The Romanian real estate developer One United Properties is selling part of its One Cotroceni Park urban regeneration project.
The developer is selling 28 per cent of the companies controlling the office component of the One Cotroceni Park project. Following the sale, One United will own 56 per cent of the office component, Element Invest Partners will have a 16 per cent share and the remaining 28 per cent will belong to minority investors.
One United Properties obtained the building permit last fall and currently, both phases of the office project are under construction. The developer plans to deliver approximately 45,000sq m in 2021 and about 35,000sq m in 2022.
“We have signed pre-leases for 17,000sq m and we are in talks for another 19,000sq m,” Mihai Păduroiu, CEO of the office division of One United Properties told profit.ro.
The One Cotroceni Park project will also include 754 apartments and 20,000sq m of retail space, for which the building permit is expected to be issued soon. The entire project requires an investment of €130M.
