The Bank of Lithuania approved the prospectus of the ordinary registered shares of INVL Baltic Real Estate, a company which invests in real estate, for the listing on the NASDAQ Vilnius exchange. The company has published the prospectus and trading in the shares of INVL Baltic Real Estate on the NASDAQ Vilnius exchange is expected to resume in the immediate future.
The company’s updated share prospectus was prepared in light of the closed-end investment fund (UTIB) licence issued by the Bank of Lithuania to INVL Baltic Real Estate on 22 December 2016. Under the company’s Articles of Association, UTIB INVL Baltic Real Estate will operate until 22 December 2046, with extension possible for a further 20 years.
Management of INVL Baltic Real Estate which obtained the status of a closed-end investment company has been assumed by INVL Asset Management which is part of Invalda INVL, one of the leading asset management groups in the Baltic countries.
In the three quarters of this year, INVL Baltic Real Estate earned a net profit of EUR 0.9 million and revenue of EUR 4.6 million, including EUR 2.7 million in revenue generated by lease of own properties. The equity capital of the company stood at EUR 27.5 million as of 30 September 2016, or EUR 0.42 per share.
INVL Baltic Real Estate manages EUR 52 million in real estate of 58,000 square meters in strategically attractive locations across Vilnius and Riga: office and commercial space in Vilniaus Vartai complex in Vilnius, business centre IBC next to Konstitucijos Avenue and office buildings on Vilnius Street in the Old Town and in Šiaurės Miestelis, office and warehousing space in Kirtimai as well as Dommo Business Park, an industrial, warehousing and office space complex next to the Riga bypass. The shares of INVL Baltic Real Estate have traded on the NASDAQ Vilnius exchange since June 2014.
