Real estate developer One United Properties (BVB: ONE) has informed its shareholders of signing an agreement to sell an office building owned by One North Gate, in which the company holds a 76.395% stake, according to a report published on the Stock Exchange.

"The transaction, worth EUR 6 million, represents approximately 20% of the total assets held by One North Gate. The buyer is Element Investitii Imobiliare SRL, a company owned by a local group of investors," the document reads.

The asset sold to Element Investitii Imobiliare is an office building with a gross leasable area (GLA) of 4,500 sqm, distributed over four floors and 131 parking spaces. The building, known as One North Gate, is currently 80% leased.

Following this transaction, One North Gate S.A. retains a second building within the development, which will be transformed into a residential development called One North Lofts.

The capital obtained from the asset sale will be reinvested in the development of One North Lofts, which will host 137 apartments over 20,000 sqm of Gross Buildable Area (GBA) and 237 underground and aboveground parking spaces.

iulian@romania-insider.com

(Photo source: One United Properties)