Meta Estate Trust invests in Bucharest residential project

Meta had contracted the apartments in 2022 and 2023, it said in a filing to the Bucharest Stock Exchange on Monday.

This investment, funded from Meta's own funds, is part of the company's strategy of acquiring properties in residential projects in the early stages of development and exiting before or at completion.

"We look at the projects in which we are integrally involved and aim for exit opportunities from the beginning that will bring us the expected returns. Nine of the 10 apartments purchased in Noa Pajura are already pre-contracted, so we expect to capitalize on the investment during this year," Meta Estate Trust CEO Alexandru Bonea said.

Last month, Meta Estate Trust said it fully exited the Mobexpert Homes project near Bucharest with total proceeds amounting to 6.7 million lei ($1.4 million/1.3 million euro)

The Noa Pajura residential project is being developed by Romanian real estate company Noa.

Meta Estate Trust was established in 2021 and is listed on the AeRO market of the Bucharest Stock Exchange. The company's shares traded flat at 0.73 lei as at 1041 CET on Tuesday.

(1 euro=4.9737 lei)