The real estate investment company INVL Baltic Real Estate’s consolidated net profit for the first three quarters of this year was EUR 2.2 million and grew 6.7% compared with the same period last year. The company’s consolidated equity at the end of September was EUR 34.4 million, while equity per share was EUR 2.61 and increased 11.5% from a year earlier (also taking dividend payments into account).
INVL Baltic Real Estate’s consolidated net operating income from its properties in the first three quarters of 2018 was EUR 2.3 million and compared with the same period last year increased 21%. The company’s consolidated revenue was EUR 4.3 million, or 10% less than in nine months of 2017. Within that amount, consolidated leasing income from properties increased 17% to EUR 3.4 million.
“In the first nine months of this year we continued to see growth of net operating income from properties. The reconstruction of the Vilnius Gates business centre which was completed last year played a part in that. The improving operating results are also due to growth in the value of the company’s property holdings, which from the start of the year rose by EUR 1.3 million to EUR 57.7 million,” said Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management which manages INVL Baltic Real Estate.
The last stage of a public offering of INVL Baltic Real Estate’s shares will run from 2 November until 13 December, with a share price of EUR 2.6147 (the net asset value per share of the company published on 31 October). Shares are available for purchase by both institutional investors and Lithuanian residents. An investor may acquire no fewer than 500 shares in the company.
“In early November we’re starting the final stage of the share offering, which we hope will be relevant to those seeking accessible investment alternatives in the area of commercial real estate. For our part, we aim to continue increasing the value of the company’s property holdings,” Vytautas Bakšinskas said.
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office and commercial premises at the Vilnius Gates complex in the Lithuanian capital, the IBC Business Centre near Konstitucijos Avenue, office buildings in the Old Town on Vilniaus Street and in Šiaurės Miestelis, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass.
Of INVL Baltic Real Estate’s properties, 80% by asset value are in the central part of Vilnius. Their occupancy levels at the end of September 2018 ranged from 69% to 98%. INVL Baltic Real Estate’s property holdings have a total area of 56 900 square metres.
In the share offering which started in May, investors are being offered a total of up to 22% or 2.893 million of the company’s shares until now owned by Invalda INVL. Purchase orders may be submitted to INVL Finasta in Vilnius (Gynėjų St. 14), Kaunas (Savanorių Ave. 349), and Klaipėda (Minijos St. 19).
Since 22 December 2016, INVL Baltic Real Estate has operated as a closed-end investment company. Management of the company was assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The company will operate as a closed-end investment company until 2046, with extension possible for another 20 years.
