The General Shareholders Meeting of INVL Baltic Real Estate (hereinafter – “the Company”) held on 30 April 2024 decided to approve the proposed dividend allocation of EUR 0.09 per share for the year 2023 (the total amount of dividends allocation amounts to EUR 0.726 million).
The Company notes that dividends will be paid out and the dividend payment procedure for 2023 will be published within one month of the General Shareholders Meeting that approved the decision to allocate the dividends. Persons, who will be shareholders of the Company at the end of 15 May 2024, the tenth day after the General Shareholders Meeting to approve the resolution to allocate part of the Company’s profit for the payment of dividends, are entitled to receive dividends.
The ex-date is 14 May 2024. From that date, the new owner of the shares of INVL Baltic Real Estate, ISIN code LT0000127151, which were acquired on the stock exchange with a settlement cycle of T+2, is not entitled to dividends for the year 2023.
Furthermore, the General Meeting of Shareholders of the Company approved the main terms and conditions under which the repurchase of the Company’s own shares will be carried out.
Additional information:
The real estate investment company INVL Baltic Real Estate will pay its shareholders dividends of EUR 0.09 per share for 2023. That decision was made at a general meeting of the company’s shareholders on 30 April.
“The size of this year’s dividend payment to shareholders equals the amount specified in the company’s dividend policy. The policy envisages a dividend allocation of at least EUR 0.09 per share,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
In 2023, INVL Baltic Real Estate had a consolidated net profit of EUR 0.7 million and consolidated revenue of EUR 3.6 million. The value of the company’s investment property holdings was EUR 42.1 million at the end of 2023 and was 15% larger than a year earlier.
The meeting of INVL Baltic Real Estate shareholders also approved the acquisition of own shares and the preparation of terms for a reorganization of the company to merge into it the entity acquired last year which owns the Pramogų Bankas facilities in Vilnius.
For own share acquisitions, part of a reserve formed for that purpose would be used. The maximum purchase price per share would be INVL Baltic Real Estate’s last published net asset value per share; the minimum price would be EUR 1.45. There is a time limit for any buybacks of 18 months from the date of the shareholders’ decision. Later the company’s share capital would be reduced to annul the acquired own shares, but only if 100,000 or more the company shares were purchased during the buyback period.
Following the reorganization of INVL Baltic Real Estate, the company would directly own the Pramogų Bankas real estate which was acquired in July 2023.
About INVL Baltic Real Estate
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, the Pramogų bankas and the 55-ha Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road. The company’s properties had occupancies of 85% to 100% at the end of 2023.
INVL Baltic Real Estate currently owns properties with a total area of 32,100 sq. m., the value of the real estate at the end of 2023 was EUR 42.1 million.
Since its launch as a collective investment undertaking (on 22 December 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. The fund operates as a closed-ended investment company which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics. INVL Baltic Real Estate will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.
About INVL Asset Management
INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region’s economic development.
We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages EUR 1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania and Latvia, management of pension funds in Latvia, and investments in global third-party funds. Further information www.invl.com/en/.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas
E-mail vytautas.baksinskas@invl.com
