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Romania's Meta Estate gets Alpha Bank Romania loan

Jun 18, 2024, 1:02:39 PMArticle by Alexandru Cristea
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June 18 (SeeNews) - Romanian real estate developer Meta Estate Trust [BSE:MET] said that its subsidiary Montserrat Assets has secured a 400,000 euro ($428,444) loan from Alpha Bank Romania.

Romania's Meta Estate gets Alpha Bank Romania loan
Romania's Meta Estate lists on the Bucharest bourse AeRO market Source: BVB

Montserrat will use the loan to refinance its portfolio of long-term rental apartments in The Level Apartaments residential project located in the capital Bucharest, Meta Estate said in a filing to the Bucharest Stock Exchange on Monday.

"This financing is just a start and shows that our business model is bankable. We will continue to increase our banking leverage this year and next, as this is a sustainable growth strategy for the current market period we are in," Meta Estate Trust managing director Alexandru Bonea said.

"This marks the beginning of a partnership that will be extended to other projects in the MET portfolio," Meta Estate noted on its collaboration with Alpha Bank Romania.

Last week, the European Commission approved the acquisition of Alpha Bank Romania by Italy's UniCredit.

In the first quarter of 2024, Meta Estate's net profit surged to 2 million lei ($430,441/401,865 euro), from 656,925 lei in the prior-year period, on a turnover of 3.4 million lei.

Meta Estate Trust was established in 2021 and is listed on the AeRO market of the BVB.

Shares in Meta Estate Trust traded 2.07% lower at 0.71 lei as at 1054 CET on June 18.

(1 euro=4.9768 lei)

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