The Board of INVL Baltic Real Estate, the only real estate investment company listed in NASDAQ Vilnius stock exchange, is authorized to prepare the Reorganisation terms of the company. According to the terms, the company would merge with its 100 per cent managed Invaldos Nekilnojamojo Turto Fondas.
The decision was made by the shareholders of INVL Baltic Real Estate at the general shareholders meeting that was on held on Thursday.
"The merger would simplify the structure of the group, as currently the main property of INVL Baltic Real Estate consists of the shares of Invaldos Nekilnojamojo Turto Fondas. Shares of the company, which will be operating in the market after the merger, will remain quoted in NASDAQ Vilnius stock exchange", says INVL Baltic Real Estate's Director Andrius Dauk�as.
The shareholders of INVL Baltic Real Estate also confirmed the results of the activity of 2014. During its eight months of activity in 2014, INVL Baltic Real Estate made EUR 0.43 million net profit or 0.06 euros per share. During the corresponding period, the company generated EUR 3.5 million revenue, from which EUR 1.7 million was raised from renting owned real estate objects.
INVL Baltic Real Estate was established in the end of April 2014 by splitting a part of Invalda LTā€™s property. In the end of 2014 the equity was EUR 14.5 million, or 2.06 euros per share.
INVL Baltic Real Estate manages around 51 700 square meters of real estate in Vilnius and Riga. The total value of the real estate is EUR 33.8 million. The shares of the company are quoted in NASDAQ Vilnius stock exchange.
