One United Properties 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 EUR 3.73 million and the gross development value is estimated at EUR 35 million. The total surface of the land is approximately 1,300 sqm and the gross buildable area is 7,100 sqm.
“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.
