Vilnius, Lithuania, 2017-04-28 15:23 CEST (GLOBE NEWSWIRE) -- For 3 months of 2017, the unaudited consolidated net profit of the INVL Baltic Real Estate group was EUR 360 thousand, revenue was EUR 1,669 thousand (for 3 months of 2016 consolidated net profit was EUR 341 thousand, revenue was EUR 1,618 thousand).
Additional information:
The real estate investment company INVL Baltic Real Estate had consolidated net operating income from properties it owns of EUR 586 000 in the first quarter of this year, which was 10.9 per cent less than in the same period last year due to investments in the renovation of properties.
The company’s consolidated revenue in the first quarter was EUR 1.67 million and increased 3.15 per cent from the same period of 2016. It included EUR 934 000 of consolidated leasing income from owned properties, which grew 3.78 per cent.
INVL Baltic Real Estate’s equity value at 31 March 2017 was EUR 31.4 million, or EUR 0.48 per share. The company had a first-quarter consolidated net profit of EUR 360 000, which is 5.57 per cent more than in the first quarter last year.
“We continue actively working with the properties we own, especially the newest acquisition –the Vilnius Gates complex– where we’ve further enlarged the circle of tenants. Based on a lease agreement signed in March, Xcelsior Vilnius, which represents well-known modern furniture designers and manufacturers, will be moving in here, so we’ll be able to offer visitors to the business centre a chance to get acquainted with their creations,” said Vytautas Bakšinskas, a real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
On the basis of the lease agreements signed as of the end of the first quarter, occupancy of the premises which INVL Baltic Real Estate owns at Vilnius Gates according to the lease agreements exceeds 90 per cent. The ‘Rise Vilnius’ innovation and IT startup space and one of Swedbank’s non-financial service departments have already moved in, and they will be joined in the middle of this year and early 2018 by companies that INVL Technology owns.
With the new tenants at the Vilnius Gates complex, the average occupancy of the company’s property holdings at the end of the first quarter was 85 per cent and was up 7 percentage points from a year earlier.
INVL Baltic Real Estate manages 58 000 square meters 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. Management of the company has been 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.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas
E-mail vytautas.baksinskas@invl.com
