One United Properties acquires new plot of land in Bucharest

One United Properties announces the acquisition of a plot of land located in sector 1 of Bucharest, on Poligrafiei Boulevard no. 50 and 52-54, which will be used for the construction of a new residential development called One Herăstrău City. The value of the transaction is approximately EUR 60 million.

The land has an area of 36,869 sqm and includes 19 old buildings, which the developer will demolish. One United Properties will subsequently build here a new residential development called One Herăstrău City, in an extensive urban regeneration project that will bring a central area of the city back to life. One Herăstrău City will comprise approximately 900 apartments within seven towers, which will spread over a total gross buildable area (GBA) of up to 150,000 sqm above ground and 70,000 sqm underground. The new development will also integrate a commercial area with numerous amenities and services for the community, such as a SPA with gym, semi-Olympic swimming pool, restaurants, cafes, but also small shops that will offer various services. One Herăstrău City development will be located in close, walking proximity to Herăstrău Park.

"The transaction is part of One United Properties' strategy to build a strong pipeline for future sustainable developments. With the new development One Herăstrău City we will continue the company's strategy regarding urban regeneration and build up an abandoned area. We are currently carrying out a share capital increase operation, which aims to raise equity to invest with priority in new developments, and One Herăstrău City is one of the ten developments that our company will finance with the newly raised capital”, said Victor Căpitanu, co-CEO of One United Properties.