In a period when the economy is weaker, One United Properties co-founders concluded two transactions with a cumulative value of 25 million euros. New Money magazine covers in the latest issue an analysis of a business model that has allowed One United Properties to ensure continuity and growth over the years. Following the announcement that the company has made 2 important transactions at a time when the economy seemed frozen, the magazine points out to a model of efficient management.
Thus, the two founders of the company announced at the beginning of May 2020, two transactions with a cumulative value of 25 million euros, through which 30%, and respectively 20% of One Tower (office tower part of the mixed-use project One Floreasca City) and One North Gate was sold to private investors. A decision that is not related to the current crisis and that came in December last year when obtaining a bank loan had become a rather difficult process. Technically speaking, the amount represents a loan of shareholders (new and old) to the company, which could be refinanced through a future bank loan.
The funds will be invested in the two developments` completion. At the moment One Tower – evaluated at 75 million euros – is due to complete at the end of 2020. The building has tenants for half of the total GLA and will be fully occupied by the end of 2021.
More insights on how the funds will be used and how the office projects will evolve in the current context, here.