One United Properties 2023 Sustainability Report: 14 Construction Sites, over 21,000 jobs created

One United Properties 2023 Sustainability Report: 14 Construction Sites, over 21,000 jobs created

Business Forum
One United Properties, the leading green developer and investor in residential, mixed-use, and office real estate in Romania, publishes its fourth voluntary Sustainability Report for 2023. The report highlights the Company's progress in key sustainability areas and covers vast environmental, social, and governance aspects.

"As our business grows, so does the number of developments that transform the face of Bucharest. In 2023, One United Properties completed 1,549 residential and commercial units, marking our largest annual delivery to date and surpassing all previous years' output. Simultaneously, our Company had 4,281 units under active development, solidifying our position as Romania's leading green developer. Our operations throughout last year spanned fourteen construction sites, including restorations of the former Ford Factory, now One Gallery, and Braikoff House, soon to be unveiled as One Athenee, both due for delivery in 2025. It has been a landmark year in terms of development, but it was equally important in terms of our strides in measuring our ESG impact. In this context, we are more committed than ever to providing a transparent overview of our operations, resources, and objectives regarding our ESG actions. This unwavering dedication underscores our role not just as developers, but as pioneers of sustainable and responsible development, shaping a better future for Bucharest and beyond," said Victor Capitanu, co-CEO of One United Properties.

One United Properties operations expanded significantly in 2023, with the value of the developments under construction exceeding 1.5 billion euros and the total surface under construction amounting to almost 900,000 sqm. Over 21,000 professionals contributed to these developments, underscoring the Company's impact on the local economy. Consequently, One United Properties advanced in 2023 social policies, registering a nearly 35% increase in average employee remuneration, a 34% reduction in the ratio of highest to median annual compensation, and a 9% improvement in the gender pay gap, which now stands at 0.86 across all the workforce. Moreover, the Company introduced a minimum salary of €1,000 for university graduate holding full time positions. Employee attrition decreased from 18% in 2022 to 12% in 2023, underscoring a supportive and stable workplace environment.

At the level of key projects, in 2023, One United Properties achieved significant milestones in enhancing educational infrastructure for the community. Notably, the Company provided a safe, modern facility free of charge for the public primary school, I.G. Duca, which building faced a second-degree seismic risk. This initiative, hosted at One Cotroceni Park, enabled children to study in a secure environment, exemplifying the commitment to impactful public-private partnerships that benefit tenants and neighbouring communities alike. The Company also committed to invest a further 6 million euros in building state-of-the-art education facilities that will benefit residents from One Lake District, One Lake Club and One High District.

Another important aspect of the urban regeneration promise is the restoration portfolio, which includes bringing back to glory four formerly abandoned buildings, which will be reintroduced to the public circuit as One Gallery, One Athenee, Mondrian Bucharest, and One Downtown. The total value of this portfolio has grown to €260 million, marking the most significant private sector investment in Romania dedicated to restoring historical and industrial landmarks.

The rental portfolio also saw an uptake in activity. As of the 2023 yearend, One Tower and One Victoriei Plaza boasted full occupancy, while One Cotroceni Park 1 and One Cotroceni Park 2 reached leasing levels of 88% and 75%, respectively. This growth in occupancy levels reflects a strong demand for sustainable, high-quality workspaces, which One United Properties is renowned for. The four office locations of One United Properties now accommodate nearly 10,000 employees, supporting an estimated €3 billion in revenue generated by the tenants' local subsidiaries. These developments have also created approximately 2,100 new job positions, bolstering Bucharest's reputation as a hub for global enterprises such as Siemens Energy, Ford, Stripe, and Bluetweak.

"Our sustainability efforts are central to our mission. In 2023, we continued to implement new policies and procedures that make our reporting even more robust. By tracking key KPIs across environmental, social, and governance indicators, we ensured that our initiatives are measurable and impactful. Our innovation in product development also saw significant advancements. Following the information campaigns we carried out in recent years highlighting the benefits of geo-exchange heating and cooling systems, we witnessed strong pre-sales in 2023 at One Lake Club, One Lake District and One High District, reflecting growing customer interest in eco-friendly living. Building on this momentum, we were thrilled to sign a landmark agreement last year with Infineon Technologies to develop Romania's most sustainable office building, One Technology District. This project will pioneer innovations such as gas-free heating and cooling through geo-exchange thermal solutions. This collaboration not only sets a new standard in Romania but also aims to establish a global benchmark for sustainability. As we look to the future, our commitment to sustainability and innovation will continue to drive us forward,” said Andrei Diaconescu, co-CEO at One United Properties.

In 2023, the Company measured, for the second year in a row, its CO2 footprint. Consequently, for 2023, One United Properties generated approximately 31 tons of CO2 equivalent under scope 1 emissions and 20,368 tons of CO2 equivalent under scope 2 emissions. The Company also measured, for the first time, partial scope 3 emissions generated on the development sites and across the office developments, which amounted to 1,273 tons.

In terms of corporate social responsibility, in 2023 alone, One United Properties donated RON 9.3 million to supporting local associations and charitable projects. The Company's CSR strategy is oriented around three verticals: urban regeneration and environmental protection, where One United Properties made total donations of RON 6.1 million; education, sports and entrepreneurship, where the support amounted to RON 2.9 million; healthcare and research, where the Company donated 331.4 thousand lei last year to several causes.

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