One United Properties announces sale-purchase agreement for new development in Bucharest

The management of One United Properties announces the conclusion of a sale-purchase agreement for three buildings located in Bucharest sector 1, at no. 19, 21 and 23 Academiei street, near the Odeon Theater and the Ion Mincu University of Architecture and Urbanism. The net value of the transaction is 3.73 million Euro plus VAT, and the estimated Gross Development Value (GDV) is 35 million Euro. Following the renovation, the three buildings will represent a new development – One Downtown.

The total surface of the land is approximately 1,300 sqm and the gross buildable area is 7,100 sqm. One United Properties will entirely renovate the location as a part of Company’s strategy to regenerate downtown Bucharest. The final use of the buildings will be decided later, with residential and hotel options currently being considered.

Urban regeneration and protection of the cultural heritage of Bucharest is part of One United Properties’ strategy. In 2021, the company invested for the first time in restoring historical monuments following the acquisition of the Braikoff House. The historic building is undergoing a complete renovation and will be known as One Athenee. In addition, in March 2022, One United Properties acquired the former Ford factory, located within One Floreasca City, which is currently undergoing restoration and will be transformed into a retail space, One Gallery.