“In January 2023, One United Properties obtained the building permit for the restoration of a historical monument, the former Braikoff house, which has been renamed to One Athénée, located at 2 Georges Clemenceau Street, District 1, Bucharest, near the Romanian Athenaeum. With the Gross Development Value (GDV) of EUR 24 million, One Athénée was pre-sold in its entirety to a single buyer, with the payment of the price in installments during the re-construction of the building, and conclusion of the sale-purchase agreement being conditioned by the complete restoration of the monument,” One United’s report published on Friday reads.
The value of the transaction is higher than the one with stake in One Herastrau Office – 30% for EUR21 million.
One United Properties announced the acquisition of the heritage building in the fall of 2021 and planned to turn it into a residential luxury project. The deal stood at EUR4.9 million and the gross development value was put at EUR21 million, which has since gone up to EUR24 million.
(English version by Loredana Fratila-Cristescu)