One United Properties (BVB: ONE), a major real estate investor and developer of residential, office and mixed projects in Bucharest, announced the closing of the two-stage capital increase operation on August 3 and the issue of RON 253.7 mln (EUR 51.5 mln) from investors.

It was ONE’s fifth such capital increase and the largest capital increase of an already listed issuer at BVB ever (IPOs thus excluded).

The new capital will be invested with priority in new residential developments located mainly in Bucharest. The company aims to invest this capital in ten new developments.

A total number of 203 mln new shares was issued, compared to 330 mln made available in the two stages. Finally, ONE ended with 2,574 mln shares and a market capitalisation of RON 3.27 bln (EUR 650 mln).

The price for ONE share was RON 1.27 at the end of the August 3 trading session (-0.16% compared to August 2).

The capital increase process consisted of two stages - the first, in which the existing shareholders subscribed 50 mln new shares on the basis of their pre-emptive rights and the second stage, with new investors who participated in the private placement and subscribed 153 mln new shares.

The final price per share for both stages was set in the second stage, at RON 1.25. The final price was significantly lower than the RON 1.42 subscription price in the first stage.

“We are thrilled about the result of the share capital increase – the largest ever share capital increase of a listed issuer, which we successfully completed in a very challenging global context, at a pricing that is attractive both to new investors as well as to the company. Our strategy for the next 12 months remains ambitious, as we target eight new transactions. These new deals will fuel our development pipeline for the next six to eight years,” stated Victor Căpitanu, co-CEO of One United Properties.

(Photo courtesy of the company)

andrei@romania-insider.com