One United Properties, a leading green developer of residential, mixed-use, and office real estate on the local market, announced on March 24 that it purchased from Auchan Romania a historic building in downtown Bucharest that used to house a Ford factory.

The developer intends to fully restore the former plant and transform it into a retail space integrated into its mixed-use development One Floreasca City. The space will host an Auchan concept store supermarket of 2,000 sqm, high-end shops and restaurants with expansive terraces.

The project's Gross Development Value (GDV) upon completion is estimated at EUR 82 million.

According to One United, Auchan Romania was already granted the building permit, therefore, the construction will start immediately, with an estimated delivery date in mid-2024. Upon completion, the restored building will have a gross leasable area of approximately 13,000 sqm and 400 parking spaces built on two underground floors.

“We are thrilled about the acquisition of the former Ford factory because it is a one-of-a-kind location in the CEE region. We are determined to restore it so that it can be, once again, a thriving city destination, bustling with life, and a must-see landmark on the agenda of anyone visiting Bucharest,” said Victor Capitanu, co-CEO at One United Properties.

The building, located within the One Floreasca City development of One United Properties, was the first Ford factory with an operational assembly line in Eastern Europe. The land where the factory was built was bought in the early 1930s by Henry Ford. The factory opened in 1936, having 100 employees.

Approximately 2,500 vehicles were assembled in the former Ford factory every year until 1948 when the plant was closed after Romania came under Soviet influence. The main car built in the Bucharest factory was the Ford V8 Fordor Sedan.

One United Properties is listed on the Main Market of the Bucharest Stock Exchange, with the symbol ONE.

irina.marica@romania-insider.com

(Photo source: One United Properties)