Retail Park Ciolpani, a commercial development located on the DN1 road between Bucharest and Ploiești, has become fully operational following an investment of roughly EUR 2 million by Meta Estate Trust (stock symbol MET), the company announced on Friday, December 19.

The park officially opened on December 17, marking the first retail asset in Meta Estate Trust’s portfolio to generate recurring revenues.

The project has a gross leasable area of around 2,650 square meters and is situated in a high-traffic area with direct access to Snagov and northern Bucharest.

Lease agreements have a weighted average duration of nine years, while the current tenant mix includes well-known international retailers. Based on Meta Estate Trust’s internal projections, at 100% occupancy, potential rental revenues are estimated at between EUR 360,000 and EUR 385,000 per year.

The retail park’s infrastructure also includes Eldrive electric vehicle charging stations and energy-efficiency solutions.

“The opening of Retail Park Ciolpani represents a milestone for Meta Estate Trust. It is our first operational retail park and the first to generate recurring revenues, confirming both the attractiveness of the project and the team’s ability to deliver beyond expectations. The approximately EUR 2 million investment, the tenant portfolio, and the long-term lease structure underpin this development,” said Bogdan Gramanschi, CFO and Interim CEO of Meta Estate Trust.

Retail Park Ciolpani was developed through a combination of own funds, contributions from two partners, and a bank loan.

Meta Estate Trust is a holding company active in the real estate sector, founded in March 2021 by Romanian entrepreneurs. Since August 29, 2022, the company has been listed on the AeRO market of the Bucharest Stock Exchange under the ticker symbol MET. As of March 20, 2023, MET shares have been included in the BETAeRO Index.

irina.marica@romania-insider.com

(Photo source: press release)