LONDON (SHARECAST) - Property investor Metro Baltic Horizons started well on AIM today, quickly building gains following a placing at 100p a share to raise £26.2m for the newly incorporated company.
Metro Baltic, which will invest in property development and income generating opportunities in the Riga in Latvia, Tallinn in Estonia and St Petersburg in Russia, jumped 8½% at one stage this morning.
The Baltic States have shown an average gross domestic product growth of over 8% over the 4 years to 31 December 2005 compared to an EU (25) average of 1.6%.
The company said it intends to focus mainly on prime residential and office development opportunities in the Baltics and prime office developments in St Petersburg.
The investment adviser Metro Capital Management has already identified a number of potential opportunities which are in line with the group’s stated investment objectives.
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