In 2015 joint stock company Reverta has paid a total of EUR 53 m to the State Treasury, of which EUR 22.5 m was paid in the first nine months of the year and EUR 30.5 m – at the end of the year.
Since 1 August 2010, the state has received from Reverta a total of EUR 612.4 m in the form of various payments, of which EUR 366.6 m was paid to the Treasury. Reverta has recovered EUR 666.2 m since 1 August 2010.
Solvita Deglava, the Chairperson of the Management Board of Reverta, points out: ʽAt the end of 2015, we disposed of several high value real estate properties and also were able to carry out successful restructuring and recovery of large liabilities. As a result of this, Reverta recovered significant amount of money, some of which was received at the very end of year and the rest is expected in the first half of 2016.’
As mentioned before, Reverta’s performance and the amount of funds to be repaid to the State Treasury were largely dependent on the completion term of several big deals under development. The macroeconomic and unstable geopolitical situations have made investors more cautious, and therefore the process of finding buyers for large real estate objects has become more difficult and time consuming than before.
The total asset portfolio of Reverta continues to decrease and currently it is EUR 108.8 m.
Additional information:
Reverta is the one of the largest distressed assets managers in Baltic countries. The main competencies of the company are loan restructuring, debt recovery and real estate management. Since 1 August 2010 Reverta has recovered EUR 666.2 m from development and sales of distressed assets.
To learn more about Reverta, please visit the company’s web page: www.reverta.lv.
For more information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv