One United Properties marks five years since its IPO, celebrating the power of transformation

One United Properties (BVB: ONE), Romania’s leading investor and developer of sustainable residential, office, and mixed-use real estate projects, marks five years since its listing on the Main Market of the Bucharest Stock Exchange. Since its IPO in July 2021, the company has raised a total of RON 853.8 million through three equity transactions, distributed nearly RON 390 million in dividends to shareholders, and recorded cumulative trading volumes of over RON 1.7 billion on the Bucharest Stock Exchange. During the same period, the company’s shareholder base increased 2.5 times to approximately 9,730 shareholders, while ONE shares were included in numerous local and international indices, including the BET index, FTSE Global All Cap, FTSE Global Mid Cap, MSCI Frontier Markets and MSCI Romania.

Over the past five years, access to capital markets has supported a significant transformation of the business. Total assets increased almost fourfold, from RON 1.7 billion as of the end of 2020 to RON 6.5 billion as of the end of March 2026, while equity grew 4.6x, from RON 824 million to RON 3.8 billion. At the same time, the company’s residential portfolio under construction and in pipeline expanded almost fivefold from developments with a combined gross development value of approximately EUR 939 million at the time of the IPO to a portfolio exceeding EUR 4.5 billion as of March 2026.

The company’s growth has also received international recognition. In 2025, One United Properties ranked first among Romanian companies, first in the real estate sector and ninth overall in Europe in the Financial Times and Statista ranking of Europe’s Fastest Growing Companies, which evaluates the 300 European companies with the highest compound annual revenue growth between 2014 and 2024.

Victor Căpitanu and Andrei Diaconescu, Co-Founders and Co-CEOs of One United Properties, stated:

“Five years ago, we invited investors to become part of our journey and shared our ambition to build not only a larger company, but a company capable of shaping the future of cities. Access to capital markets gave us the resources to accelerate that vision, while the trust of our shareholders gave us the confidence to pursue it. Looking back today, the transformation of One United Properties demonstrates the value that can be created when entrepreneurial ambition is supported by long-term capital. Since becoming a public company, we have expanded into new residential sub-segments, built a significant office business, entered retail and hospitality, restored landmark heritage buildings and extended our presence beyond Bucharest. While the scale of the company has changed considerably, our principles remain unchanged: quality, sustainability, financial discipline and urban responsibility. We are grateful to all investors who have accompanied us throughout this journey and contributed to the growth of One United Properties.”

The company’s evolution since the IPO reflects a significant expansion of both scale and scope. In 2020, One United Properties was primarily known for its luxury residential developments in northern Bucharest. Since then, the company successfully expanded into the upper-medium segment through developments such as One Cotroceni Park and One Lake District and continues to broaden its addressable market through developments targeting the premium affordable segment, while maintaining a strong presence in Bucharest’s most desirable locations.

Alongside the growth of its residential business, One United Properties also developed new business lines that have become important pillars of its activity. The company more than tripled its office portfolio, from 47,000 sqm of gross leasable area in 2020 to 155,000 sqm as of March 2026, creating one of the largest office portfolios developed by a Romanian company. Recurring rental income increased almost 100x, from RON 1.7 million in 2020 to RON 164.6 million in 2025, demonstrating the Company’s capability to generate stable recurring income alongside development profits.

The diversification of the business continued through expansion into new segments. Through One Gallery, developed within the restored former Ford factory located in One Floreasca City, the company entered the retail destination segment and will deliver Marketta Food Hall, set to become one of the largest food halls in Central and Eastern Europe. At the same time, through the development of Mondrian Bucharest and The Hoxton Bucharest, both in partnership with Ennismore, part of Accor Group, One United Properties is entering the hospitality sector.

Urban regeneration remained at the core of the company’s strategy throughout this period. Following the acquisition of the historic Braikoff House in 2021, which became One Athénée, the company completed its restoration and continued to redevelop landmark properties and former industrial sites across Bucharest. This approach was further reflected in developments such as One Cotroceni Park, which transformed the former Ventilatorul industrial platform into a mixed-use urban destination, and One Gallery, which is restoring one of Bucharest’s most important industrial heritage buildings.

The company’s growth also extended beyond Bucharest. At the end of 2025, One United Properties initiated its regional expansion through developments in Constanța, Sibiu and Iași. In 2026, the company took its first step onto the international market through the acquisition of land in the Nashville metropolitan area in the United States, becoming one of the few public Romanian companies with direct investments in the United States.

The development of the business was accompanied by the continuous strengthening of its capital markets profile. Following the IPO completed in July 2021, through which the company raised RON 260 million, One United Properties completed a share capital increase in August 2022, attracting RON 253.7 million, followed by a second share capital increase finalized in September 2024, which raised RON 340.1 million. During the same period, the company distributed nearly RON 390 million in dividends, implemented share buyback programs, distributed bonus shares in 2021 and 2022, completed a share consolidation process in 2024 and used market making programs to support liquidity.

Today, ONE shares are included in numerous local and international indices, including BET, BET-TR, BET-XT, FTSE Global All Cap, FTSE Global Mid Cap, MSCI Frontier Markets, MSCI Romania and STOXX Global Total Market, reflecting the company’s growing visibility among both domestic and international investors.

As it marks five years since its IPO, One United Properties is also looking ahead to the next stage of its development. The company will reflect on its successful journey as a listed company and outline its vision, strategic priorities, and long-term ambitions for the years ahead during its Capital Markets Day, scheduled for 11 September 2026, which will be held under the theme “5 Years Back, 5 Years Forward.” The event will bring together investors, analysts and capital market participants for a discussion on the company’s evolution since listing and its vision for the next phase of growth. Registration is open at one.ro/cmd2026.

*) The graphic materials, maps, illustrations, and visual compositions included in this article are original works of One United Properties S.A. and are protected under Law no. 8/1996 on copyright and related rights, as well as under applicable unfair competition legislation. Any reproduction, copying, redistribution, alteration, removal of identifying elements (including logos), or incorporation of these materials into publications or commercial communications without the prior written consent of One United Properties S.A. is strictly prohibited. Any unauthorized use constitutes an infringement of copyright and may give rise to civil and/or criminal liability under applicable law.