LONDON - Property investment firm Metro Baltic Horizons raced ahead today as it reported "strong" progress in the first half and bought an 80% stake in a residential development project in Estonia.
The group, focused on the Baltic State capitals and St Petersburg, said the Tallinn development has an estimated total gross development cost of around €‚26m.
In addition, Metro (Xetra: 725750 - news) posted a pre-tax profit of €‚7.29m for the six months to 30 June and said net asset value per share after deferred tax liabilities was up 20% to 112p, or €‚1.67.
The total property portfolio is now valued at €‚52.6m and the company remains excited by the prospects for St Petersburg where demand for high-quality space is forecast to outweigh supply.
"'We continue to see extensive deal flow and attractive investment opportunities in our target cities and, subject to the availability of finance, there is considerable potential to increase the scale of the Company's investment and development activities," said chairman Robin James.
"We look to the future with considerable confidence."