Romanian property holding Meta Estate Trust has sold its 40% stake in Redport Properties, the developer of The Level Apartments project in Bucharest, for more than €2.7 million. Additionally, the holding has decided to gradually reinvest €2 million by acquiring 10% of Redport Capital for future developments.
Redport Capital owns strategic land in the historic area of Dămăroaia - Străulești where it will develop over 1,600 apartments and commercial spaces over the next seven years.
“Partnerships with real estate developers represent a key strategic pillar through which we will be able to deliver the returns promised to our shareholders,” said Alexandru Bonea, Managing Director of Meta Estate Trust.
Redport Capital plans to begin construction for phases 3 and 4 of The Level Apartments project, as well as work on Infinity Nord, one of the largest urban regeneration projects in Bucharest.
Shares in Meta Estate Trust were up 0.65% to 0.77 lei on Friday morning trading on the Bucharest Stock Exchange (BVB).
