INVL Baltic Real Estate Interim unaudited information for 6 months of 2023
21 Agosto 2023 - 11:23AM
INVL Baltic Real Estate Interim unaudited information for 6 months
of 2023
For 6 months of 2023, the unaudited consolidated
net profit of the INVL Baltic Real Estate (hereinafter – “the
Company”) group was EUR 0.27 million, revenue was EUR 1.7 million
(for 6 months of 2022 consolidated net profit was EUR 1.88 million,
revenue was EUR 1.64 million). The unaudited net profit of
Company itself amounted to EUR 0.27 million for 6 months of
2023 and EUR 1.88 million for 6 months of 2022.
Additional information:
The real estate investment company INVL Baltic
Real Estate had a consolidated net profit of EUR 0.3 million in the
first half of this year, 85 percent less than in the same period
last year when the net profit was EUR 1.9 million. The fall in
profits was due to a sharp rise in interest costs and a significant
increase in the value of investment assets recorded in the previous
year.
The company’s consolidated equity at the end of
June 2023 was EUR 23.1 million. Equity per share was EUR 2.86 and
compared to the end of June 2022 grew 12.2 %, also taking into
account dividends that were paid.
The value of INVL Baltic Real Estate’s
investment property holdings at the end of the first half of 2023
was EUR 41.3 million and was 22.3% more than a year earlier (when
it was EUR 33.8 million).
The company's managed properties maintained a
high occupancy rate in the year's first half and increased
operating income. INVL Baltic Real Estate’s consolidated net
operating income from its properties in the first half of 2023 was
EUR 1.1 million and was 9.6 % more than in the same period last
year (when it was EUR 1.0 million). Consolidated revenue grew 4.6 %
over the period of comparison to EUR 1.7 million, of which
consolidated rent income from own properties increased 9.2 % to EUR
1.0 million.
The net operating income for the largest
property that INVL Baltic Real Estate owns – the office building at
Palangos Street 4 in the Vilnius Old Town with the Talent Garden
Vilnius coworking space which the company operates – was EUR 0.7
million in the first half of 2023, or 7.2 % more than in the same
period last year. The Žygis Business Centre’s rent income increased
by 6.8 % over the same period of comparison to EUR 0.18 million. At
the end of June this year, Talent Garden Vilnius had an occupancy
rate of 99%, while the occupancy rate of Žygis Business Centre was
100%.
According to Vytautas Bakšinskas, the real
estate fund manager at INVL Asset Management, which manages INVL
Baltic Real Estate, in the first half of this year, the design
works for the planned reconstructions of the buildings located in
the Old Town of the capital city at Vilniaus g. 37 and Palanga g.
4/Vilnius g. 33 were continued. At the beginning of the second
quarter, the renovation works for the building at 37 Vilniaus
Street started and are progressing well according to the planned
schedule together with the contractor Sivysta.
„In June, we won an auction organised by Turto
bankas, where we acquired a small but important garage (Vilniaus
str. 37) for the development of the site for the original auction
price. At the end of the first half of the year, a deal was
concluded for the acquisition of the Pramogų Bankas building, and
with the successful completion of the transaction, we are now
starting to implement our long-term plans for the redevelopment of
the site and the increase in its value,“ says Mr. Bakšinskas.
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 85% to 100% at the end of June 2023.INVL Baltic
Real Estate currently owns properties with a total area of 32,100
sq. m. and a value of EUR 41.3 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.
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
- BRE_factsheet_2023 IH
- INVL Baltic Real Estate_2023 IH results
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