November 8 (SeeNews) - Romanian real estate developer One United Properties [BSE:ONE] said on Tuesday it will invest 219.4 million euro ($219 million) in a large-scale residential development in capital Bucharest.
The company obtained the building permit for the project and aims to complete it in 2025, it said in a press release.
One Lake Club will comprise seven towers with a combined capacity of 663 residential units. The compound's gross building area will total approximately 75,000 sq m.
The complex will also feature 853 parking spaces and 10 commercial spaces.
"One Lake Club is part of the large-scale developments we set out to deliver and, at the same time, confirms the company's objective to to revitalise high-potential locations in Bucharest and to create real communities" said CEO of the Residential Division at One United Properties, Beatrice Dumitrascu.
One United Properties is a green investor and developer of residential, mixed-use and commercial real estate projects in Bucharest.
Earlier this month, One United Properties said that it will invest 38.1 million euro to develop One Herastrau Vista, a residential building also located in the capital.
One United is listed on the main market of the Bucharest Stock Exchange and currently has a market capitalization of 3.6 billion lei ($735.3 million/736.6 million euro).
Its shares traded 2.76% lower at 0.953 lei by 1104 CET on Tuesday, bourse data showed.
($=1.0104 euro)