One United buys land for another residential project in Bucharest’s Herastrau area

Romanian real estate developer One United Properties, controlled by local investors, bought a plot of land in northern Bucharest close to Herastrau park for another residential project.

The developer reportedly agreed to pay some EUR 4 million to Vasile Petrescu, one of the main shareholders of the former MindBank. The company will, however, pay “in-kind” for the land: Petrescu will get apartments in the residential project developed by One United, in exchange for his land, Profit.ro reported.

One United Properties was founded by Romanian entrepreneurs Victor Căpitanu and Andrei Diaconescu, together with Octavian Avrămoiu, former vice-president of SIF Banat-Crișana, and Cătălin Scripcaru, former country director of Strabag and Raiffeisen Evolution.

The deal comes just days after One United announced the purchase of nearly 8.2 hectares of land from First Bank (formerly Piraeus Bank) on the shore of Plumbuita lake in northeastern Bucharest, for EUR 7.74 million, plus VAT.

One United dominates the niche of luxury apartments in Bucharest. In the last two years, the company has sold 150 luxury apartments per year.

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