One United Properties secures €80.5M loan from UniCredit for two Bucharest projects
What's the deal? Romanian real estate developer One United PropertiesDealroom has a profile for this one. Try Dealroom → signed an €80.5M credit facility with UniCredit Bank on May 28, with the option to scale it up to €140M. The funds will finance the completion of two residential projects in Bucharest — One High District and One Lake Club — and the first tranche of a share buyback programme launched in October 2025.
The borrowers are One United Properties and two subsidiaries. The loan is secured by a standard collateral package, with UniCredit acting as lead arranger and account bank.
Why now? Both projects are expected to deliver in Q2 2026, making this the final stretch of construction financing. The company is also in the middle of its largest-ever delivery cycle: as of March 31, it had 4,154 residential units and 45,500m² of commercial and office space under construction, with a gross development value exceeding €1.6B.
The share buyback adds urgency. One United Properties' shareholders approved a public purchase offer programme in October 2025, and the company needs bank financing to fund the first tranche.
What could go wrong? Leverage is a perennial risk for property developers, though the company's loan-to-value ratio stood at 34% at the end of Q1 2026 — down two percentage points from year-end 2025. Net debt was RON 1.1B, or 17% of total assets of RON 6.5B. Interest rate margins on the company's real estate loans range from 1.5% to 3% above three-month EURIBOR, leaving it exposed to rate movements.
Scaling the facility to €140M would increase that exposure further.
The signal: One United Properties, classified by Dealroom as a late-growth-stage company, is leveraging its listed status and banking relationships to simultaneously fund development delivery and shareholder returns — a playbook more common among Western European property firms now gaining traction in CEE. UniCredit's willingness to structure a facility that could nearly double to €140M underscores growing institutional lender appetite for Romanian real estate exposure, even as developers across the region navigate uncertain rate dynamics.
Read more: zf.ro
