One United buys historic building next to Romanian Athenaeum for exclusive apartments
One United Properties (BVB: ONE), one of the leading green developers of residential, mixed-use, and office real estate in Romania, has paid EUR 4.9 million for a historic building in downtown Bucharest, next to the Romanian Athenaeum and the Athenee Palace Hilton hotel.
The company aims to transform it into a new high-class development called One Athénée, which will include retail spaces on the ground floor and first floor and high-class apartments at the upper floors. The estimated gross development value is EUR 21 million.
“We are thrilled to sign the transaction for a building with such a unique history. There are many important historic buildings, abandoned and in need of significant improvements located in Bucharest. Through this development, we want to bring back the appreciation of the past to these buildings, adapted to the new reality,” said Victor Capitanu, co-founder of One United Properties.
He added: “Our long-term vision takes into consideration further developments in this area, as we want to contribute to the protection and regeneration of the cultural heritage in the center of Bucharest.”
The building, classified as a historical monument, will be entirely renovated by One United Properties. After completing the restoration process, the location will host exclusive commercial spaces on the ground and the first floor. The upper flats will host ten high-class apartments overlooking the Romanian Athenaeum.
One United Properties is listed on the Main Market of the Bucharest Stock Exchange and has recently been included in the clue-chip index BET. The company's shares floated on BVB on July 12, following a successful IPO, in which the company raised RON 260 million (EUR 53 mln) for further developments in both the residential and office segments.
In the first six months of 2021, One United Properties registered a record turnover of RON 434 million, a 96% increase compared to the same period of 2020, and a net profit of RON 147.5 million, up 267% year-on-year.
editor@romania-insider.com
(Photo source: the company)
