December 16 (SeeNews) - Romania's One United Properties [BSE:ONE] said on Friday that it will invest 35 million euro ($37.2 million) in restoring and transforming three historical buildings in the centre of Bucharest into One Downtown, a new real estate development.
The value of the transaction for the three buildings amounted to 3.73 million euro, One United Properties said in a press release.
The total surface of the land is approximately 1,300 sq m and the gross buildable area is 7,100 sq m, the company added.
"With this transaction, in the first phase, we aim to renovate the three derelict buildings completely and then decide the most suitable use for them – residential, hotel, or even both" said Victor Capitanu, co-founder of One United Properties.
"The acquisition is in line with our efforts to get involved in the regeneration of downtown Bucharest, a strategy we started last year by purchasing the well-known Casa Braikoff building, which after restoration will become One Athénée, a new landmark development of One United Properties."
Between 2023 and 2024, One United Properties plans to invest at least 70 million euro in the urban regeneration of abandoned historical landmarks in Bucharest.
One United Properties is a green investor and developer of residential, mixed-use and commercial real estate projects in Bucharest.
Last month, the company said that it will invest 219.4 million euro in a large-scale residential development also in Bucharest.
One United is listed on the main market of the Bucharest Stock Exchange and currently has a market capitalization of 3.14 billion lei ($677.6 million/638.1 million euro).
Its shares traded flat at 0.8490 lei by 0924 CET on Friday, bourse data showed.
(1 euro=4.9206 lei)