Egidijus Damulis will leave the investment committee for the real estate investment company INVL Baltic Real Estate, which is managed by INVL Asset Management, as of 13 February this year. Vytautas Bakšinskas and Andrius Daukšas will continue on the committee.
“Egidijus Damulis played a key role in work related to the acquisition of a part of the Vilnius Gates complex as well as its assumption, concept renewal and leasing. Under his leadership of the company, INVL Baltic Real Estate was reorganised into a closed-end investment company. We’re grateful to Egidijus for this work, which will have a significant positive impact on growth of assets and the value of the company. We see a possibility for future collaboration with him in considering strategies for the real estate business or the development of specific properties,” said Darius Šulnis, the CEO of INVL Asset Management.
Egidijus Damulis notes that in 2016, while he was working at the company, the performance indicators for its assets under management improved and the recently acquired portion of the Vilnius Gates complex was renovated and is set in the near future to become an attractive hub in the capital city for Fintech and high-tech businesses.
INVL Baltic Real Estate obtained the status of a closed-end investment company (UTIB) on 22 December 2016 and its management was assumed by the asset management company INVL Asset Management. The company having become a UTIB, decisions regarding its investments and activities are made by the investment committee. UTIB INVL Baltic Real Estate will operate for 30 years, until 22 December 2046, with extension possible for a further 20 years.
INVL Baltic Real Estate manages 58,000 sq. m. of real estate at strategically attractive locations in Vilnius and Riga valued at EUR 52 million: office and commercial premises 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 Šiaurės 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.