One United Properties, a real estate developer of residential, office, and mixed-use projects, has acquired three historic buildings in Bucharest. The company plans to fully renovate the three buildings and will subsequently decide on their use—residential, hotel, or both.
The three buildings are located at 19, 21, and 23 Academiei Street, near the Odeon Theatre and the “Ion Mincu” University of Architecture and Urbanism. The transaction value amounts to EUR 3.73 million, and the gross development value is estimated at EUR 35 million.
The total land area is approximately 1,300 sqm, with a total built-up area of 7,100 sqm. The developer intends to fully renovate the three historic buildings as part of its sustainability strategy to invest in the urban regeneration of abandoned historic monuments and reintegrate them into the public circuit.
In 2021, One United Properties invested in the restoration of historic monuments for the first time following the acquisition of the Braikoff House. The historic building is currently undergoing a complete renovation and will be known as One Athénée. Additionally, in March 2022, One United Properties acquired the former Ford factory, located within One Floreasca City, which will be restored and transformed into a retail space, One Gallery.
Between 2023 and 2024, One United Properties estimates investments of at least EUR 70 million in the urban regeneration of historic monuments in Bucharest, aiming to protect and regenerate the cultural heritage of Romania’s capital.
Frequently Asked Questions
Where are the new buildings acquired by One United Properties located?
The three buildings are located in downtown Bucharest, at 19, 21, and 23 Academiei Street, near the Odeon Theatre.
What is the estimated investment for these historic renovations?
The acquisition cost was EUR 3.73 million, with a total gross development value estimated at EUR 35 million.
What other historic restoration projects does the developer have?
The company’s portfolio includes the restoration of the Braikoff House (One Athénée) and the former Ford factory (One Gallery).