One United Properties announces the acquisition of a historic building in Bucharest, with a purpose to transform it into a new high-class development called One Athénée. The building is located at 2 Georges Clemenceau Street in Bucharest, near the Romanian Athenaeum. The value of the transaction amounts to EUR 4.9 million and the estimated gross development value is EUR 21 million.
“We are thrilled to sign the transaction for a building with such a unique history. There are many important historic buildings, abandoned and in need of significant improvements located in Bucharest. Through this development, we want to bring back the appreciation of the past to these buildings, adapted to the new reality. Our long-term vision takes into consideration further developments in this area, as we want to contribute to the protection and regeneration of the cultural heritage in the center of Bucharest,” stated Victor Capitanu, cofounder of One United Properties.
The building, classified as a historical monument, will be entirely renovated by One United Properties. After completing the restoration process, the location will host exclusive commercial spaces on the ground and the first floor. The upper flats will host ten high-class apartments overlooking the Romanian Athenaeum. One Athénée is the first development of One United Properties that includes the restoration of a historical monument with the purpose of protecting and regenerating the cultural heritage of Romania’s capital.
