The real estate investment company INVL Baltic Real Estate will merge with Pramogų Bankas, the owner of the building acquired in July last year at A. Stulginskio Street 8 in Vilnius, through reorganisation. A meeting of the company’s shareholders approved the terms of the reorganisation on Tuesday.
The terms envisage that after the reorganisation by which it is merged into INVL Baltic Real Estate, Pramogų Bankas will cease operations and all its rights and obligations will transfer to the real estate investment company.
Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate, says that completion of the companies’ reorganisation, with the aim of directly managing assets, is expected by the end of this year.
The total area of the historic building, which is a state-protected cultural heritage property, is 4,100 square meters. Design work is currently underway for a renovation of the Pramogų Bankas building to renew its interior spaces and at the same time increase its leasable area.
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 September 2024 was EUR 45.59 million.
In early October this year, INVL Baltic Real Estate signed an agreement on the sale of EUR 7.45 million worth of property in Latvia to the company Bohnenkamp. Completion of the deal is planned by December 2024.
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 in the centre of Vilnius, 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 September 2024.
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 September 2024 was EUR 45.59 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 or have under supervision more than EUR 1.5 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, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds. Further information www.invl.com/en/.
Important information
This is a marketing communication of an information nature, which is not and shall not be construed as an offer to purchase investment shares of a collective investment undertaking, an investment recommendation, or investment research, as it is not designed to take into account the investment objectives, financial situation, or needs any individual investor.
When investing, the investors assume the risk associated with the investment. The value of investments can both rise and fall, and an investor may recover less than he/she/it has invested. Past investment results do not guarantee the same results or profitability in the future. Past performance is not a reliable indicator of future performance. Before making a decision to invest, potential investors should, on their own or with the help of investment advisers, assess the suitability of the investment for them along with the taxes and fees related to the investment, consider all the risks related to the investment, and carefully read the articles of association, prospectus and other documents of the respective collective investment undertaking.
