The real estate investment company INVL Baltic Real Estate has signed an agreement on the sale of the part of the Vilnius Gates business centre that it owns, which the company Tvarus Projektas, owned by Eastnine Lithuania, intends to acquire. Completion of the transaction is planned by the end of September.
It is estimated that the transaction will have a positive impact of EUR 4.4 million on INVL Baltic Real Estate’s profit in 2020 and of EUR 0.33 on the company’s net asset value per share. At the end of June 2020, INVL Baltic Real Estate’s net asset value per share was EUR 1.87.
The Vilnius Gates business centre on Gynėjų Street in the Lithuanian capital has a leasable area of 7 200 square metres. It’s occupancy level as of mid-2020 was 95%.
Since its inception (on 22 December 2016), INVL Baltic Real Estate is the Baltic real estate fund open to retail investors with the highest stable return. The fund operates 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 a further 20 years.
