On November 19, 2021, One United Properties announced the conclusion of an agreement to buy a majority stake in Bucur Obor S.A. Bucur Obor is a company listed on the AeRO market of Bucharest Stock Exchange under the symbol BUCU. The company was acquired indirectly through the company BO Retail Invest SRL, which purchased 54.4351% of share capital against a sum of RON 64.935 million, at a price per share of RON 8,918, which represents a significant discount compared to the price of RON 21,8 at which BUCU shares traded in the prior day. One United Properties informed that “the sale and purchase agreement whereby One United Properties will acquire 100% of the shares of BO Retail Invest SRL is subject to clearance from the Competition Council.”
Bucur Obor is a shopping center in Bucharest that opened its doors in 1975. Today, the center accommodates stores of all sizes, from family businesses to well-known international brands. The company was listed on the Bucharest Stock Exchange in July 1997 and is currently quoted on the AeRO market, having a market capitalization of RON 289 million. In 2020, it registered a turnover of RON 31.6 million, out of which the rental income amounted to RON 26.9 million, and a net profit of RON 10.2 million.
“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,” commented One United Properties co-CEO Victor Capitanu. “Bucur Obor has a long-standing history of profitability from rental activity, and we believe the agreement we have entered today is another step made with the purpose of creating additional value for our company and our stakeholders.”