Bucharest-listed One United Properties (BVB: ONE), the leading green investor and developer of residential, mixed-use, and office real estate in Romania, is carrying out restoration works on the former Ford Hall which was built in 1935 for the Ford car factory in the Romanian capital.
Located in the Floreasca area, the historic building will be modernized into a sustainable mixed-use space. After restoration, it will open under the name One Gallery and will include, in addition to modern offices and a unique food market concept, a museum dedicated to former Ford plant, which was the first Ford factory with an operational assembly line in Eastern Europe. In addition, a multifunctional hall for theatre performances, cultural events, concerts and conferences is intended to attract both the locals and tourists.
Earlier in the summer, ONE announced a partnership with Tomcat Hospitality to operate a modern concept food market at One Gallery, which will house 47 different operators with premium products in various formats integrated under one roof. The lease term is 17 years, and the contract value amounts to EUR 40.14 million excluding VAT.
”The restoration of the former Ford factory is a particularly valuable development for the city, for the legacy of its history and for the future opportunities it creates. We aim to bring this urban landmark back to life and transform it into a modern commercial space, a true contemporary agora that will enliven cultural and social life, just as we see in major European capitals”, said Andrei Diaconescu (pictured), co-founder and co-CEO of ONE.
The gross development value for One Gallery is currently estimated at EUR 100 million, the largest private investment in Romania in the restoration of a historic building. The estimated delivery date of the restored building is the third quarter of 2025.
Urban regeneration and protection of the cultural heritage of Bucharest are part of One United Properties’ strategy. In 2021, the developer invested for the first time in restoring historical monuments following the acquisition of the Braikoff House. In 2022, it expanded efforts in landmark restoration, with the acquisition of three historical buildings in Bucharest-near the Odeon Theatre and the Ion Mincu University of Architecture and Urbanism-with the purpose of restoring and transforming them into a new development of the company – One Downtown. In the same year it acquired the former Ford Hall.
ONE is publicly traded on the Bucharest Stock Exchange since 2021, and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus. The company posted a consolidated turnover of 140.6 million euros and a gross profit of 53.2 million euros in the first six months of 2024.