INVL Baltic Real Estate unaudited Interim information for the 9 months of 2022

For the 9 months of 2022, the unaudited consolidated net profit of the INVL Baltic Real Estate group was 2.1 million euros, the revenues were 2.55 million euros (for the 9 months of 2021, the profit consolidated net was 1.14 million euros, revenues were 1.96 million euros). The unaudited autonomous net profit of INVL Baltic Real Estate amounted to 2.1 million euros for the 9 months of 2022 and 1.14 million euros for the 9 months of 2021.

Further information:

The real estate investment company INVL Baltic Real Estate achieved a consolidated net profit of 2.1 million euros in the first nine months of this year, which is 84% ​​more than in the same period last year when its net profit was 1.14 million euros. This year’s results were positively impacted by a revaluation of properties in the second quarter which increased their value by EUR 1.7 million.

The consolidated shareholders’ equity of the company at the end of September this year amounted to 21.42 million euros. Equity per share amounted to EUR 2.66 and increased by 24% compared to the previous year (also taking into account the dividends paid).

The properties of INVL Baltic Real Estate continued to maintain a high occupancy rate and increased their operating result. The company’s consolidated turnover increased by 30% over the period of comparison to 2.55 million euros, of which the consolidated rental income from the property portfolio increased by 14% to 1.44 million euros. INVL Baltic Real Estate’s consolidated net operating income from its properties in the nine months of 2022 amounted to €1.44 million, 22% higher than the same period. last year (when it was 1.18 million euros).

The largest property owned by INVL Baltic Real Estate is the office building at Palangos 4 Street in Vilnius, which contains the Talent Garden Vilnius coworking space that the company operates. The income of this building in the first nine months of the year was 1.69 million euros, which is 35% more than in the same period of 2021. The income of the business center in Žygis increased by 49% over the same one-year period to €0.35 million. The occupancy rate for both properties at the end of September 2022 was 91% to 100%.

The value of INVL Baltic Real Estate’s investment properties at the end of September amounted to 33.94 million, 25% more than a year earlier (when it amounted to 27.1 million euros).

“Since the beginning of the year, we have made considerable progress in the design of the building reconstruction project at the intersection of Palangos and Vilniaus streets. We publicly presented the design of the project earlier this year. The Municipality of the City of Vilnius then approved these proposals and published the design requirements for the renovation of the complex. We are currently working with the design company Viltekta to prepare the technical design for the reconstruction of the buildings,” explains Vytautas Bakšinskas, real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.

He says the goals have also been achieved in the development of the property at 37 Vilniaus Street. Studies for this distinctive building in the protected Old Town of Vilnius have been completed, details of valuable site attributes have been updated, and preparation for reconstruction and management projects has begun.

“During studies of the building, valuable wall and ceiling paintings were found, and we began working to preserve these paintings as early as late summer. We plan to publicly present the design proposals for the reconstruction of the building. building, which is subject to strict heritage protection requirements, by the end of this year,” notes Vytautas Bakšinskas.

In early July, Dommo Grupa, a subsidiary of INVL Baltic Real Estate which is developing the 58-hectare Dommo Logistics and Industrial Park alongside Riga, sold a 3.4-hectare plot for 0.4 million euros. This industrial park in Latvia is attractive to those looking for bespoke solutions (where a property developer builds a facility for a client under a long-term lease agreement) and land that already has infrastructure in place and an approved detailed plan for the development commercial real estate projects of various types and sizes.

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, and the 55 ha Dommo logistics and industrial park at the junction of highways A8 and A5 Riga bypass road. The company’s properties had occupancy rates of 91% to 100% at the end of September 2022.

INVL Baltic Real Estate currently owns properties with a total area of ​​28,000 m². and a value of 33.94 million euros.

Since its launch as a collective investment scheme (on December 22, 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 a possible extension for another 20 years.

The person authorized to provide additional information:
Real estate fund manager of the management company
Vytautas Baksinskas
Email [email protected]

About John A. Provost

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