The audited consolidated net profit of INVL Baltic Real Estate group amounted to EUR 4,507 thousand, the revenue was EUR 6,290 thousand for the period of 2016 (for 2015 – consolidated net profit was EUR 4,096 thousand, revenue was EUR 5,694 thousand). The audited net profit of INVL Baltic Real Estate itself amounted to EUR 4,710 thousand in 2016 and EUR 3,282 thousand in 2015.
Additional information:
The real estate investment company INVL Baltic Real Estate had consolidated net operating income from the properties it owns of EUR 2.3 million in 2016, or 16 per cent more than in 2015 (EUR 2 million). INVL Baltic Real Estate’s consolidated revenue last year was EUR 6.29 million, up 10.5 per cent the from 2015 (EUR 5.694 million), and included a 21.5 per cent increase in leasing income from owned properties to EUR 3.6 million.
“Last year we continued to focus on effective asset management, giving a lot of attention to presenting our newest property –the premises at the Vilnius Gates business centre– to potential tenants. Also, after a 9-million-euro share offering in March last year, in December the company obtained a closed-end investment company licence and since then has operated as a fund,” said Vytautas Bakšinskas, Real Estate Fund Manager at INVL Asset Management, which manages INVL Baltic Real Estate. He said the properties held by INVL Baltic Real Estate last year demonstrated improving performance indicators and most of them had high occupancy.
The biggest changes took place at the Vilnius Gates complex, the acquisition of which was completed in January last year. Since mid-2016 it has been home to the ‘Rise Vilnius’ innovation and IT startup space, and at the start of 2017 a department of Swedbank’s non-financial service unit moved in. Based on lease agreements signed through the end of 2016, once eight INVL Technology businesses move in at Vilnius Gates by the start of 2018, it’s calculated that the overall occupancy of the Vilnius Gates premises which belong to the company will reach about 80 per cent.
INVL Baltic Real Estate’s consolidated equity value at the end of 2016 was EUR 31.1 million, or EUR 0.47 per share. Taking into account the effects of an asset revaluation and other one-time factors, the company had a consolidated net profit of EUR 4.5 million last year, or 10 per cent more than in 2015 (EUR 4.1 million).
On the basis of INVL Baltic Real Estate’s 2016 results, its management company is proposing an allocation of dividends for last year of EUR 789 000, or EUR 0.012 per share. A decision on the proposal will be made by a general meeting of the shareholders of INVL Baltic Real Estate which will take place on 11 April this year.
INVL Baltic Real Estate manages 58,000 square metres of real estate at strategically attractive locations in Vilnius and Riga valued at EUR 52 million: 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, office and warehouse premises in Kirtimai, 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 (UTIB). Management of the company has been assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The company will operate with UTIB status until 2046, with extension possible 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
Factsheet INVL BRE 2016 12mnth.pdf
INVL Baltic Real Estate 2016 audited information.pdf
CRP.pdf
