“The third quarter of the year brought another series of significant topline increases for One United Properties due to sales kickoff at newly permitted developments One Herastrau Vista and One Lake Club, as well as continued solid sales for the developments that will be delivered in 2023. The acquisition loan for office building One Victoriei Plaza and other drawdowns for various developments have slightly increased our gross loan-to-value ratio to 31% as of Q3 2022. Nonetheless, we are maintaining the low leverage of the Group compared with the European peers. Most notably, the net debt as of Q3 2022 equals 20.2 million euro, which is 2.4% of the total assets of One United Properties that stood at 830 million euro,” said Victor Capitanu, co-CEO of One United Properties.
The increase in turnover was supported by a 14% increase in revenues from residential property sales, which reached 121.1 million euro in the first nine months of 2022. The net income from residential property increased 55% year-on-year, reaching 56.4 million euro as most of the developments get closer to completion. This generated a 47% net margin, a 12pp appreciation compared to first nine months of 2021.
In the first nine months of 2022, One United Properties sold 260 apartments with a total surface of 24,505 sqm and 544 parking spaces and other unit types for a total of 103.8 million euro.
As of September 30th, 2022, 83% of available apartments were sold out, including at the newly launched One Lake Club Phase 2 and One Herastrau Vista.
„In Q4 2022, 1,759 new apartment units were added to our sales team portfolio, following the receipt of the permits for One Mamaia Nord 2, One High District, One Floreasca Towers, phase 1 of One Lake Club, as well as the decision to reconvert an office building within One North Gate to residential development One North Lofts, currently pending the building permit. Before the yearend, we additionally estimate to receive the building permit for One Lake District, a new One community which will host 2,000 families. The file for permitting One Lake District is already with the relevant authorities, confirmed to be 100% complete. Consequently, we consider that the temporary issue with the stock availability has been resolved, and we are currently focused on delivering the almost finalized developments, such as One Verdi Park and One Floreasca Vista as well as accelerating the construction at the newly permitted developments, for which we see a growing demand,” said Andrei Diaconescu, co-CEO of One United Properties.
The rental income, which includes the income generated by the office as well as retail divisions, registered a 30-fold increase, reaching 8.4 million euro.
The company’s capitalization stood at RON3.2 billion on September 30. Its shares have dropped by 1.4% since the start of 2022, amid RON236 million deals.
(English version by Catalina Apostoiu)