The value of the transaction amounts to EUR13.5 million and the gross development value is estimated at EUR48 million.
The purchased building is located on 8-10 Georges Clemenceau Street, near the Romanian Athenaeum, The gross buildable area is 10,154 sqm, of which 6,410 sqm above ground and the difference in three basements, on a plot of land with an area of 1,361 sqm.
The developer’s intention is to reauthorize and complete the abandoned construction which will be turned into a luxury hotel. One Plaza Athénée will comprise approximately 100 5-star hotel rooms and will benefit from the highest quality related services such as a swimming pool, spa, restaurants, and other facilities on the ground floor. The opening is estimated to take place in 2025.
“We are delighted by the acquisition of an unfinished, abandoned building located in an area with a special history of the city. We are thus able to increase our company’s efforts to get involved in the regeneration of the centre of Bucharest. One Plaza Athénée will become a landmark development on the 5-star hotel map. We are negotiating with several global Hotel brands, for the operation of the hotel with a multi-year contract. Located right in the heart of the city, the future lifestyle hotel will offer plenty of commercial, cultural and entertainment options just a few steps away”, said Victor Capitanu, co-founder of One United Properties.
In December 2022, the company has also acquired three more historic buildings in the centre of the city, on Academiei street, in order to restore and transform them into a new development – One Downtown.
Urban regeneration and protection of the cultural heritage of Bucharest are part of One United Properties’ strategy. In 2021, the Company invested for the first time in restoring historical monuments following the acquisition of the Braikoff House. The historic building is undergoing a complete renovation and will be known as One Athénée. In addition, in March 2022, One United Properties acquired another historical monument – the former Ford factory, located within One Floreasca City, which is currently undergoing restoration and will be transformed into a retail space, called One Gallery.