INVL Baltic Real Estate (hereinafter – the Company) hereby gives notification that on 4 July 2022, Company‘s subsidiary Dommo Grupa has completed the sale transaction of a 3.4 hectare plot of land, which is located in the 58-hectare logistics and industrial park “Dommo Logistics and Industrial Park” near Riga.
The land plot was acquired by Innovative metals services, a company developing metal processing activities, which plans to build a complex of industrial and warehousing buildings on this land.
Additional information:
Dommo Grupa, a company managed by the real estate investment company INVL Baltic Real Estate and developing a 58-hectare logistics and industrial park near Riga – Dommo Logistics and Industrial Park, has completed the sale of a 3.4-hectare plot of land. The value of the transaction was 0.4 million euros.
The land plot was acquired by Innovative metals services, a company developing metal processing activities, which plans to build a complex of industrial and warehousing buildings on this land.
“We are pleased with the transaction and the recent increase in interest in our Dommo Logistics and Industrial Park. Geopolitical tensions and the pandemic have disrupted supply chains, and European producers are looking for ways to shorten them and move their facilities from Asia to Europe. With the rapid growth in the time and cost of transporting goods, companies are trying to bring production and warehousing closer to the end user.
We continue to negotiate with other potential investors and look forward to those looking for built-to-suite solutions (when a real estate developer builds a facility for a client under a long-term lease) and plots of land with existing infrastructure and an approved detailed plan for the development of commercial real estate projects of various volumes and format,” said Vytautas Bakšinskas, the Real Estate Fund Manager of INVL Asset Management, the parent company of INVL Baltic Real Estate.
According to Bakšinskas, the location of Dommo Logistics and Industrial Park in a geographically very convenient place, in the very centre of the Baltic States, just a few kilometres from the Latvian capital Riga and near the junction of the A8 motorway and the A5 bypass, is a huge strategic advantage for any business interested in the region and seeking development.
Following the transaction, Dommo Logistics and Industrial Park owns 55 ha of land, which is divided into separate plots of 1.5 ha to 18 ha for further development. The complex also has 13 thousand sq.m. of storage premises, and the total area of industrial, logistics, office and commercial facilities planned in the territory reaches 200 thousand sq.m.
About INVL Baltic Real Estate
INVL Baltic Real Estate manages real estate in Vilnius and Riga: office buildings in the Old Town on Vilniaus Street, in Šiaurės Miestelis, as well as the 55-hectare logistics and industrial park Dommo Logistics and Industrial Park near the intersection of the A8 motorway and the A5 Riga bypass. The occupancy of the company’s facilities at the end of the year ranged from 98 to 100 per cent.
The area of assets currently managed by INVL Baltic Real Estate is 28 thousand sq.m., with the value of 29.7 million euros.
Since the company’s inception as a collective investment undertaking (22 December 2016), INVL Baltic Real Estate has been one of the highest stable return real estate funds in the Baltics, available to retail investors. The fund operates as a closed-end investment company (CEIC). The Baltic investment management and life insurance group INVL has taken over the management of the company. As a CEIC, the company will operate until 2046 with the option to extend this term for another 20 years.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas
E-mail vytautas.baksinskas@invl.com
