INVL Baltic Real Estate has EUR 2.1 million net profit for nine months of this year
INVL Baltic Real Estate’s consolidated net operating income from its properties in the first nine months of 2019 was EUR 1.36 million, or 40.3% less than in the corresponding period last year. The company’s consolidated revenue, at EUR 4.4 million, was 1.1% more than in the first three quarters last year. That includes consolidated leasing income from owned properties of EUR 3.5 million, which increased 2.3% versus the same period last year.
“In the third quarter we actively worked on fitting out Vilnius’s first Talent Garden Vilnius co-working space. We plan its opening already at the end of this year. Even now we can see that this space will be relevant and needed in the city – as of late October we’ve already reserved most of the working spaces in private offices,” said Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate. Assessing the results for the reporting period, he said they were significantly impacted by renovation of premises, since that routine maintenance work was considered an expense.
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 alongside 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. Occupancy levels at the company’s properties at the end of September 2019 ranged from 67% to 100%.
As of 30 September 2019, INVL Baltic Real Estate’s property holdings had a total area of 56 900 sq. m. and a value of EUR 60.5 million. By asset value, 80% of the properties are located in the central part of Vilnius.
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.