The management of real estate company One United Properties (BVB: ONE) informed investors about the conclusion of an agreement for the acquisition of a plot of land of 36,869 sqm in northern Bucharest (on Poligrafiei Boulevard) together with 19 old buildings constructed thereon, which will be demolished.

The value of the transaction is approximately EUR 60 mln, of which 10% will be paid in cash, and the rest will be settled with part of the apartments that will be built in the future development on the site.

The company intends to build a predominantly residential development called One Herastrau City on this land. The new development will have some 900 apartments organized in seven high-rise towers, with a total Gross Buildable Area (GBA) of up to 150,000 sqm above ground and 70,000 sqm underground.

One Herastrau City will also integrate a commercial area with numerous facilities and services for the community, such as a SPA with a gym, semi-Olympic pool, restaurants, cafes as well as small shops offering various services.

The positioning of One Herastrau City is in the immediate, walking proximity of Herastrau Park.

andrei@romania-insider.com

(Photo source: the company)