One United Properties shareholders on Monday approved, at an Extraordinary General Meeting, a “Rental Holding” to consolidate subsidiaries that generate lease income, Mediafax reported. The structure is meant to centralise management of leased assets and act as a vehicle for rental dividends — a five-year priority flagged at the company’s Investor Day.

Seven project companies would sit in the holding: One Cotroceni Park Office and its second phase, One United Tower, One Victoriei Plaza, Real Habitat Office Building, One Gallery Floreasca and Bucur Obor. The group may use a newly formed company or an existing subsidiary, with 100% direct or indirect ownership.

Board chair Claudio Cisullo said pooling rental assets is standard across European, American and Asian markets and that Romania is working on REIT-style legislation for real-estate investment companies. “This is basically our first step to put all rental-income assets in one basket,” he said after the meeting.

Shareholders also raised the bond-issue ceiling from €300 million to €500 million as an alternative to bank funding. Co-founder and co-CEO Andrei Diaconescu said bonds can refinance existing debt or fund new developments.

The EGM approved an ordinary dividend of 0.47 lei per share, slightly above 0.46 lei, plus a conditional extraordinary dividend of 1.42 lei; if conditions are met, the total would reach about €32.7 million, Cisullo said.

Diaconescu called residential demand still strong, though softer than last year, and said he hopes no new taxes appear. On prices, he estimated last year’s roughly 20% rise will not repeat at that pace, but inflation should keep supporting significant annual gains in asset values.

Image: Globalworth Tower and SkyTower, Bucharest (Wikimedia Commons, CC BY-SA 4.0).

Sources consulted: One United Properties shareholders approve rental-asset holding — Mediafax.