Yesterday, One United Properties shared its Q4 2023 trading update, providing some details on its key performance indicators for 2023. In this quick overview, we go through the main points.
By the end of 2023, One United Properties sold and pre-sold 953 apartments with a total surface area of 80.7k sqm, 1,584 parking spaces, and other unit types, for a total of EUR 274.9m. As a point of comparison, this represents 59% more sold and pre-sold apartments, 53% higher total surface area sold, and a total sum that is 62% higher than in 2022.
One notes that the total value also includes pre-sales to early clients, which are lower-margin sales that help finance land acquisition. These are units that are pre-sold to clients at developments where construction did not begin. The total value of these pre-sales in 2023 was EUR 31.6m, an increase of 75% YoY, and representing 11.4% of the total residential sales.
Moving on, in 2023 One finalized 1,430 residential units at One Verdi Park, One Floreasca Vista, One Timpuri Noi, and One Cotroceni Park. As of the end of 2023, 71% of the available apartments under development and which were delivered were sold out. As such, for the contracts concluded with customers at the end of 2023, One expects to receive EUR 295m in additional cash by 2025. Of this, EUR 150m in 2024, and EUR 145m in 2025.
Key residential developments status as of the end of 2023*
| wdt_ID | Development | Status | Delivery of 1st phase | Units sold in 2023 | Total units sold from project start | Total units developed |
|---|---|---|---|---|---|---|
| 1 | One Lake District 1* | In Development | Q2 2025 | 430 | 522 | 786 |
| 2 | One High District | In Development | Q4 2025 | 251 | 525 | 807 |
| 3 | One Lake Club | In Development | Q4 2025 | 145 | 267 | 723 |
| 4 | One Floreasca Towers | In Development | Q2 2025 | 55 | 126 | 208 |
| 5 | One Cotroceni Park | Finalized | Q4 2023 | 23 | 873 | 898 |
| 6 | One Mamaia Nord 2 | In Development | Q4 2024 | 12 | 41 | 86 |
| 7 | One Mircea Eliade | Finalized | Q4 2020 | 12 | 244 | 244 |
| 8 | Other Developments | In Development | n.a. | 25 | 939 | 1200 |
Source: One United Properties, InterCapital Research
*According to One, One Lake District will develop a total of 1,967 units. However, only 786 units from the first phase of development are available for purchase. The delivery date for One Lake District refers to 1st phase only.
For the commercial side of the business, in 2023 One leased and pre-leased 34.2k sqm of office and retail space, an increase of 8% YoY. A breakdown of the commercial developments is available below.
Commercial lease status as of the end of 2023
| wdt_ID | Development | Status | Delivery / Acquisition | GLA | % Leased | % Pre-leased | % Tenants moved |
|---|---|---|---|---|---|---|---|
| 1 | One Tower | Developed | 2020 | 24,039 | 100% | 0% | 100% |
| 2 | One Cotroceni Park 1 | Developed | 2022 | 46,252 | 88% | 0% | 88% |
| 3 | Bucur Obor | Acquired | 2022 | 25,582 | 94% | 0% | 94% |
| 4 | One Victoriei Plaza | Acquired | 2022 | 12,000 | 100% | 0% | 100% |
| 5 | One Cotroceni Park 2 | Developed | 2023 | 34,456 | 75% | 0% | 55% |
| 6 | One Technology District | In development | 2026 | 22,289 | 0% | 100% | 0% |
Source: One United Properties, InterCapital Research
Finally, in terms of the landbank, One had in ownership or under pre-SPA over 265k sqm of land locations for further development, with a total above-ground gross building rights (GBA) of over 865k. All of these land plots are currently in the planning phase. On these, One estimates a possible construction of app. 6k apartments, services for communities, and 163.5k sqm of rental commercial buildings. Out of the commercial buildings, 117.5k sqm will host offices, and the remaining 46k sqm are located within buildings that will undergo restoration, including One Gallery, which One notes is the largest private investment in a protected building in Romania. The gross development value of the restoration portfolio currently under development by One United Properties is estimated at EUR 239m.
