio. Looking ahead, we remain focused on scaling our business efficiently, seizing new opportunities, and continuing to deliver value to all our stakeholders,” said Victor Căpitanu, Co-CEO of One United Properties.
Revenue from the residential segment reached 223.1 million euros in 2024, a 2% year-over-year decrease as more projects transitioned into later construction phases, where revenue is recognized more gradually. However, net income from residential properties increased by 6% year-over-year to 65.2 million euros, reflecting higher sales margins as developments progress and sales prices increase and translated to a higher net margin from residential sales, which rose from 26.9% in 2023 to 29.2% in 2024.
Rental income, which includes revenues from the commercial division and tenant services, rose by 17% YoY, reaching 30.4 million euros in 2024. Net rental income increased by 24% year-over-year to 20.7 million euros, reflecting higher occupancy rates and strong tenant demand. Over the course of 2024, One United Properties leased and pre-leased 12,850 square meters of office and retail spaces and signed multiple contract extensions covering 7,120 sqm, reinforcing the superior quality of its commercial portfolio. The financial impact of these leases will be reflected in future rental income growth.
Despite significant development activity which spanned 13 active construction sites, One United Properties closed 2024 with a cash position of 86.8 million euros, up 3% year-over-year, supported by strong collections from residential sales and pre-sales, which amounted to 173.8 million euros, and the successful 68.3 million euros share capital increase finalized in Q3 2024.
The gross loan-to-value ratio stood at 27% as of December 31, 2024, a 1 percentage point year-on-year improvement. Net debt as of the 2024 yearend amounted to 123.8 million euros, representing just 11% of total assets, which reached a historical high of 1.1 billion euros.
“One United Properties has always been about execution, and 2024 was a year of large-scale development. With 665,000 gross square meters under construction, more than what we delivered in our entire history until 2023, we are shaping the future of urban living in Romania. We are not just building homes and office spaces; we are actively supporting the economy, with 17,000 people working across our 13 active construction sites with a gross development value of EUR 1.5 billion, equivalent of 1.7% of Bucharest’s GDP in 2024, and this is without the multiplication effect through our whole supply chain and all stakeholders. As we head into 2025, our most ambitious year yet, we are set to deliver 2,300 new units, matching the total of the last decade, while continuing to expand our commercial footprint. With a 1.5-billion-euro development pipeline, we are building not just for today but for the long-term future of Romania’s urban landscape,” added Andrei Diaconescu, Co-CEO of One United Properties.
As of December 31, 2024, One United Properties had 13 developments under construction, encompassing 4,041 residential units, 22,000 sqm of office spaces, and 21,000 sqm of commercial spaces, with a total Gross Development Value (GDV) of EUR 1.5 billion. By year-end, 74% of the total available units, either under development or already delivered, were sold. In 2025, One United Properties is expected to deliver 2,300 units, nearly matching the total number of units delivered over the past 10 years combined, making it the Company’s most ambitious delivery year to date.
Moreover, as of the end of 2024, the Company had in ownership or under pre-SPA 285,100 sqm of land locations for further development, with total above-ground gross building rights (GBA) of approximately 988,000 sqm. All these land plots are currently in the planning phase, with estimated GDV of additional EUR 1.8 billion. One United Properties estimates the construction of 7,000 apartments, services for communities, and 146,000 sqm of rental commercial buildings on those land plots. Out of the commercial buildings, 121,000 sqm will host offices and the remaining 25,000 sqm represent buildings that will undergo restoration.
The information provided by KomuniK
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