Romanian real estate developer One United Properties has purchased a land plot of 21,165 sqm in Bucharest from a member company of Țiriac Group in a deal worth €15 million.
The land located on the shores of Tei Lake is suitable for construction and has an urban planning certificate.
One United Properties plans to develop One Lake Club on the 2 hectares land. The project will be a residential club with designer apartments and facilities such as spa, gym and swimming pool.
The company says the acquisition is part of its strategy to investment in exclusive areas of Bucharest that can accommodate premium projects.
The transaction was announced shortly after One United Properties kicked off its Initial Public Offering (IPO) on the Bucharest Stock Exchange.
One United Properties has a portfolio of residential, office and mixed-use projects in Bucharest, which is its core market.
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