INVL Baltic Real Estate acquires building at Vilniaus Street 37-4, Vilnius
24 Septiembre 2021 - 8:02AM
INVL Baltic Real Estate acquires building at Vilniaus Street 37-4,
Vilnius
INVL Baltic Real (hereinafter – “the
Company”) informs that on 24 September 2021 a real
property sale and purchase agreement was concluded with the state
enterprise Turto Bankas on the purchase of part of the building and
land plot at Vilniaus Street 37-4 in Vilnius.
The Company acquired the real estate from the
state enterprise Turto Bankas for EUR 2.4 million. The total
area of the acquired facilities is 1552.46 sq. m. (including 430
sq. m. of unfurnished attic space), while the area of the land plot
is 0.1185 ha.
The Company got the right to acquire the
building and land plot at Vilniaus Street 37-4 in Vilnius from the
state enterprise Turto Bankas on 26 August 2021 after the winning
of the auction organised by the state enterprise Turto Bankas. More
information here:
https://view.news.eu.nasdaq.com/view?id=bfdd3eb35ae0db9c1e1222aabc378e4bb&lang=en
At completion of the transaction, the value of
the Company’s real estate holdings will increase to EUR 27
million.
Additional information:
Today, 24 September, the real estate investment
company INVL Baltic Real Estate signed an agreement with the state
enterprise Turto Bankas on the purchase of part of the building and
land plot at Vilniaus Street 37-4 in Vilnius for EUR 2.4 million.
The total area of the acquired facilities is 1552.46 square meters
(including 430 sq. m. of unfurnished attic space), while the area
of the land plot is 0.1185 ha.
“We decided to take part in the auction and
acquire the property for several reasons. First, because of the
building’s exceptional location in the Vilnius Old Town, not far
from other premises we own at Vilniaus Street 33. Moreover, the
property is a great fit for the company’s investment criteria –
with our expertise and the investments needed to refurbish the
building, we expect to create a distinctive, successful project and
earn a large return for the company’s investors,” says Vytautas
Bakšinskas, the real estate fund manager at INVL Asset Management,
which manages INVL Baltic Real Estate.
Bakšinskas notes that the newly acquired
building has protected status, so its analysis, design and
remodelling process will be long and complex. But in late 2023,
after the completion of design and major renovation works, the
company will offer the market some 1500 sq. m. of leasable space
including two floors of high-end offices as well as commercial
premises below them on the ground floor.
At completion of the transaction, the value of
the company’s real estate holdings will increase to EUR 27
million.
On 26 August, INVL Baltic Real Estate won an
auction to acquire this building which was organised by Turto
Bankas.
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 72% and 100%.
INVL Baltic Real Estate’s asset holdings will
have a total area of 28 000 sq. m. and a value of EUR 27 million
after this transaction.
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. Management of the company was assumed by INVL
Asset Management, one of Lithuania’s leading asset management
firms. The company 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
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