Leadership of the real estate investment company INVL Baltic Real Estate as of 4 January 2016 will be assumed by Egidijus Damulis, who brings 15 years of experience at international real estate development and management companies.
As CEO at INVL Baltic Real Estate, he will replace Andrius Dauksas, who will become the company's deputy CEO and will continue his career as an investment manager at Invalda INVL, one of the Baltic region's leading asset management groups, actively contributing to the development and supervision of other businesses managed by the group.
"The steady improvement of INVL Baltic Real Estate's operating results in recent years has become a great foundation for the company to move to a new stage. We believe the addition of the new CEO will enable us to strengthen the real-estate market position not only of this company, but also of the Invalda INVL group," says Alvydas Banys, the chairman of the board of INVL Baltic Real Estate.
The diverse commercial real estate properties managed by INVL Baltic Real Estate ā€“ business centres, manufacturing facilities and warehouse premises in Vilnius and Riga ā€“ enjoy high occupancy and generate stable income. Some properties in the company's portfolio also have further development potential.
According to Alvydas Banys, changes await INVL Baltic Real Estate in the near future. In early 2016 the company plans to offer a new issue of shares intended not only for professionals but also for small investors. In the future, the company will seek to become a closed-end investment company. Once it acquires that status, transfer of the management of INVL Baltic Real Estate to the Invalda INVL group company INVL Asset Management is planned.
"The Invalda INVL group's asset management experience, in my view, stands out in the country. I hope the knowledge I've build up will be useful not only for bringing existing projects to fruition, but also for creating and developing new ones," Egidijus Damulis says.
Damulis, who until recently led Selvaag Lietuva UAB, Oslo Namai UAB and Eicore UAB (Comfort Hotel LT), has 15 years of management experience at companies working in international real-estate development and management, construction and accommodation services. He also has experience in establishing companies, mergers, acquisitions and reorganizations. He is a member of the board of Baltic Sea Properties AS and of the Lithuanian Real Estate Development Association (LNTPA).
INVL Baltic Real Estate, which is listed on the NASDAQ Vilnius exchange, manages about 58,200 square metres of real estate premises in Vilnius and Riga. Invalda INVL owns 12.7 per cent of the shares of INVL Baltic Real Estate.
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