Meta Estate Trust, a real estate holding company listed on the Bucharest Stock Exchange under the symbol MET, announces that the developer of the Neagoe Basarab project in Poiana Brasov, in which the company has invested €1.5 million, has entered into a partnership with the Accor Group, one of the largest hotel groups in the world, to open the Swissôtel hotel in 2024.
"The investment has an estimated yield of 10% and is part of the Income recurring line of business which involves the acquisition of housing to generate rental income," company officials said in an announcement to the BVB.
The hotel will have 114 rooms and suites, a spa, a fitness center, as well as a gourmet restaurant. The hotel development is structured in two phases. The first phase is scheduled to open in late March 2024, with the second phase to follow in February 2026.
"Together with the investment in Rock Mountain, the investment in the Neagoe Basarab project, which will be operated as a hotel by Accor, represents our confidence in the accelerated development of the Poiana Brasov area, considered the most renowned winter sports resort in Romania and an important international tourist centre. We see a great opportunity to diversify our investment portfolio in the hospitality industry", says Alexandru Bonea, Managing Director of Meta Estate Trust.
According to him, the turnover of investments made in the first three quarters of the year allowed a rebalancing of the existing investment portfolio by reducing the majority position of the Early stage business line, developing the Partnerships with developers business line and launching the first projects associated with the Income recurring business line.
In September, Meta Estate Trust's management informed the market about a EUR 1 million loan for the development of a luxury hotel and tourist apartments project located in the central area of Poiana Brasov resort, a project developed by Rock Mountain.
Recently, Rock Development Holding announced that it will develop a hotel in partnership with the international Kempinski group in Poiana Brasov. The investment amounts to €70 million and the hotel will have 120 rooms. On the same day, Kempinski issued a press release announcing the investment and saying that the hotel will have 120 rooms with lake and mountain views.
Meta Estate Trust is a real estate holding company founded in March 2021 by a group of Romanian entrepreneurs with experience in real estate and capital markets.
Since 29 August 2022, Meta Estate Trust is listed on the Bucharest Stock Exchange, in the AeRO market, with the stock symbol MET. As of 20 March 2023, the MET share is included in the BETAeRO index.
The company has invested since its establishment in more than 50 real estate projects and has so far exited from more than 20 real estate projects, acting as a partner to real estate developers through equity participation as well as through purchases of housing in residential projects in the early stages of construction (in Bucharest and major cities). The investment policy is based on a mix of investment typologies with different return and risk profiles, with a diversified and flexible portfolio that can easily adapt to market cycles.
The Income recurring or Income producing assets investment category outlined during 2023 aims to exploit real estate units with the objective of generating recurring rental income. This business line also allows the company to adapt to market cycles and move assets from the Early stage category that are not sold in a timely manner to the Income producing assets category.
As at 30 September 2023 the real estate properties in The Level, Avrig and Neagoe Basarab projects were integrated into this category.
