INVL Baltic Real Estate Interim unaudited information for 6 months of 2023

For 6 months of 2023, the unaudited consolidated net profit of the INVL Baltic Real Estate (hereinafter – “the Company”) group was EUR 0.27 million, revenue was EUR 1.7 million (for 6 months of 2022 consolidated net profit was EUR 1.88 million, revenue was EUR 1.64 million). The unaudited net profit of Company itself amounted to EUR 0.27 million for 6 months of 2023 and EUR 1.88 million for 6 months of 2022.

Additional information:

The real estate investment company INVL Baltic Real Estate had a consolidated net profit of EUR 0.3 million in the first half of this year, 85 percent less than in the same period last year when the net profit was EUR 1.9 million. The fall in profits was due to a sharp rise in interest costs and a significant increase in the value of investment assets recorded in the previous year.

The company’s consolidated equity at the end of June 2023 was EUR 23.1 million. Equity per share was EUR 2.86 and compared to the end of June 2022 grew 12.2 %, also taking into account dividends that were paid.

The value of INVL Baltic Real Estate’s investment property holdings at the end of the first half of 2023 was EUR 41.3 million and was 22.3% more than a year earlier (when it was EUR 33.8 million).

The company’s managed properties maintained a high occupancy rate in the year’s first half and increased operating income. INVL Baltic Real Estate’s consolidated net operating income from its properties in the first half of 2023 was EUR 1.1 million and was 9.6 % more than in the same period last year (when it was EUR 1.0 million). Consolidated revenue grew 4.6 % over the period of comparison to EUR 1.7 million, of which consolidated rent income from own properties increased 9.2 % to EUR 1.0 million.

The net operating income for the largest property that INVL Baltic Real Estate owns – the office building at Palangos Street 4 in the Vilnius Old Town with the Talent Garden Vilnius coworking space which the company operates – was EUR 0.7 million in the first half of 2023, or 7.2 % more than in the same period last year. The Žygis Business Centre’s rent income increased by 6.8 % over the same period of comparison to EUR 0.18 million. At the end of June this year, Talent Garden Vilnius had an occupancy rate of 99%, while the occupancy rate of Žygis Business Centre was 100%.

According to Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate, in the first half of this year, the design works for the planned reconstructions of the buildings located in the Old Town of the capital city at Vilniaus g. 37 and Palanga g. 4/Vilnius g. 33 were continued. At the beginning of the second quarter, the renovation works for the building at 37 Vilniaus Street started and are progressing well according to the planned schedule together with the contractor Sivysta.

„In June, we won an auction organised by Turto bankas, where we acquired a small but important garage (Vilniaus str. 37) for the development of the site for the original auction price. At the end of the first half of the year, a deal was concluded for the acquisition of the Pramogų Bankas building, and with the successful completion of the transaction, we are now starting to implement our long-term plans for the redevelopment of the site and the increase in its value,“ says Mr. Bakšinskas.

About INVL Baltic Real Estate

INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, and the 55-ha Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road. The company’s properties had occupancies of 85% to 100% at the end of June 2023.

INVL Baltic Real Estate currently owns properties with a total area of 32,100 sq. m. and a value of EUR 41.3 million.

Since its launch as a collective investment undertaking (on 22 December 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. The fund operates as a closed-end investment company. The company is managed by INVL, the leading investment management and life insurance group in the Baltic region. INVL Baltic Real Estate will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.

About INVL

INVL is the leading investment management and life insurance group in the Baltics. Its companies manage pension and mutual funds and life insurance directions, individual portfolios, private equity, and other alternative investments. Over 300,000 clients in Lithuania, Latvia, and Estonia and international investors have entrusted the group’s companies with the management of more than EUR 2 billion of assets. In the business for more than 30 years now, the group has solid experience in managing private equity assets and building market players that are leaders in their respective fields in the Baltic countries and Central and Eastern Europe.

The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas


BRE_factsheet_2023 IH.pdf
INVL Baltic Real Estate_2023 IH results.pdf