Diaconescu and Capitanu are among the lowest-profile real estate investors in Romania and hold equal shares in One United Properties.
“One United Properties bought the land, but one of the shareholders kept a small percentage in it. We would like to modify the residential project and are still discussing the strategy for that plot,” said Andrei Diaconescu.
The deal is worth about EUR6 million excluding VAT, according to ZF estimates, based on a price of EUR800 per square meter in the area. The parties involved in the deal did not reveal any information about its value.
“We’re moving ahead with our plan to develop via partnerships residential projects that provide a mix of functionalities in the already established office building areas. We have such intention for the Barbu Vacarescu area, a natural continuation of the One Herastrau Park project,” said Geo Margescu, chief executive officer and founder of Forte partners.
“We believe a possible solution for the infrastructure is creating certain poles in Bucharest, the right mix of office, residential and retail space and discouraging traffic between areas with different functionalities.”
(English version by Loredana Fratila-Cristescu)