Developer One United Properties Relocates HQ to North Gate Offices in Bucharest

The developer bought the office project at public auction in fall 2017 and has invested over EUR1 million to upgrade it.

The North Gate project was developed by Creativ Invest Grup, of businessman Marius Ivan. Creativ Invest Grup had obtained a EUR48 million funding for construction works from Germany’s Westdeutsche Immobilien Bank in 2008.

Subsequently, the company entered insolvency and the office compound was foreclosed to recover a part of accounts receivable to Westdeutsche Immobilien Bank. The project was acquired in October 2017 by One United Properties through a public auction for EUR16.8 million, VAT not included.

The building, located in the vicinity of Promenada shopping mall in Bucharest, has a total lettable area of 23,000 square meters distributed in two building structures, as well as 504 parking spots.

 

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