Romanian developer One United has EUR 220 mln office projects under development
Romanian real estate developer One United Properties has office projects totaling 150,000 sqm under development or in the pipeline in Bucharest, to be completed in the next five years. The total investment in these projects amount to EUR 220 million, One United co-founder Andrei Diaconescu said in a meeting with the press, local Ziarul Financiar reported.
“Besides the One Tower building site, we will start two more big projects this fall: One Cotroceni Park – 80,000 sqm and One Verdi Park – 20,000 sqm, totaling EUR 220 million investments. We expect One Tower to generate about EUR 6 million in yearly rents and its value to reach EUR 90 million in two years,” Diaconescu said.
One Tower is part of One Floreasca City, a mixed real estate project developed on the former Automatica industrial platform on Calea Floreasca. The project also includes residential buildings and retail spaces. Work on One Tower should be completed by the end of 2020.
One United Properties was founded by Romanian investors Andrei Diaconescu and Victor Capitanu. The company started as a residential developer and then launched office and logistics divisions. The office projects are developed through One United Offices, in which real estate investor Ionut Dumitrescu is also a partner.
(Photo source: the company)