Romanian developer One United Properties has secured a loan deal with Alpha Bank Group with a value up to €30.5 million for the development of One Gallery, a retail gallery based in northern Bucharest that is part of One Floreasca City mixed-use scheme.
As part of the loan agreement, the developer also got a VAT credit facility of up to €4.6 million for the same project.
One Gallery will have a leasable area of 13,500 sqm and the building has previously hosted the first car factory in Romania that produced large numbers of vehicles and an operational assembly line in Eastern Europe. The land on which the factory was built in the early 1930s was chosen by Henry Ford himself, according to presentation of One United Properties.
The gross development value upon completion of One Gallery stands at around €90 million.
