Developer One United under fire for project on shore of Tei Lake in Bucharest

Real estate developer One United Properties (BVB: ONE) announced that Bucharest mayor Nicuşor Dan took action in court in order to cancel the building permit issued for the One Lake Club residential project located on the shore of Lake Tei, Ziarul Financiar reported.

"The company is not aware of any validity issues with regards to the building permit for One Lake Club and intends to vigorously defend any such claims. The works on all the construction sites of the company located in District 2, including at One Lake Club, are currently carried out without any interruptions, according to their respective schedules," One United said in a note to investors on the Bucharest Stock Exchange.

"The company will continuously inform the market about the evolution of this file, in accordance with its obligations under the applicable legal provisions," reads the same report.

Nicusor Dan, the founder of Save Bucharest NGO focusing on monitoring the balanced development of the capital city, has previously criticised projects of ONE group while his NGO attempted to prevent the concentration of urban developments at the cost of green spaces.

(Photo source: One United)