The real estate investment company INVL Baltic Real Estate announced on 19 December 2019 that it was in negotiations with the closed-end investment fund for informed investors Lords LB Baltic Green Fund (V), managed by Lords LB Asset Management UAB, regarding the possible sale of the IBC Business Centre on A. Juozapavičiaus and Šeimyniškių streets in Vilnius which INVL Baltic Real Estate owns.
INVL Baltic Real Estate gives notification that, as of the expiration on 28 February 2020 of the Letter of Intent signed between INVL Baltic Real Estate and the fund managed by Lords LB Asset Management, a transaction on the possible sale of assets had not been made.
“We are continuing our operations seeking the primary goal of effectively managing the real estate portfolio that we have in Lithuania and Latvia and creating long-term value for the company’s shareholders,” said Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
INVL Baltic Real Estate manages real estate in Vilnius and Riga: office and commercial premises at the Vilnius Gates complex in the Lithuanian capital, the IBC Business Centre near 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. Of the properties that INVL Baltic Real Estate owns, a full 80% by value are in the central part of the city of Vilnius.
