2.8 C
București
duminică, 5 decembrie 2021 - 19:55
No menu items!

Romanian developer One United buys landmark store in Bucharest

spot_img

Romanian real estate developer One United has signed an agreement to take over local company Bucur Obor SA, which owns the famous Bucur Obor shopping centre in Bucharest, according to Romania-Insider. 

Bucur Obor SA is listed on the Bucharest Stock Exchange’s AeRO market, where its shares are trading under the ticker BUCU.

“The decision to acquire the majority stake in Bucur Obor is in line with One United Properties’ strategy to increase the weight of profits from rental activity in a sustainable manner,” said Victor Capitanu, co-CEO at One United Properties.

In the first phase of this deal, One United indirectly bought a 54.4% stake in Bucur Obor through an investment vehicle BO Retail Invest. The value of the deal was RON 64.9 mln (EUR 13.1 mln). The price per share was RON 8.918, significantly below the latest trading price for BUCU shares (RON 21.8).

In the second phase, One United will complete the acquisition of a 100% stake in BO Retail Invest, after the Competition Council clears the deal.

Bucur Obor is a landmark shopping center in Bucharest that opened its doors in 1975. In 2020, Bucur Obor registered a turnover of RON 31.6 million (EUR 6.4 mln), out of which the rental income amounted to RON 26.9 million, and a net profit of RON 10.2 million (over EUR 2 mln).