One United draws EUR 25 mln from local investors for office project in Bucharest
One United Properties, one of the most active real estate developers in Bucharest, founded and controlled by local investors Victor Capitanu and Andrei Diaconescu, and its partner Element Invest Partners, have drawn a EUR 25 mln financing from other local entrepreneurs for completing the office buildings within the One United Cotroceni mixed-use project.
The new investors will get a 30% stake in the two companies that develop the office buildings in One United Cotroceni.
After the EUR 25 mln capital increase, One United Properties will hold a 55% stake in the project companies One Cotroceni Park Office and One Cotroceni Park Office Phase 2. The remaining shares will be held by Element Invest Partners, and the investors who participated in the capital increase.
The construction schedule envisages the delivery of about 45,000 square meters of offices in 2021 and 35,000 sqm in 2022. The investors' estimates show that, in the end, the office part will be worth over EUR 220 mln, at an investment return of 7%, according to Profit.ro.
"We have signed pre-leases for 17,000 square meters, and we are in talks for another 19,000 square meters. One Cotroceni Park will have direct access to the subway, green spaces, and gardens suspended on floors," said Mihai Paduroiu, CEO of the office division of One United Properties.
One Cotroceni Park will also include retail spaces and a residential component. The project is being developed on a 5.3-hectare land plot close to the Military Academy in Bucharest.
(Photo source: Facebook/One Cotroceni Park)