INVL Baltic Real Estate Interim unaudited information for 9 months of 2023
31 Outubro 2023 - 11:00AM
INVL Baltic Real Estate Interim unaudited information for 9 months
of 2023
For 9 months of 2023, the unaudited consolidated
net profit of the INVL Baltic Real Estate (hereinafter – “the
Company”) group was EUR 0.46 million, revenue was EUR 2.65 million
(for 9 months of 2022 consolidated net profit was EUR 2.1 million,
revenue was EUR 2.55 million). The unaudited net profit of
Company itself amounted to EUR 0.46 million for 9 months of
2023 and EUR 2.1 million for 9 months of 2022.
Additional information:
The real estate investment company INVL Baltic
Real Estate had a consolidated net profit of EUR 0.46 million in
the first nine months of this year, 78 percent less than in the
same period last year when the net profit was EUR 2.1 million. The
decrease in profits was influenced by a sharp rise in interest
costs and the recognition last year of a significant increase in
the value of investment assets.
The company’s consolidated equity at the end of
September 2023 was EUR 23.3 million. Equity per share was EUR 2.89
and compared to the end of September 2022 grew 12%, also taking
into account dividends that were paid.
The value of INVL Baltic Real Estate’s
investment property holdings at the end of September 2023 was EUR
41.7 million and was 23% more than a year earlier (when it was EUR
33.9 million).
The properties the company owns and manages
maintained a high occupancy rate and increased their operating
income in the reporting period. INVL Baltic Real Estate’s
consolidated net operating income from its properties in the nine
months of 2023 was EUR 1.8 million and was 22% more than in the
same period last year (when it was EUR 1.4 million). Consolidated
revenue grew 4% over the period of comparison to EUR 2.6 million,
of which consolidated rent income from own properties increased
12.5% to EUR 1.6 million.
The net operating income for the largest
property that INVL Baltic Real Estate owns – the office building at
Palangos Street 4 in the Vilnius Old Town with the Talent Garden
Vilnius coworking space which the company operates – was EUR 1.1
million in January-September this year, or 18.6% more than in the
same period last year. The Žygis Business Centre’s rent income
increased by 2.9% over the same period of comparison to EUR 0.27
million. At the end of September this year, both Talent Garden
Vilnius and Žygis Business Centre had occupancy of 100%.
“In the third quarter, we focused on our
investment property holdings in the Lithuanian capital. We
continued renovation work on the building at Vilniaus Street 37,
where we are advancing rapidly according to schedule. Early in the
quarter we successfully completed the transaction to acquire the
Pramogų Bankas building in the Lithuanian capital and started to
implement our long-term plans to redevelop the site and increase
its value. We also continued design works for the planned
reconstructions of the buildings at Palangos Street 4/Vilniaus
Street 33,” says Vytautas Bakšinskas, the real estate fund manager
at INVL Asset Management, which manages INVL Baltic Real
Estate.
About INVL Baltic Real
Estate
INVL Baltic Real Estate owns real estate in
Vilnius and Riga: office buildings in the Old Town of the
Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, the
Pramogų bankas and the 55-ha Dommo Logistics and Industrial Park by
the juncture of highway A8 and the A5 Riga bypass road. The
company’s properties had occupancies of 85% to 100% at the end of
September 2023.
INVL Baltic Real Estate currently owns
properties with a total area of 32,100 sq. m. and a value of EUR
41.7 million.
Since its launch as a collective investment
undertaking (on 22 December 2016), INVL Baltic Real Estate has been
one of the Baltic real estate funds open to retail investors with
the highest stable returns. The fund operates as a closed-end
investment company. The company is managed by INVL, the leading
investment management and life insurance group in the Baltic
region. INVL Baltic Real Estate will operate as a closed-end
investment company until 2046, with extension possible for a
further 20 years.
About INVL
INVL is the leading investment management and
life insurance group in the Baltics. Its companies manage pension
and mutual funds and life insurance directions, individual
portfolios, private equity, and other alternative investments. Over
300,000 clients in Lithuania, Latvia, and Estonia and international
investors have entrusted the group’s companies with the management
of more than EUR 2 billion of assets. In the business for more than
30 years now, the group has solid experience in managing
private equity assets and building market players that are leaders
in their respective fields in the Baltic countries and Central and
Eastern Europe.
The person authorized to provide additional information: Real
Estate Fund Manager of Management Company Vytautas Bakšinskas
E-mail vytautas.baksinskas@invl.com
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