One of a kind

One United Properties is one of the big success stories of the Romanian real estate market. How was it founded and what’s your business model?

Victor Căpitanu, the co-founder and co-CEO of One United Properties: My partner, Andrei Diaconescu, and I met in 1999 when working at Alpha Bank (formerly Banca București). We are bankers by profession and have been working together ever since. We founded One United Properties in 2007 with one vision in mind: to change the real estate market in Romania. Even though everyone advised us against it because the residential market was in annual decline, we saw a significant growth opportunity and decided to go ahead. Our business model is built on one core objective: to build new communities and improve existing ones with the view to contribute to the urban and economic development of Bucharest. Our business model sees us focus on delivering high-quality products and adding value for our stakeholders. We always consider the long-term value of a development, project or transaction, and prefer a strong cash flow position and a stable loan-to-value ratio.

And what has been the secret of your success so far?

I don’t know if there is a specific secret, rather a combination of factors. We seek to provide a sustainable and high-quality product, we rely on prudent management, and we always want to positively impact the areas where we build. We don’t just build for the sake of building, rather we create communities and generate the perfect conditions for a new urban lifestyle and, in the process, aim to positively impact the city. For example, we pioneered mixed-use developments in Romania, focusing on the 15-minute city with multiple benefits for the residents. Another specific vision that we have implemented is the revitalisation of abandoned industrial areas in the city centre that we have acquired and completely transformed into new and vibrant communities that have access to a wide range of leisure facilities. In short, we aim to always deliver high-quality developments in the best areas of the city, providing our clients not just with buildings but with real communities that positively impact their lives and alleviate real-life issues such as traffic congestion. We offer our clients something they won’t find elsewhere.

Have recent changes in the market led you to change strategy and focus on e.g. residential projects?

As outlined in our One 2030 strategy, we plan to expand beyond our current segment focus of luxury, premium, and high-end residential developments by beginning to develop affordable premium residential units, which will target Bucharest’s middle class. We also plan to expand our commercial portfolio with certified office and retail space and hotel assets as well. In 2023, we entered the hospitality market by announcing the opening of the first Mondrian hotel in Romania. We are in discussions to bring other international brands to the local market and plan to have three lifestyle hotels in operation and three under development by 2030. In terms of office space, our upcoming One Technology District, being created for Infineon Technologies, will develop a turnkey office building that leads the European market in sustainability thanks to its geothermal power system that removes the need for any gas connection.

What major projects do you have in the pipeline?

In 2023 we delivered four developments with a sellable area of 123,000 sqm and we have nine other developments with a sellable area of 417,000 sqm under construction. Our residential division has provided a user base for the retail and commercial space included in our mixed-use projects and drives a mutual benefit for both residents and operators. Residents have services nearby, while retail and commercial services have a ready customer base. Our vision for the upcoming years is focused on: establishing a heritage preservation pillar with our One Athénée and One Downtown developments as well as One Gallery – a former Ford Factory. We will also continue partnerships with hi-tech solution providers to design better and more energy-efficient residential ecosystems in our large-scale developments, such as One Lake District and One Lake Club, while building infrastructure where required, through public-private partnerships. In 2026, our office division will deliver the turnkey office building mentioned previously, which is called One Technology District, for Infineon Technologies. Looking ahead, we also expect to finish restoration works at One Gallery, which will host commercial and office space as an integrated part of the mixed-use One Floreasca City and will continue to expand the success story of One Cotroceni Park with phases 3 and 4. We have an ambitious target for 2030 to have six hotels in operation and in development.

And how might the CEO of such a successful Romanian developer be planning for a summer break? Will you even get a chance for this?

I believe it’s crucial to maintain a balance between work and personal life, especially during busy times. While our company’s success is a result of dedicated teamwork and strategic planning, taking breaks and recharging are equally important for everyone. Breaks are needed for enhanced productivity and creativity! Summer is an opportunity for relaxation and spending quality time with my family, my wife and children. We usually choose to travel and explore new experiences, although my colleagues keep telling me that even if I’m away, I’m still very much present in the day-to-day!

Interview: Nathan North