One United Properties, Romania’s leading green real estate developer, has reported a preliminary turnover of €285.5 million for 2024, alongside a net profit of €76.7 million. The company, which specialises in residential, mixed-use, and commercial developments, continues to expand its portfolio despite challenging market conditions.
The Bucharest-based firm’s total assets have more than tripled since 2020, while its equity has quadrupled, reflecting its financial resilience. In 2024, One United Properties successfully raised €68.3 million through a share capital increase, allowing for further expansion.
“Over the past five years, we have transformed from a high-end residential developer into Romania’s leading premium real estate company,” said Co-CEO Victor Căpitanu. “Despite complex market conditions, we delivered strong results while maintaining a conservative loan-to-value ratio of 27%. Looking ahead to 2025, we anticipate record deliveries and further expansion of our commercial portfolio.”
Residential and Commercial Growth
Revenue from residential developments reached €223.1 million in 2024, a slight 2% year-on-year decrease due to projects progressing into later construction phases, where revenue is recognised more gradually. However, net income from residential properties grew by 6% to €65.2 million, driven by higher sales margins and rising property prices.
Meanwhile, rental income from the commercial division, including tenant services, rose by 17% to €30.4 million. Net rental income saw an even stronger increase of 24%, reaching €20.7 million, fuelled by high occupancy rates and strong tenant demand. Throughout 2024, the company leased or pre-leased 12,850 square metres of office and retail space, while extending contracts covering an additional 7,120 square metres.
Despite an extensive development pipeline across 13 active construction sites, One United Properties ended 2024 with a cash position of €86.8 million, a 3% year-on-year increase. Residential pre-sales generated €173.8 million in collections, further strengthening liquidity.
Expansion Plans for 2025
The company’s gross loan-to-value ratio improved slightly to 27%, with net debt standing at €123.8 million—equivalent to just 11% of total assets, which reached a historic high of €1.1 billion.
Co-CEO Andrei Diaconescu highlighted the scale of development activity, stating that the company had 665,000 gross square metres under construction in 2024—more than it had delivered in its entire history up to 2023. “We are not just building homes and offices; we are actively contributing to the economy, with 17,000 people working across our sites,” he said. “With a €1.5 billion development pipeline, we are shaping the future of urban living in Romania.”
By the end of 2024, the company had 13 developments underway, including 4,041 residential units, 22,000 square metres of office space, and 21,000 square metres of commercial space. Looking ahead, 2025 is set to be its most ambitious year yet, with the delivery of 2,300 residential units—matching the total completed over the past decade.
With nearly one million square metres of additional gross building rights in planning, the company expects to develop 7,000 apartments and expand its commercial footprint in the coming years.
