The company Upground Estates, controlled by the businessman Ioannis Papalekas, will develop another residential building on eight floors in Floreasca. 

The building, named Floreasca 1, will include 23 apartments of two and three rooms, with areas between 100 and 300 sqm, three at each floor. The project will be developed on 206-208 Gheorghe Titeica St., in the vicinity of Promenada mall, to be opened this autumn, and also close to the office area of Northern Bucharest.

Papalekas also developed the UpGprund project in Bucharest, with 600 apartments, a project sold to RREEF Real Estate, within Deutsche Bank Asset Management, together with two office buildings for a package price of EUR 340 million. (source: