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The Court of the Municipality of Bucharest rejected the request for a summons filed by the Municipality of Bucharest and the General Mayor of the Capital related to the cancellation and suspension of the building permit related to the development of One Lake District, according to a report of the company published yesterday on the website Bucharest Stock Exchange (BVB).
"The company is not aware of any validity issues with respect to the planning permission relating to the One Lake District development and intends to vigorously defend itself against any such claims. Works on all the company's construction sites located in Sector 2, including One Lake District, are currently being carried out without interruption, according to the related schedules," the real estate developer's report states.
The court decision is not final and can be appealed. One Lake District is a residential complex located on the shores of Lake Plumbuita. According to the description on the company's website, the complex consists of eight residential buildings, with more than 1,950 apartments, a private school, five commercial spaces.
One United Properties shares were listed on the Bucharest Stock Exchange in July 2021, with the company currently having a market valuation of almost four billion lei. At the end of last year, Victor Căpitanu and Andrei Diaconescu indirectly owned 27.7% each of the real estate developer.
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