One United Properties S.a. · BVB:ONE
One United Properties — Investor Presentation (September 2024)
76 slides from One United Properties's investor presentation, September 2024
Slide 1: Investor Presentation September 2024
INVESTOR PRESENTATION September 2024 2024 © ONE UNITED PROPERTIES
Slide 2: 2024 © ONE UNITED PROPERTIES
2024 © ONE UNITED PROPERTIES
Slide 3: Disclaimer
DISCLAIMER This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of shares issued by One United Properties S.A. (“ONE”), or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy One United Properties share
Slide 4: Contents
Contents Executive Summary About One United Properties Market Overview Portfolio Historical Results Highlights H1 2024 Results Highlights Management 2024 © ONE UNITED PROPERTIES
Slide 5: Executive Summary
EXECUTIVE SUMMARY 2024 © ONE UNITED PROPERTIES
Slide 6: One United Properties
One United Properties is a leading green investor and developer of residential, mixed-use and commercial real estate in Bucharest, Romania. One United Properties ONE UNITED is an innovative company dedicated to accelerating the adoption of construction practices for energy-efficient, sustainable, an
Slide 7: ONE Track Record
ONE TRACK RECORD 2023 – FUTURE 2012 – 2018 Focus on large to very large developments 2019 – 2022 Attention to quality & brand recognition High-end and ultra-high- end developments Consolidation of the position on the office Smaller developments First large-scale high-rise market developments Entry o
Slide 8: ONE at a Glance
ONE AT A GLANCE Residential segment prospect Completed Construction Planning phase phase GDV €661.3m €1,568.3m €2bn+ No of units 2,444 5,741 6,000 Commercial segment prospect 30.06.2024 Est. by 31.12.2027 Market Value (Gross Asset €477.8m €1,027.8m1 Value) GLA 153K 310K (1) Calculated for the comple
Slide 9: 2024/2028 Deliveries
2024/2028 DELIVERIES One City Club GDV: €118.64 One Herastrau One Peninsula One Modrogan One High District One Gallery One Technology One Lake One Herastrau Vista District District GDV: €159.24m GDV: €75.45m GDV: €187.11m GDV: €90m City GDV: €47.12m GDV: €60m GDV: €318.5m GDV: €341m 2024 2025 2026 2
Slide 10: Key Financial Data
KEY FINANCIAL DATA Turnover Net profit 509.7 502.5 1,524.1 449.6 1,120 1,166.1 197.4 176.9 536.8 396.4 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Sales of residential property Rental income1 128.4 1,130.4 769.5 78.9 703.3 437.5 16.5 11.8 147,4 1.7 2019 2020 2021 2022 2023 2019 2020 2021 2022
Slide 11: Key Indicators
KEY INDICATORS Built surface1 – residential (sqm) GLA office portfolio (sqm) 1,047,000 1,060,000 136,000 117,000 101,000 483,000 350,000 47,000 270,000 23,000 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 1Cumulated, includes both finalized and under construction. Apartments sold and pre-sold2 G
Slide 12: ONE Today
ONE TODAY ü Above EU average CAGR of GDP per capita, with GPD estimated to reach €350bn in 2024 I Attractive Market & Macro Conditions ü Unmatched demand of residential properties amid 2nd highest overcrowding within EU-27 Proven business model ü Proven residential development process providing retu
Slide 13: About One United Properties
ABOUT ONE UNITED PROPERTIES 2024 © ONE UNITED PROPERTIES
Slide 14: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS 1. FAVOURABLE MARKET DYNAMICS FOR RESIDENTIAL SEGMENT Between 2016-2020, Romania’s GDP per capita increased with CAGR of 9%, above EU CAGR of 1.54%. Bucharest-Ilfov region has population of 2.2 million inhabitants and 0.7 million of daily commuters, with GDP per capita of 1
Slide 15: Track Record and Pre-Sales Business Model
4. TRACK RECORD OF EXCELLENCE IN EXECUTION ONE so far developed 12 residential projects with GDV of €635m and 3 office buildings, having won numerous awards both locally and internationally. The developments are distinguishable by the exceptional interior design. 5. RISK REDUCTION THROUGH BUSINESS M
Slide 16: Strategic Keypoints
STRATEGIC KEYPOINTS One United Properties’ strategy is to invest in premium development opportunities with prospects of sustained returns and to continue leading the high-end residential development sector. The main directions of action to achieve this are: • Maintain leadership position in the prim
Slide 17: Residential Timeline
RESIDENTIAL As of 2024, the delivery dates are estimated. TIMELINE ONE High District ONE ONE ONE ONE ONE ONE ONE ONE ONE ONE ONE ONE Herăstrău Herăstrău Mamaia Verdi Lake Cotroceni Herăstrău Madrigalului Timpuri Mamaia Modrogan Park Peninsula District Park Plaza Nord I Noi Nord II Towers City ONE ON
Slide 18: Purpose Statement
PURPOSE STATEMENT One United Properties’ purpose is to improve existing and to build new communities, by developing quality, energy-efficient buildings, as well as to generate long-term value growth for the shareholders. One United Properties has pioneered mixed-use development concept in Romania, b
Slide 19: Sustainability
SUSTAINABILITY One United Properties is a member of Romanian Green Building Council (RGBC), organization promoting environmental responsibility and energy efficiency. All office developments are WELL Health and Safety certified, the most rigorous certification focused on employee wellbeing, as well
Slide 20: Recognition
RECOGNITION 2023 2023 2022 2022 2022 2022 One United Properties One United Properties One United Properties One United Properties One Cotroceni Park One United Properties Residential developer Real Estate Developer Best Company in Public Listed Company of the Year Best practices for Best Urban of th
Slide 21: Recognition
RECOGNITION EUROPEA EUROPEA N N PROPERTY PROPERTY AWAR AWAR D D 2021 2021 2020 2020 2020 2019 2019 2019 One Tower One Tower One Mircea Eliade One Floreasca City Leader Green Developer of the Year One Tower Residential Developer Development of the Year at HOF the first office building received the WE
Slide 22: ONE on BVB
INDICES ANALYST COVERAGE ONE ON BVB 2023 liquidity: RON 159m, 13th most traded stock on BVB P/E : 8.5 on 2023 profit 2023 DivY: 2%, paid semi-annually Shareholding structure as of 30.04.2024: Legal entites (20.44%) Andrei-Liviu Diaconescu through OA Liviu Holding Invest SRL (25.02%) Individual Inves
Slide 23: ONE Shares Development
ONE SHARES DEVELOPMENT Since the IPO in mid-2021, ONE shares generated total return of 27% for shareholders, in EUR terms. Over the same period, pressured by the higher cost of capital, the EPRA index, a benchmark for listed real estate companies in developed Europe, has lost 37%. In other words, ON
Slide 24: Market Overview
MARKET OVERVIEW 2024 © ONE UNITED PROPERTIES
Slide 25: Romania, CEE's 2nd economy
Romania, CEE’s 2nd economy 9.01% 2016-2022 CAGR RO 1.54% 2016-2022 CAGR EU Continued positive evolution of country GDP CAGR: 7.3% 400 425 321 350 373 284 2022 2023 2024F 2025F 2026F 2027F 2024 © ONE UNITED PROPERTIES
Slide 26: Bucharest contributes 28% to Romania's GDP
Bucharest contributes 28% to Romania’s GDP Bucharest Metropolitan Area - GDP evolution (€ bn) 2.2m 6th Source: National Prognosis & Statistics Office largest inhabitants capital in the EU 0.7m 105 111 118 daily 98 61 66 81 90 commuters 54 58 Source: National Prognosis & Statistics Office 2018 2019 2
Slide 27: Affordability has consistently improved over last decade
The affordability has consistently improved over last decade Increasing affordability Years required to purchase 50sqm 1-bedroom apartment in Bucharest 32,8 Source: SVN 27 17,8 15,8 15,5 14,5 13,3 11,6 9,8 9,8 8,7 9,4 8,9 8,3 8,4 8 6,9 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 28: Romanians prefer to own homes, deficit of approx. 200K units
Romanians prefer to own homes, yet deficit of approx. 200K units persists due to overcrowdness and old stock Share of people owning/renting their home Persons living in overcrowded household in 2022 (%) in 2022 (%) Source: Eurostat Source: Eurostat EU-27 50% 41% 42% DE 33% 36% 36% 25% AT 15% 15% 17%
Slide 29: Low ratio of outstanding residential loans
Low ratio of outstanding residential loans, with the majority of transactions being paid in equity Total outstanding residential loans to GDP ratio in 2022 556,000 Romanians Source: Hypostat had a mortgage loan as of March 2023, 86% 85% 76% accounting for 10% 57% 56% 48% 49% 43% 41% 37% 38% 31% 32%
Slide 30: Market overview
Market overview Market segmentation for residential deliveries in Bucharest Metropolitan area • Consistently decreasing market supply, not sufficient to address market demand Mass Middle Premium • Relatively stable segmentation of developments 59,2% across mass/middle/premium segment 55% 55,2% 54,3%
Slide 31: Targeted sub-segments
Targeted sub-segments • Target market: middle market Common ONE PREMIUM • Price per sqm: ≈120-180% of market average denominators across all • Differentiators: balanced mix of affordability and quality, offering large-scale construction with access to essential infrastructure. Modern design, subsegm
Slide 32: Residential Segment - Development Process
RESIDENTIAL SEGMENT - ONE’S RESIDENTIAL DEVELOPMENT PROCESS DEVELOPMENT Identifying the investment Feasibility analysis and urban opportunity and legal due diligence Prior to deciding to acquire land for development, the management carries out a thorough analysis on the investment opportunity, which
Slide 33: Portfolio
PORTFOLIO 2024 © ONE UNITED PROPERTIES
Slide 34: Growing scale
Growing scale One Herastrau Park One Cotroceni Park New development 109 units 996 units 5k+ units 2014 2017 2021 2023 2025 2028 Madrigalului One Mircea Eliade One Lake District Residence 14 units 260 units 1,967 units 2024 © ONE UNITED PROPERTIES
Slide 35: Developments Delivered
ONE VERDI PARK ONE HERASTRAU PLAZA ONE MIRCEA ELIADE ONE FLOREASCA LAKE ONE CHARLES ONE HERASTRAU TOWERS DE GAULLE DELIVERED DEVELOPMENTS MADRIGALULUI ONE HERASTRAU PARK RESIDENCE 2024 © ONE UNITED PROPERTIES
Slide 36: One Verdi Park, Floreasca Vista, Timpuri Noi, Cotroceni Park
ONE ONE VERDI PARK FLOREASCA VISTA Starting date Q4‘19 Starting date Q2’20 Completion date Q1’23 Completion Date Q2’23 UNITS 339 UNITS 63 PP 489 PP 75 GBA (sqm) 62,590 GBA (sqm) 11,677 Saleable (sqm) 38,282 Saleable (sqm) 9,676 - Apartments 35,155 - Apartments 9,676 - Commercial 3,127 GDV (m) € 31.7
Slide 37: One Herastrau Towers, Mamaia Nord, Mircea Eliade, Plaza
ONE ONE HERĂSTRĂU TOWERS MAMAIA NORD Phase I Phase II Starting date Q4‘18 Starting date Q3‘18 Q3’22 Completion Date Q1’22 Completion Date Q3‘21 Q4’24 UNITS 174 UNITS 50 86 PP 254 PP 71 148 GBA (sqm) 30,982 GBA (sqm) 8,523 18,552 Saleable (sqm) 21,985 Saleable (sqm) 6,285 13,639 - Apartments 16,986 -
Slide 38: One Charles de Gaulle, Herastrau Park, Madrigalului, Floreasca Lake
ONE ONE CHARLES DE GAULLE HERĂSTRĂU PARK Starting date Q4‘15 Starting date Q3‘15 Completion Date Q2‘18 Completion Date Q2‘17 UNITS 33 UNITS 109 PP 55 PP 155 GBA (sqm) 9,197 GBA (sqm) 27,050 Saleable (sqm) 5,378 Saleable (sqm) 17,806 - Apartments 5,378 - Apartments 17,806 GDV (m) € 22.70 GDV (m) € 34
Slide 39: Developments Under Construction & in Pipeline
DEVELOPMENTS UNDER CONSTRUCTION ONE & IN PIPELINE VERDI PARK 2024 © ONE UNITED PROPERTIES
Slide 40: One Peninsula, Modrogan, Herastrau Vista, Lake Club
ONE ONE PENINSULA MODROGAN Starting date Q4‘20 Starting date Q4‘20 Estimated Completion Date Q4’24 Estimated Completion Date 2024 UNITS 166 UNITS 48 PP 320 PP 90 GBA (sqm) 53,821 GBA (sqm) 14,803 Saleable (sqm) 36,087 Saleable (sqm) 9,739 - Apartments 36,087 - Apartments 9,739 GDV (m) € 159.24 GDV (
Slide 41: One Floreasca Towers, High District, North Lofts, Lake District
ONE ONE FLOREASCA TOWERS HIGH DISTRICT Starting date Q4’22 Starting date Q4’22 Estimated Completion Date Q3’25 Estimated Completion Date Q4’25 UNITS 215 UNITS 840 PP 293 PP 1,236 GBA (sqm) 32,787 GBA (sqm) 108,133 Saleable (sqm) 21,210 Saleable (sqm) 73,016 - Apartments 20,237 - Apartments 66,992 -
Slide 42: Land sourcing
Land sourcing EXISTING LANDBANK PIPELINE UNDER NEGOTIATION Land Holdings: 285,000+ sqm of prime land locations Ongoing negotiations for strategically located land for future development in ownership or pre-SPA plots in Bucharest, including large properties for future developments targeting Bucharest
Slide 43: ONE Victoriei Plaza
3 3 ONE Victoriei Plaza 2024 © ONE UNITED PROPERTIES 43
Slide 44: Office Segment
OFFICE Building on its residential success, One United Properties entered the office segment in November 2017 through acquisition of One North Gate. ONE focuses on development of Grade A offices, targeting commercial portfolio GLA of 260k SEGMENT sqm by the end of 2027. Out of that, 117K sqm are alr
Slide 45: Office Market – Regional Perspective
OFFICE MARKET – REGIONAL PERSPECTIVE Bucharest provides some of the most attractive office and retail Key office trends(2) yields among main CEE cities Prime yields (%) in Q4 2023 (1) 12 month forecast ü During 2023, gross demand reached record high of approx. 409.3k sqm, 7.75% +44% vs 2022. Net dem
Slide 46: Office Portfolio
OFFICE PORTFOLIO ONE ONE COTROCENI PARK 2 COTROCENI PARK 1 Starting date Q2 ‘21 Starting date Q3 ‘19 Completion Date Q1 ‘23 Completion Date Q4 ‘21 TOTAL GLA 34,456 TOTAL GLA 46,252 - Offices (sqm) 32,075 - Offices (sqm) 43,261 - Terraces (sqm) 2,111 - Terraces (sqm) 1,975 - Storage (sqm) 270 - Stora
Slide 47: Retail Portfolio
RETAIL PORTFOLIO BUCUR OBOR ELIADE TOWER Acquisition date Q4’22 Acquisition date Q1 ’22 TOTAL GLA 8,000 RETAIL GLA 26,000 - Offices (sqm) 8,000 Tenants Auchan and multiple small businesses PP 47 ONE GALLERY Starting date Q3’22 Completion Date Q3’25 RETAIL GLA 13,500 Tenant Multiple (high-end) 2024 ©
Slide 48: Landmark Restoration Portfolio
LANDMARK RESTORATION PORTFOLIO Mondrian Hotel 2024 © ONE UNITED PROPERTIES 48
Slide 49: Historical Results Highlights
HISTORICAL RESULTS HIGHLIGHTS 2024 © ONE UNITED PROPERTIES
Slide 50: Evolution of the Residential Segment
EVOLUTION OF THE 1,130.4 RESIDENTIAL SEGMENT 41% The revenues from sales of residential 814.9 property increased 5-fold between 2018 and 769.5 2023, overpassing historical milestone of RON 703.3 1bn in 2023. The varying margin from year to year is due 35% 35% to the IFRS 15 revenue recognition appli
Slide 51: Evolution of the Commercial Segment
EVOLUTION OF THE 128.4 COMMERCIAL SEGMENT 86.6 The rental income, which also includes revenues from tenant services, became 78.9 significant as of 2022, following the delivery and the lease out of the two major developments of One United Properties, One 54.2 Tower and One Cotroceni Park Phase 1, as
Slide 52: Global Result
GLOBAL RESULT 612.7 604.4 576.1 572.9 561.7 531.7 One United Properties saw accelerated growth 509.7 502.5 between 2020 and 2021, resulting in more than 4- 449.6 fold increase in the key indicators between 2018 and 2023. Gross result is the relevant indicator for the Group due to significant part of
Slide 53: H1 2024 Financial Results
H1 2024 FINANCIAL RESULTS 2024 © ONE UNITED PROPERTIES
Slide 54: Financial Highlights
FINANCIAL 843.5 -17 HIGHLIGHTS % 699.4 604.1 -13 % 524.1 353.1 -1 344.5 - 8% 23 287.9 % 264.5 H1’23 H1’24 H1’23 H1’24 H1’23 H1’24 H1’23 H1’24 REVENUE FROM CONSOLIDATED GROSS CONSOLIDATED TURNOVER CONSOLIDATED EBITDA RESIDENTIAL SALES PROFIT 2024 © ONE UNITED PROPERTIES 54 in RON m
Slide 55: Key Financial Figures – Gross Profit
KEY FINANCIAL FIGURES – GROSS PROFIT The consolidated turnover of One United Properties 843.5 -17 % decreased 17% in H1 2024 vs. H1 2023, reaching RON 699.4m. 699.4 Turnover in H1 2024 included revenues from apartment sales (RON 524.1m), rental and tenant services revenues (RON 75m), gains from inve
Slide 56: Key Financial Figures - Residential
KEY FINANCIAL FIGURES - RESIDENTIAL 604.1 -13 The revenues from sales of residential property saw % 524.1 a 13% decline due to many construction sites reaching final stages that have less completion advance compared to the heavy works in the initial stages, reaching RON 524.1m. Nonetheless, the net
Slide 57: Key Financial Figures - Commercial
KEY FINANCIAL FIGURES - COMMERCIAL 75 The rental income, which includes the income % generated by the commercial division together +19 with the revenues from the tenant services, saw a 62.8 19% increase, reaching RON 75m in H1 2024 vs 53.6 RON 62.8m in H1 2023. 6% The effect has been driven by the r
Slide 58: Key Financial Figures
KEY FINANCIAL FIGURES Administrative expenses increased 12% YoY, amounting to RON 42.3m. This increase was due to increase scale 353.1 -18 of operations in terms of construction progress and units % under sale. In terms of other operating expenses, these 287.9 decreased 22%, amounting to RON 5.6m. O
Slide 59: Assets – Residential
ASSETS – RESIDENTIAL Current assets increased 1% in the first six months of 2024, reaching RON 2.2b due to a 22% increase in the trade receivables and a 15% increase in advance payments to the suppliers. This growth was offset by a 3% decrease in the inventories (residential properties), which reach
Slide 60: Assets – Commercial & Landbank
ASSETS – COMMERCIAL & LANDBANK The non-current assets increased 7%, reaching RON 3b, growth driven by an 8% increase in investment properties, to 2.9b as of the end of H1 2024, representing the commercial segment and the landbank. The increase is due to the inclusion of One Technology District in th
Slide 61: Liabilities
LIABILITIES The increase in the non-current liabilities was driven by a 17% growth of loans and borrowings from banks and others, which amounted to RON 970.9m, representing a major part of long-term bank loan amounting to RON 941.5m. The increase was driven by the new drawings 1,416.1 for One Tower,
Slide 62: Cash Position
CASH POSITION Due to significant development activity in H1 2024, spanning 4,041 units with a total GDV of EUR 1.3b, the 420.7 cash position declined 20%, down to RON 336.1m. -20 % 336.1 31.12.2023 30.06.2024 CASH POSITION 2024 © ONE UNITED PROPERTIES 62 in RON m
Slide 63: Cash Inflow
CASH 211 INFLOW 178 189 In H1 2024, One United Properties saw cash inflows of EUR 79m. Contractual cash-flows, 142 meaning amounts to be received under pre- 128 sales agreements concluded with customers as of June 30th, 2024, amounted to EUR 331m in additional cash by 2026 (EUR 99m in 2024, EUR 189m
Slide 64: Residential Pre-Sales
RESIDENTIAL PRE-SALES 452 apartments and commercial units with a total 120.8 123.3 surface of 43,809 sqm, 624 parking spaces and other +2% unit types were sold and pre-sold for a total of EUR 123.3m in H1 2024. A year prior, in H1 2023, the Group sold and pre-sold 481 apartments and commercial units
Slide 65: Resi Trends
RESI TRENDS The company's top-selling development in H1 2024 was One Lake District, where 165 units were sold at Phase 2 and 101 at Phase 1. The second best-selling development was One Lake Club, where 67 units were sold in the first six months of 2024, resulting in a total of 334 units being alread
Slide 66: Resi Trends
RESI TRENDS By sellable area, One United Properties sold by far the most of 2-room (1-bedroom) apartments, with a total sellable area of 15,237 sqm, with demand being highest Studio at One Lake District Phase 1 and 2, followed by the 4- Commercial spaces 2% 14% room (3 bedroom) apartments, with a to
Slide 67: Management Team
MANAGEMENT TEAM 2024 © ONE UNITED PROPERTIES
Slide 68: Group Structure
GROUP STRUCTURE Victor Căpitanu through Vinci VER Holding Andrei Diaconescu through OA Liviu Holding Free-float 25.02% Invest 25.02% 49.96% One United Properties ONE RESIDENTIAL1 ONE OFFICES INVESTMENTS OPERATIONAL One Lake District One Long Term One Mircea Eliade One Peninsula One Herăstrău One Uni
Slide 69: Organizational Structure
ORGANIZATIONAL STRUCTURE GENERAL SHAREHOLDERS MEETING BOARD OF DIRECTORS Nomination & Risk & Audit EXECUTIVE MANAGEMENT Remuneration Committee Committee PROJECT FINANCIAL LEGAL INVESTOR INVESTMENTS DEVELOPMENT RELATIONS ESG Committee Internal Audit Litigations ASSET Accounting ARCHITECTURE SALES MAN
Slide 70: Corporate Governance
CORPORATE GOVERNANCE As a listed Company, One complies with the Corporate Governance Code of the Bucharest Stock Exchange and report annually on its Corporate Governance compliance status in accordance with the Bucharest Stock Exchange requirements: • 5 independent directors out of a total of 7 • A
Slide 71: Andrei Diaconescu, Victor Căpitanu
ANDREI DIACONESCU VICTOR CĂPITANU Victor is the co-founder and Executive Andrei is the co-founder and Executive Member of the Board of Directors at One Member of the Board of Directors of One United Properties, coordinating Sales, United Properties, coordinating Marketing , Capital Markets and Opera
Slide 72: Non-Executive Directors
NON-EXECUTIVE DIRECTORS CLAUDIO MARIUS AUGUSTA DIRK PAHLKE HORIA CISULLO MANDA DIACONU DRAGIC Non-Executive Chairman of the Board Non-Executive Director Non-Executive Non-Executive of Directors Director Director Director Mr. Cisullo is the founder Mr. Diaconu is an active Mr. Dirk Pahlke was a Mr. M
Slide 73: Management Team
MANAGEMENT TEAM BEATRICE MIHAI COSMIN VICTOR ZUZANNA ANDRA ADRIAN DUMITRASCU PADUROIU SAMOILA SAVI - NIMS KUREK BIZON IONITA CEO Residential CEO Office Chief Financial Chief Legal Officer Investor Relations Head of Financing Head of Division Division Officer Manager Litigation Mihai has a long caree
Slide 74: Management Team
MANAGEMENT TEAM IONUT OCTAVIAN MARIUS ADRIAN DUMITRESCU AVRAMOIU CALIN ARENDT ANDREI CALIN RADU FLORIN Partner Office Partner Lead Architect Owner Design COROBEA-BIRCEANU STAN NEACSU Division Representative Project Director Project Director Project Director Ionut is a pioneer in Octavian has 19 year
Slide 75: 2024 Financial Calendar
2024 Financial Calendar 11.11.2024 – Q3 2024 Results 12.11.2024 – Q3 2024 Earnings Call 2024 © ONE UNITED PROPERTIES
Slide 76: For follow-up questions
For follow-up questions: Zuzanna Kurek IR Manager zuzanna.kurek@one.ro 2024 © ONE UNITED PROPERTIES
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