One United Properties: A High-Conviction Play in Romania’s Resilient Real Estate Market

Romania’s real estate market is undergoing a quiet transformation. Amid economic and political uncertainties, one firm stands out for its disciplined execution, capital efficiency, and alignment with global sustainability trends: One United Properties. As the country’s leading green developer, the company has not only navigated macroeconomic headwinds but also outperformed industry benchmarks in profitability and ESG integration. For investors seeking a high-conviction play in a resilient sector, One United Properties offers a compelling case.

Capital Efficiency: A Recipe for Sustained Growth

One United Properties’ financial performance in H1 2025 underscores its ability to generate returns while maintaining a conservative balance sheet. The company reported a consolidated turnover of EUR 162.3 million, a 15% year-on-year increase, with a gross profit of EUR 59.8 million and a net profit of EUR 49.6 million [1]. Its residential segment, which accounts for 80% of total revenue, delivered EUR 128.2 million in sales—a 22% YoY jump—and a net margin of 36.1%, exceeding its 35% target [1]. This margin outpaces typical residential real estate margins in emerging markets, where profitability often struggles to exceed 25% [3].

The firm’s capital efficiency is further highlighted by its return on equity (ROE), which exceeds 20% annually [1]. This metric, rare in sectors prone to overleveraging, reflects One United’s disciplined reinvestment of profits into high-margin projects. Its leverage ratios also stand out: a gross loan-to-value (LTV) ratio of 28% and net debt-to-asset ratio of 13%, compared to industry averages of 40-50% LTV in Romania’s real estate sector [1]. Such conservatism ensures resilience during liquidity crunches, a critical advantage as the EU tightens sustainability regulations and borrowing costs remain elevated.

Disciplined Execution: From Timelines to Certifications

One United Properties’ success hinges on its ability to deliver projects on time and within budget—a rarity in a sector plagued by delays. The company’s residential and commercial developments, such as its “Green Homes” and WELL-certified office spaces, are completed with minimal cost overruns, a testament to its project management rigor [1]. This discipline is amplified by its adoption of proptech solutions, which optimize energy monitoring and tenant satisfaction while reducing operational costs [3].

Sustainability is not a buzzword for One United but a core business strategy. Over 80% of its residential units are certified under green building standards, and its commercial projects, like the RIVUS Cluj-Napoca mixed-use development, align with EU ESG mandates [1]. As Romania’s regulatory environment tightens—BREEAM and LEED standards will impose stricter energy-use thresholds by mid-2025—One United’s early adoption of certifications positions it to outperform peers [4].

A Sector in Sync with Global Trends

Romania’s green real estate market is gaining traction. Total investment in H1 2025 reached EUR 391 million, with foreign capital accounting for 38% of inflows [2]. The logistics and office sectors, where One United has a strong presence, are particularly attractive: modern logistics stock in Bucharest now exceeds 8.0 million square meters, and prime office spaces yield 7.50% returns [1]. These metrics suggest a market where sustainability and profitability are no longer mutually exclusive.

Risks and Rewards

While One United’s model is robust, risks persist. Stricter EU sustainability regulations could increase compliance costs, and rising interest rates may pressure debt financing. However, the firm’s conservative leverage and focus on pre-sales mitigate these risks. Its upcoming Capital Markets Day on September 11, 2025, will provide further clarity on its capital allocation strategy and long-term ESG goals [2].

For investors, the case for One United Properties is clear: it combines capital efficiency, disciplined execution, and a first-mover advantage in green real estate. As Romania’s market matures and ESG compliance becomes non-negotiable, the company is well-positioned to capture a growing share of a sector poised for sustainable growth.

**Source:[1] One United Properties posts a consolidated turnover of EUR 162.3 mln, gross profit of EUR 59.8 mln in H1 2025 [https://www.romania-insider.com/one-united-properties-financial-results-h1-2025][2] One United Properties 2025 Capital Markets Day [https://www.one.ro/en/capital-markets-day-2025/][3] Exploring Romania PropTech: Innovations Shaping the Real Estate Market [https://singu.com/exploring-romania-proptech-innovations-shaping-the-real-estate-market/][4] BREEAM and LEED standards to be updated to stricter levels by mid-2025 [https://www.property-forum.eu/news/breeam-and-leed-standards-to-be-updated-to-stricter-levels-by-mid-2025/19283]