INVL Baltic Real Estate to pay out dividends of EUR 1.71 million for 2017
INVL Baltic Real Estate’s consolidated equity value at the end of 2017 was EUR 33.86 million. Equity per share (recalculated as per the number and nominal value of shares following the change in the number and nominal value of the company’s shares in early 2018) was EUR 2.57 and increased 11 per cent in the year (equity per share at the end of 2016 was EUR 2.36, also taking into account the dividends of EUR 0.06 per share that were paid).
It is foreseen that the liquidity of INVL Baltic Real Estate’s shares will increase this year, as in late 2017 Invalda INVL announced plans to relinquish up to 22 per cent of the company’s shares, thereby increasing the stock’s free float from 16 per cent to 38 per cent. The plan is to offer institutional investors an opportunity to acquire INVL Baltic Real Estate shares, and later, once the Bank of Lithuania has approved a prospectus specifying the share price and manner of distribution, to also offer shares to retail investors.
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office and commercial premises at the Vilnius Gates complex in the Lithuanian capital, the IBC Business Centre near Konstitucijos Avenue, office buildings in the Old Town on Vilniaus Street and in Šiaurės Miestelis, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. As at 31 December 2017, the company’s property holdings had a total area of 56 900 square metres and a value of EUR 56.3 million.
Among INVL Baltic Real Estate’s properties, 80 per cent by asset value are located in the central part of the city of Vilnius. At the end of 2017 they had occupancy levels of between 78 per cent and 100 per cent.
Since 22 December 2016, INVL Baltic Real Estate has operated as a closed-end investment company. Management of the company was assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The company will operate as a closed-end investment company until 2046, with extension possible for another 20 years.