One United plans EUR 35 mln transformation of three historical buildings in downtown Bucharest
One United Properties (BVB: ONE), a leading green investor and developer of residential, mixed-use, and office real estate in Romania, acquired three historical buildings in downtown Bucharest with the purpose of restoring and transforming…
Irina Marica · Journalist
· Updated · 2 min read
One United Properties (BVB: ONE), a leading green investor and developer of residential, mixed-use, and office real estate in Romania, acquired three historical buildings in downtown Bucharest with the purpose of restoring and transforming them into a new development - One Downtown.
The value of the transaction amounts to EUR 3.73 million, and the gross development value is estimated at EUR 35 million.
The three buildings are located close to the Odeon Theatre and the Ion Mincu University of Architecture and Urbanism. 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 completely renovate the three derelict buildings and then decide the most suitable use for them - residential, hotel, or even both,” 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 location is undergoing a complete refurbishment and will become 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.
In 2023 and 2024, One United Properties estimates investments of a minimum of EUR 70 million in the urban regeneration of abandoned historical landmarks in Bucharest.
(Photo source: One United Properties)
