April 3 (SeeNews) - One United Properties and Auchan Romania said on Tuesday they plan to invest 100 million euro ($123 million) in One Floreasca City, a multifunctional real estate project in Romania's capital Bucharest.
The entire project will be built on a 2.8-hectare plot of land, of which 30% will be allocated green areas, the two companies said in a joint statement.
All three components of the project: office, retail and residential will be delivered simultaneously in 2020. The tender for the structure of the office and residential components will be finalized soon and works are scheduled to start in April.
One Floreasca City has three components, integrated in an open project. The first component is the transformation of the former Ford factory in the area into contemporary retail space which will be operated by Auchan Romania. The second one is a class A office building which will be named One Tower and the third one is represented by three exclusive blocks of design apartments, named One Mircea Eliade.
Additionally, the development will include pedestrian alleys, relaxing areas and a playground.
One United Properties is a real estate developer with operations in the premium central-north area of Bucharest. Established in 2007, the developer is known for projects such as: One Floreasca Lake, One Herastrau Park, One Charles de Gaulle and One Herastrau Plaza.
French international retail group and multinational corporation Groupe Auchan is present in Romania since 2006, where it currently operates 50 hypermarkets.
($=0.8123 euro)
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