INVL Baltic Real Estate completes sale and purchase of shares of Pramogų Bankas UAB
19 Julio 2023 - 1:00AM
INVL Baltic Real Estate completes sale and purchase of shares of
Pramogų Bankas UAB
As informed by INVL Baltic Real Estate
(hereinafter – the Company), on 26 June 2023, a sale and purchase
agreement of shares was concluded with Nesė Group UAB regarding the
acquisition of 100 per cent of shares of Pramogų Bankas UAB, legal
entity code 30004466 (hereinafter – Pramogų Bankas). More
information here:
https://view.news.eu.nasdaq.com/view?id=b2f72c6e21372737bfad242283c1e8e3e&lang=en
The Company informs that on 18 July 2023 it
completed the transaction regarding the acquisition of shares of
Pramogų Bankas; all the conditions stipulated in the agreement have
been implemented.
The Company purchased the shares of Pramogų
Bankas from Nesė Group UAB for an amount of EUR 2.9 million. It
must be noted that the building managed by Pramogų Bankas was
valued at EUR 4.6 million. The transaction was financed with
borrowed funds. Šiaulių Bankas provided loans for the amount
of EUR 2.6 million, of which EUR 1.7 million are allocated for
the refinancing of loans held by Pramogų Bankas, and the remaining
amount is allocated to the Company for the payment of Pramogų
Bankas shares. In this way, the Company increased its available
credit limit in Šiaulių Bankas to EUR 15.1 million. Furthermore, to
finance the transaction, the Company’s subsidiary Rovelija issued a
non-public issue of bonds, which was bought out by the private debt
fund Mundus Bridge Finance managed by the INVL Group company for
EUR 2 million.
In the near future, the Company plans to
continue the current activities of the real estate held by Pramogų
Bankas, and in the long-term, the renovation of the interior spaces
of the real estate, during which the leased area of the building
will be increased.
Additional information:
INVL Baltic Real Estate completed a transaction
to acquire the Pramogų Bankas building in Vilnius. The real estate
investment company paid Nesė Group, an operator of entertainment,
food service and gaming businesses, EUR 2.9 million for 100% of the
shares of the company Pramogų Bankas.
The property was valued at EUR 4.6 million in
the transaction. To finance the deal, Šiaulių Bankas granted loans
of EUR 2.6 million, from which an existing Pramogų Bankas loans of
EUR 1.7 million were refinanced. The INVL Baltic Real Estate
subsidiary Rovelija issued bonds in a private placement which
Mundus Bridge Finance, a private-debt fund under management by a
company of the INVL group, purchased for EUR 2 million.
“We are delighted to have acquired this
distinctive and well-known building. The decision to acquire it was
based on both its excellent location in the central part of the
city and the uniqueness of the building itself and its interior
spaces. The property is currently successfully leased out, with
occupancy of 87% at the time of the transaction. We will maintain
the building’s current operations in the coming years, with plans
further down the road to refurbish its interior spaces and enlarge
the leasable area,” 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 now contains companies that conduct event management,
nightclub, accommodation and administrative activities. The
historic building, once home to the Pergalė cinema, 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-hectare Dommo Logistics and
Industrial Park by the juncture of highway A8 and the A5 Riga
bypass road.
Prior to this transaction, INVL Baltic Real
Estate’s property holdings had a total area of 28,000 sq. m. and a
value of EUR 36.6 million as 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.
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.
About INVL
INVL is the leading investment management and
life insurance group in the Baltics. Its companies manage pension
and mutual funds and life insurance directions, individual
portfolios, private equity, and other alternative investments. Over
300,000 clients in Lithuania, Latvia and Estonia and international
investors have entrusted the group’s companies with the management
of more than EUR 2 billion of assets. In the business for more than
30 years now, the group has solid experience in managing private
equity assets and building market players that are leaders in their
respective fields in the Baltic countries and Central and Eastern
Europe.
The person authorized to provide additional information: Real
Estate Fund Manager of Management Company Vytautas Bakšinskas
E-mail vytautas.baksinskas@invl.com
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