May 24 (SeeNews) - Romanian real estate developer One United Properties [BSE:ONE] said that it has signed an agreement to sell an office building to local peer Element Investitii Imobiliare for an estimated 6 million euro ($6.4 million).
The building is part of the One North Gate complex and has a gross leasable area of 4,500 sq m, One United Properties said in a filing to the Bucharest Stock Exchange on Tuesday.
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Following the transaction, the compound will retain one more building at the complex, which will be transformed into a residential development called One North Lofts. The company will invest the proceeds from the sale of the office building into One North Lofts, which will hold 137 apartments over a gross buildable area of 20,000 sq m.
One North Lofts is estimated to be delivered in the second quarter of 2024, according to the filing.
Element Investitii Imobiliare is a real estate company active in Bucharest. In 2022, the company booked a net loss of 14,620 lei ($3,170/2,950 euro), according to the latest data from the finance ministry.
($=0.928648 euro)