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January 27, 2023
BUSINESSCOMPANIESECONOMYReal Estate

One United Properties acquires three historic buildings in the centre of Bucharest for new development, One Downtown

One United Properties (BVB: ONE), the leading green investor and developer of residential, mixed-use, and office real estate in Romania, announces the acquisition of three historical buildings in Bucharest with the purpose of restoring and transforming them into a new development of the company – One Downtown.

The three buildings are located on Academiei street no. 19, 21 and 23, near the Odeon Theatre and the Ion Mincu University of Architecture and Urbanism. The value of the transaction amounts to 3.73 million euros, and the gross development value is estimated at 35 million euros. The total surface of the land is approximately 1,300 sqm and the gross buildable area is 7,100 sqm. The developer plans to completely restore the three historic buildings as part of its sustainability strategy to invest in the urban regeneration of abandoned historical monuments and their return to the public circuit.

“The centre of Bucharest has a significant number of abandoned historical buildings, some in an advanced state of decay, which require investments for their re-inclusion in the real estate circuit. With this transaction, in the first phase, we aim to renovate the three derelict buildings completely and then decide the most suitable use for them – residential, hotel, or even both. The acquisition is in line with our efforts to get involved in the regeneration of downtown Bucharest, a strategy we started last year by purchasing the well-known Casa Braikoff building, which after restoration will become One Athénée, a new landmark development of One United Properties. We will continue these efforts in 2023 as well because we are convinced that urban regeneration is one of the key pillars of our strategy, to develop cities responsibly”, said Victor Căpitanu, co-founder of One United Properties.

2021 marked a new milestone in the history of One United Properties as the company deployed, for the first time, capital into historical landmarks restoration, following the acquisition of Casa Braikoff. The historical location is undergoing a complete refurbishment and will be known as One Athénée. Furthermore, in March 2022, One United Properties acquired the former Ford Factory, located within One Floreasca City, which will be restored and transformed into a retail space, One Gallery. Between 2023 and 2024, One United Properties estimates investments of a minimum of 70 million euros in the urban regeneration of abandoned historical landmarks in Bucharest, to protect and regenerate the cultural heritage of Romania’s capital.

 

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