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ROMANIA One United buys First Bank HQ for EUR 28 mln

Investment & finance
One United Properties has acquired the headquarter building of First Bank in Bucharest for around EUR 28 mln.

The 12,000 sqm gla office building at Șoseaua Nicolae Titulescu 29-31 near Piața Victoriei (Victory Square) was originally the Piraeus Bank Office Building, before the Greek-owned bank sold its Romanian subsidiary to US private equity firm J.C. Flowers & Co in 2017, who subsequently renamed it First Bank. According to local media, First Bank sold the building to local former sausage magnate Dorin Mateiu in 2019 for EUR 20 mln.

Following its latest acquisition, the building will be renamed One Victoriei Plaza. First Bank will remain its tenant for another twelve years with a break option after seven years. The annual index-linked rental income generated by the building comes to app. EUR 1.9 mln.

2022 is already a milestone year for One United Properties, marking our transition from a developer to a leading green real estate investor in the Romanian market. Today’s transaction is aligned with our strategy of growing the recurring revenues from the commercial portfolio, especially as the demand for quality office spaces continues to grow in Bucharest. There are a lot of opportunities in the market for key acquisitions, such as One Victoriei Plaza. In this context, we are carrying out the capital increase operation to continue deploying capital strategically, be it in the acquisitions of land for residential developments, or already developed commercial assets, that will generate solid returns for our shareholders in the years to come.
Victor Căpitanu, the co-CEO of One United Properties

The transaction price comprises an equity component of app. EUR 9 mln and a bank loan of app. EUR 19 mln granted by Garanti Bank for 15 years. The loan will be used to repay the outstanding shareholder loans due to the former owners of the building.

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