nvaldos Nekilnojamojo Turto Fondas, a subsidiary of INVL Baltic Real Estate, signed a loan agreement with Siauliu Bankas regading EUR 15.35 million loan (LTL 53 million).
The term of the agreement is 5 years. Invaldos Nekilnojamojo Turto Fondas will refinance a loan of another bank.
"Having a long term bank financing and a strong cash flow from operations, we will be able to concentrate on a long term goals to increase value and maximise returns to investors," – Darius Sulnis, a director of INVL Baltic Real Estate, said.
"Taking into consideration a successful activity of INVL Baltic Real Estate and expecting a long-term partnership, we provided funding to Invaldos Nekilnojamojo Turto Fondas. We believe that this loan of Siauliu Bankas will enable Invaldos Nekilnojamojo Turto Fondas to optimise the existing financial liabilities and to manage them more convenient", – Vytautas Sinius, CEO of Siauliu Bankas, said.
INVL Baltic Real Estate, the parent company of Invaldos Nekilnojamojo Turto Fondas, manages 52 thousand square meters of commercial buildings in Vilnius and Riga.
In the end of June 2014 the equity of INVL Baltic Real Estate amounted to LTL 49.4 million (EUR 14.2 million), the assets – LTL 135.7 million (EUR 39.3 million).
