During this year’s public offering of shares in the real estate investment company INVL Baltic Real Estate, a total of 22 465 shares in the company were sold for EUR 57 200. The share offering was held in three stages between 2 May and 13 December this year. In the offering, investors were offered the possibility of acquiring a total of up to 22 per cent, or 2.893 million, of the company’s shares owned by Invalda INVL.
“INVL Baltic Real Estate is a successfully operating company which generates cash flows and which in recent years has earned one of the biggest returns for investors among the real estate funds available on the market. It stands out among other companies with steady income from leasing real estate for its properties’ excellent location and significant development potential. The results of the share offering that has ended are due to the fact that we didn’t managed to properly present the fund’s advantages to potential investors, so we’ll examine what we should improve in the future in order for this company to be attractive and bring maximum benefit to those who’ve invested in it,” said Invalda INVL President Darius Šulnis.
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 per cent 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 per cent from a year earlier (also taking dividend payments into account).
INVL Baltic Real Estate’s consolidated net operating income from its properties in three quarters of 2018 was EUR 2.3 million and compared with the same period last year increased 21 per cent. The company’s consolidated revenue was EUR 4.3 million, or 10 per cent less than in nine months of 2017. Within that amount, consolidated leasing income from properties increased 17 per cent to EUR 3.4 million.
The return on INVL Baltic Real Estate’s shares from the time they were listed on the Nasdaq Vilnius exchange in June 2014 through the end of November 2018, including dividends that have been paid, was 62.6 per cent.
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 had a total area of 56 900 square metres and a value of EUR 57.7 million at the end of September.
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 alongside 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.
Since 22 December 2016, INVL Baltic Real Estate has operated as a closed-end investment company and is managed 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.
