INVL Baltic Real Estate signed a purchase and sale agreement
26 Junio 2023 - 8:00AM
INVL Baltic Real Estate signed a purchase and sale agreement
INVL Baltic Real Estate (hereinafter
– the Company) hereby gives notification that
on 26 June 2023 a purchase and sale agreement was concluded with
Nesė Group, UAB, regarding the acquisition of 100 percent of the
shares of Pramogų bankas, UAB, legal entity code 30004466
(hereinafter – Pramogų bankas). It is to be
noted that Pramogų bankas owns non-residential premises –
entertainment center with guesthouse and non-residential premises –
gambling house with bars – at the address A. Stulginskio str. 8, in
Vilnius.
The acquisition price of the shares of Pramogu
bankas will be about 7.5 percent from the Company's assets,
announced on 31st of March 2023. It is planned to finance the
transaction with borrowed funds. The transaction will be completed
if all the conditions stipulated in the purchase and sale agreement
are fulfilled and the Company pay the acquisition price.
Material details of the transaction, including the final
acquisition price and sources of financing, will be announced
separately after the transaction is completed.
Additional information:
The real estate investment company INVL Baltic
Real Estate is buying the Pramogų Bankas building in Vilnius. INVL
Baltic Real Estate signed an agreement on 26 June on the purchase
of 100% of the shares of the company Pramogų Bankas from Nesė
Group, an operator of entertainment, food service and gaming
businesses.
Completion of the transaction and announcement
of its value are planned in the near future, once the parties have
fulfilled the conditions set out in the agreement.
“We will provide more details about this
acquisition and our further plans after the transaction is
completed,” says Vytautas Bakšinskas, the real estate fund manager
at INVL Asset Management, which manages INVL Baltic Real
Estate.
Pramogų Bankas, located at A. Stulginskio Street
8 in the Lithuanian capital, has a total area of 4,100 square
meters. It currently houses companies that conduct casino, event
management, nightclub, accommodation and administrative activities.
Formerly the Pergalė cinema, the historic building is a
state-protected cultural heritage property.
INVL Baltic Real Estate has real estate under
management in Vilnius and Riga. In the Lithuanian capital, the
company owns office buildings in the Old Town and the Šiaurės
Miestelis area. In Riga, it owns the 55-ha Dommo Logistics and
Industrial Park by the juncture of highway A8 and the A5 Riga
bypass road.
INVL Baltic Real Estate currently owns
properties with a total area of 28,000 sq. m. and a value of EUR
36.6 million at the end of March 2023.
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 by the juncture of
highway A8 and the A5 Riga bypass road. The company’s properties
had occupancies of 98% to 100% at the end of December 2022.
INVL Baltic Real Estate currently owns
properties with a total area of 28,000 sq. m. and a value of EUR
36.6 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.
The person authorized to provide additional information: Real
Estate Fund Manager of Management Company Vytautas Bakšinskas
E-mail vytautas.baksinskas@invl.com
Invl Baltic Real Estate Ab (LSE:0RAS)
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