For 9 months of 2021, the unaudited consolidated net profit of the INVL Baltic Real Estate group was EUR 1.14 million, revenue was EUR 1,959 million (for 9 months of 2020 consolidated net profit was EUR 4.687 million, revenue was EUR 3.234 million). The unaudited standalone net profit of INVL Baltic Real Estate amounted to EUR 1.14 million for 9 months of 2021 and EUR 4.789 million for 9 months of 2020.
The consolidated net profit of INVL Baltic Real Estate over the three quarters of this year amounted to EUR 1.14 million and was 76 % lower compared to the corresponding period in 2020. The value of the Company’s consolidated equity at the end of September this year was EUR 18 million. This rate per share amounted to EUR 2.24 and increased by 6 % compared to the end of the third quarter of 2020 (taking into accounts dividends that were paid out).
Net operating income of INVL Baltic Real Estate during the three quarters of this year was EUR 1.18 million or 36 % less than in the same period last year. The Company’s consolidated income was 39 % lower than in the same period last year and amounted to EUR 1.96 million, of which consolidated rental income from its own properties decreased by 47 % to EUR 1.26 million. The decrease in rental income was due to the completion of the sales transactions of IBC and Vilniaus Vartai business centres last year.
At the end of the third quarter, INVL Baltic Real Estate signed an agreement on the purchase of the premises with part of the land plot located at Vilniaus g. 37-4, Vilnius. The total area of the purchased premises is 1552.46 sq. m. (including the area of the unequipped penthouse of 430 sq.m.), the area of the land plot is 0.1185 hectares. The completed transaction increased the value of the real estate managed by the Company to EUR 27 million.
“The building is located in an exclusive place in the Old Town of Vilnius and within a short distance from other premises owned by us, located at Vilniaus g. 33. In addition, this property perfectly met the Company’s investment criteria – existing competencies and necessary investments in the redevelopment of the building allow us to expect to create an exceptional and successful project and earn a significant return for the Company’s investors”, – says Vytautas Bakšinskas, Real Estate Fund Manager of INVL Asset Management, which manages INVL Baltic Real Estate.
The revenue of INVL Baltic Real Estate’s biggest property holding, the office building at Palangos g. 4, Vilnius which houses the Talent Garden Vilnius coworking space operated by the Company totalled EUR 1.25 million or 33 % more than in the same period last year.
At the end of the third quarter, the property had occupancy of 99 %. Talent Garden Vilnius continues to demonstrate excellent results that have allowed to achieve significant growth in rental income. During the three quarters of 2021, the income of Žygis Business Centre managed by the Company, located at Žygio g. 97, Vilnius, amounted to EUR 0.23 million or 19 % more than in the corresponding period in 2020.
The Company remains focused on increasing the value of its existing assets and is looking for new investment projects. The Company is ready to invest in non-standard, creative solutions that would help to earn a high return for investors and expand the real estate management business.
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 Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. At year-end the Company’s properties had occupancy of between 85 % and 100 %.
INVL Baltic Real Estate’s current asset holdings have a total area of 28,000 sq.m. and a value of EUR 27 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 retain investors with the highest stable returns. The fund operates as a closed-end investment company. Management of the Company was assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The Company will operate as a collective investment undertaking until 2046, with extension possible for a further 20 years.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company