2017-03-20 18:30:26 CET

2017-03-20 18:30:26 CET


REGULATED INFORMATION

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INVL Baltic Real Estate - Annual information

Audited results of INVL Baltic Real Estate group of 2016 


Vilnius, Lithuania, 2017-03-20 18:29 CET (GLOBE NEWSWIRE) -- The audited
consolidated net profit of INVL Baltic Real Estate group amounted to EUR 4,507
thousand, the revenue was EUR 6,290 thousand for the period of 2016 (for 2015 –
consolidated net profit was EUR 4,096 thousand, revenue was EUR 5,694
thousand). The audited net profit of INVL Baltic Real Estate itself amounted to
EUR 4,710 thousand in 2016 and EUR 3,282 thousand in 2015. 

Additional information:

The real estate investment company INVL Baltic Real Estate had consolidated net
operating income from the properties it owns of EUR 2.3 million in 2016, or 16
per cent more than in 2015 (EUR 2 million). INVL Baltic Real Estate’s
consolidated revenue last year was EUR 6.29 million, up 10.5 per cent the from
2015 (EUR 5.694 million), and included a 21.5 per cent increase in leasing
income from owned properties to EUR 3.6 million. 

“Last year we continued to focus on effective asset management, giving a lot of
attention to presenting our newest property –the premises at the Vilnius Gates
business centre– to potential tenants. Also, after a 9-million-euro share
offering in March last year, in December the company obtained a closed-end
investment company licence and since then has operated as a fund,” said
Vytautas Bakšinskas, Real Estate Fund Manager at INVL Asset Management, which
manages INVL Baltic Real Estate. He said the properties held by INVL Baltic
Real Estate last year demonstrated improving performance indicators and most of
them had high occupancy. 

The biggest changes took place at the Vilnius Gates complex, the acquisition of
which was completed in January last year. Since mid-2016 it has been home to
the ‘Rise Vilnius’ innovation and IT startup space, and at the start of 2017 a
department of Swedbank’s non-financial service unit moved in. Based on lease
agreements signed through the end of 2016, once eight INVL Technology
businesses move in at Vilnius Gates by the start of 2018, it’s calculated that
the overall occupancy of the Vilnius Gates premises which belong to the company
will reach about 80 per cent. 

INVL Baltic Real Estate’s consolidated equity value at the end of 2016 was EUR
31.1 million, or EUR 0.47 per share. Taking into account the effects of an
asset revaluation and other one-time factors, the company had a consolidated
net profit of EUR 4.5 million last year, or 10 per cent more than in 2015 (EUR
4.1 million). 

On the basis of INVL Baltic Real Estate’s 2016 results, its management company
is proposing an allocation of dividends for last year of EUR 789 000, or EUR
0.012 per share. A decision on the proposal will be made by a general meeting
of the shareholders of INVL Baltic Real Estate which will take place on 11
April this year. 

INVL Baltic Real Estate manages 58,000 square metres 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 (UTIB). Management of the company has been assumed by INVL
Asset Management, one of Lithuania’s leading asset management firms. The
company will operate with UTIB status 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