2016-08-12 08:48:33 CEST

2016-08-12 08:48:33 CEST


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INVL Baltic Real Estate - Interim information

Unaudited results of INVL Baltic Real Estate for 6 months of 2016 


Vilnius, Lithuania, 2016-08-12 08:47 CEST (GLOBE NEWSWIRE) -- For 6 months of
2016, the unaudited consolidated net profit of the AB INVL Baltic Real Estate
group and the part of profit attributable to the shareholders of AB INVL Baltic
Real Estate was EUR 591 thousand and the revenue was EUR 3,072 thousand (for 6
months of 2015 consolidated net profit was EUR 436 thousand, revenue was EUR
2,685 thousand). 

Additional information:

The real estate investment company INVL Baltic Real Estate had a net profit in
the first half of this year of EUR 0.6 million, or EUR 0.01 per share. The
company’s revenue for the period was EUR 3.1 million, of which EUR 1.8 million
was from leasing properties it owns. Compared to the first half of last year,
the company’s net profit increased 36 per cent, revenue grew 14 per cent, and
revenue from leasing owned properties rose 35 per cent. 

INVL Baltic Real Estate’s equity capital at the end of the first half of this
year was EUR 27.157 million, or EUR 0.41 per share. During the second quarter
INVL Baltic Real Estate paid out dividends of EUR 0.012 per share (in total EUR
789 thousand). 

“We continue to optimize the assets we manage seeking to increase their value.
We’re currently giving a lot of attention to the Vilnius Gates complex that was
acquired in January, implementing its new concept. By adapting its premises to
the needs of service businesses and exclusive offices, we aim to create a
state-of-the-art service and business centre,” said Egidijus Damulis, the CEO
of INVL Baltic Real Estate 

He said interest in occupying the Vilnius Gates premises which are being
refurbished also got a boost from the ‘Rise Vilnius’ innovation and IT startup
space that British bank Barclays officially opened there in July. “We continue
actively working with potential tenants,” Egidijus Damulis said. 

Completion of the first phase of reconstruction of the Vilnius Gates service
and business centre is planned already this month. It is calculated that after
reorganization of the space at the complex the leasable area will increase from
6,400 to 7,200 square metres. Premises on the ground floor are being adapted
for service centres, restaurants and health and wellness services, while the
first floor will be dedicated to exclusive offices. Their attractiveness will
be enhanced not only by large windows looking out over the Neris River and
Geležinio Vilko Street, but also by additional skylights that are being
installed to ensure natural light. 

Having completed a 9-million-euro share offering in March, INVL Baltic Real
Estate is steadily pursuing the goal of becoming a closed-end investment
company (UTIB). In early May, the board of INVL Baltic Real Estate applied to
the Bank of Lithuania for a UTIB license. On obtaining that status, the
company’s management would be transferred in a trust arrangement to INVL Asset
Management, part of one of the leading Baltic asset management groups Invalda
INVL. 

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 space 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. The company’s shares trade on the Nasdaq
Vilnius exchange. 


         The person authorized to provide additional information:
         Egidijus Damulis
         Director
         E-mail: egidijus.damulis@invl.com