Authorization procedures were started more than four years ago, by TitanMar, the company of Adriean Videanu, former Bucharest mayor.
Of the EUR 35 million sum, EUR20 million will be paid in cash and the rest of EUR15 million will be exchanged with future apartments and commercial spaces developed in One Cotroceni Towers.
The properties of One Cotroceni Park and One Cotroceni Towers are neighbouring on the same street, Soseaua Progresului. With a Gross Development Value (GDV) estimated in the range of EUR 400 million, One Cotroceni Towers will be an important mixed-use development and a landmark example of urban regeneration that will increase the attractivity of living, working and spending leisure time in Bucharest. It will accommodate 1,296 residential units spread over five towers. Two towers will have 33 floors, thus becoming the tallest residential development in Bucharest and in the region.
The construction works are estimated to begin in March 2023.
The other two towers will have 23 floors, while one building will have 16 floors. The residential towers will be connected at the ground floor and first floor levels, with a mix of commercial spaces and small office spaces that will allow a vast array of services, including gym with pool, food market, restaurants, leisure activities, and other services that will reduce the daily commute time of the residents.
All car circulations will be done strictly via three underground floors.
Additionally, the mixed-use development will also include a standalone AAA-class, environmentally friendly office building with a Gross Leasable Area (GLA) of approximately 48,000 sqm, which will be named One Cotroceni Park Offices Phase III, continuing the success story of the first two phases that have a joint GLA of 81,000 sqm.
„We are thrilled to announce One Cotroceni Towers, our newest development, and the expansion of One United Properties’ urban regeneration efforts in the Cotroceni area. The excellent sales at One Cotroceni Park, where 92% of units were sold within the first year since the sales kick-off, proved the important opportunity that One United Properties has in expanding ONE high-end brand into larger scale medium to medium-high income developments. In addition, we see continued demand for mixed-use developments in the Cotroceni area, making it a very important neighbourhood for our future investments”, says Victor Capitanu, co-CEO of One United Properties.
At One Cotroceni Towers, the clients have access to a mix of residential units, including two- three- and four-bedroom apartments as well as the tallest penthouses in Bucharest, located at the highest residential floor, and one of the highest altitude points in the city.
After full delivery, One Cotroceni will become a Bucharest landmark, with a new and modern neighbourhood that will host almost 2,200 apartment units, over 40,000 sqm GLA of commercial spaces and small offices, 140,000 sqm GLA of office spaces, as well as 4,200 underground parking spots.
The transaction is part of the Company’s strategy to build a strong pipeline for future developments, considering the significant potential of development for the city of Bucharest. In this context, the Company increased its share capital with EUR 51.5 million in August 2022. One Cotroceni Towers is one of 10 developments the Company will finance using the proceeds from the latest capital increase.
Over the past 12 months, ONE shares have lost 13%.
(English version by Catalina Apostoiu)