The real estate investment company INVL Baltic Real Estate has signed an agreement on the sale of 3 000 square metres of office and warehouse premises on Kirtimų Street in Vilnius. The value of the transaction is EUR 1 million.
“Our objective is, by effectively managing real estate at strategically attractive locations and exploiting its full potential, to increase the value of the company’s properties and create benefit for investors. We’re constantly assessing our portfolio’s development and investment return potential, so considering this property’s limited room for additional value creation and having received an attractive offer, we decided to sell it,” said Vytautas Bakšinskas, the Real Estate Fund Manager at INVL Asset Management, which manages the closed-end investment company INVL Baltic Real Estate.
The property on Kirtimų Street was valued at EUR 0.8 million at the end of 2016, so the transaction will have a positive impact of EUR 0.2 million on 2017 results.
After the sale of the property on Kirtimų Street, INVL Baltic Real Estate will hold real estate with an area of 55 thousand square metres and a value, based on valuation at the end of 2016, of EUR 51.5 million.
The company manages real estate in Vilnius and Riga: 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, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass.
Since 22 December 2016, INVL Baltic Real Estate has operated as a closed-end investment company. Management of the company has been 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 another 20 years.