Vilnius, Lithuania, 2016-01-29 15:06 CET (GLOBE NEWSWIRE) -- The real estate investment company INVL Baltic Real Estate informs about the completed EUR 7.5 million transaction to acquire 6,500 square metres of commercial and office premises at the Vilnius Gates complex.
Additional information:
The real estate investment company INVL Baltic Real Estate completed the EUR 7.5 million transaction to acquire 6,500 square metres of commercial and office premises at the Vilnius Gates complex.
The transaction was partially financed by Šiaulių Bankas, which granted a loan of EUR 4.5 million, and by Invalda INVL, which lent INVL Baltic Real Estate EUR 2.2 million. Refinancing of the latter loan is planned after INVL Baltic Real Estate places its new EUR 11.5 million share issue.
“We’ve acquired outstanding office and commercial premises in one of the best spots in Vilnius on attractive terms. We believe this place in the centre of the capital that’s easily accessible on foot and by car will appeal to potential tenants – both those who themselves seek to locate here and those who could provide services to the offices and employees in and near the Vilnius Gates complex,” said Egidijus Damulis, the CEO of INVL Baltic Real Estate.
The premises in the Vilnius Gates complex that belong to the company occupy the first two floors of the building along Gynėjų Street. “We’re engaged in tenant selection and have already started negotiations on the lease of office and commercial premises with well-known providers of IT, pharmaceutical, fitness, food and other services,” Damulis said. Currently almost 40 per cent of the available space has been leased.
INVL Baltic Real Estate is now publicly offering a new issue of shares. The money thus raised will be used to refinance the acquisition of the premises at the Vilnius Gates complex and to balance the company’s debt-to-equity ratio before it becomes a closed-end investment company. Once it acquires that status, transfer of the company’s management on the basis of a trust to the asset management company INVL Asset Management is planned.
The offering of shares in INVL Baltic Real Estate makes it possible, regardless of the amount of money one has available, to invest in this company which is successfully managing and maintaining its real estate portfolio. The offering price is EUR 0.40 per share, with no restrictions on the size of an initial investment.
It is considered an attractive alternative for those who want to invest in real estate but are unable to allocate time or money for its maintenance. The share subscription period will end on 3 March for individuals and on 4 March for institutional investors. Shares can be acquired by submitting an order at the offices of INVL Finasta, the lead manager, in Vilnius or Kaunas, or at designated branch offices of Šiaulių Bankas in Vilnius, Kaunas, Klaipėda or Šiauliai.
INVL Baltic Real Estate manages real estate valued at EUR 52 million comprising 58,000 square metres at strategically attractive locations in Vilnius and Riga: office space at the Vilnius Gates complex, the IBC Business Centre near Konstitucijos Ave., office buildings in the Old Town on Vilniaus St. and in Šiaurės Miestelis, office and warehouse premises in Kirtimai, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. The company’s shares are traded on the NASDAQ Vilnius exchange.
Person authorised to provide additional information:
CEO Egidijus Damulis
E-mail: Egidijus.damulis@invl.com