INVL Baltic Real Estate, the NASDAQ Vilnius listed real estate investment company , signed agreements to increase economic interest from 50 to 100 per cent in nearby Riga located logistics complex Dommo.
Latvian companies Dommo grupa and Dommo biznesa parks, which will be 100 per cent owned by INVL Baltic Real Estate, own 12,800 square meters logistics centre and 58 hectares of land.
"The logistics centre is generating stable rental cash flows, and a territory nearby is ready for a development of new objects. In the future, we will consider what would be more beneficial for INVL Baltic Real Estate shareholders ā€“ whether to develop the property by ourselves, or to sell part of the land to other developers", – said Andrius Dauksas, CEO of INVL Baltic Real Estate.
According to him, annual revenue of Dommo complex amounts to about EUR 0.6 million.
Acquisition of shares and claims to the companies should be completed by 1 July 2015.
INVL Baltic Real Estate, which manages real estate in Vilnius and Riga, was established in the end of April 2014 by splitting-off a part of Invalda LTā€™s property. In the end of 2014 the equity was EUR 14.5 million, or EUR 2.06 per share.
