The real estate investment company INVL Baltic Real Estate had a net profit in the first half of this year of EUR 0.6 million, or EUR 0.01 per share. The company's revenue for the period was EUR 3.1 million, of which EUR 1.8 million was from leasing properties it owns. Compared to the first half of last year, the company's net profit increased 36 per cent, revenue grew 14 per cent, and revenue from leasing owned properties rose 35 per cent.
INVL Baltic Real Estate's equity capital at the end of the first half of this year was EUR 27.157 million, or EUR 0.41 per share. During the second quarter INVL Baltic Real Estate paid out dividends of EUR 0.012 per share (in total EUR 789 thousand).
"We continue to optimize the assets we manage seeking to increase their value. We're currently giving a lot of attention to the Vilnius Gates complex that was acquired in January, implementing its new concept. By adapting its premises to the needs of service businesses and exclusive offices, we aim to create a state-of-the-art service and business centre," said Egidijus Damulis, the CEO of INVL Baltic Real Estate
He said interest in occupying the Vilnius Gates premises which are being refurbished also got a boost from the 'Rise Vilnius' innovation and IT startup space that British bank Barclays officially opened there in July. "We continue actively working with potential tenants," Egidijus Damulis said.
Completion of the first phase of reconstruction of the Vilnius Gates service and business centre is planned already this month. It is calculated that after reorganization of the space at the complex the leasable area will increase from 6,400 to 7,200 square metres. Premises on the ground floor are being adapted for service centres, restaurants and health and wellness services, while the first floor will be dedicated to exclusive offices. Their attractiveness will be enhanced not only by large windows looking out over the Neris River and Geležinio Vilko Street, but also by additional skylights that are being installed to ensure natural light.
Having completed a 9-million-euro share offering in March, INVL Baltic Real Estate is steadily pursuing the goal of becoming a closed-end investment company (UTIB). In early May, the board of INVL Baltic Real Estate applied to the Bank of Lithuania for a UTIB license. On obtaining that status, the company's management would be transferred in a trust arrangement to INVL Asset Management, part of one of the leading Baltic asset management groups Invalda INVL.
INVL Baltic Real Estate manages 58,000 square metres of real estate at strategically attractive locations in Vilnius and Riga valued at EUR 52 million: office space at the Vilnius Gates complex in the Lithuanian capital, the IBC Business Centre near Konstitucijos Avenue, office buildings in the Old Town on Vilniaus Street and in Siaures Miestelis, office and warehouse premises in Kirtimai, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. The company's shares trade on the Nasdaq Vilnius exchange.
Additional information:
Interim report for 6 months of 2016;
Key information for 6 months of 2016;
Interim financial statements.