Revenue of the real estate investment company INVL Baltic Real Estate in first six months of 2015 was EUR 2.685 million. The company made a net profit of EUR 617 thousand. INVL Baltic Real Estate started its operations in April 2014, therefore comparable numbers from the last year are not representative.
Shareholders’ equity of INVL Baltic Real Estate at the end of June 2015 was EUR 15.108 million, or EUR 2.14 per share.
“There are almost no vacancies in our commercial real estate objects in Vilnius and Riga, so now we seek to improve our cash flow” – said, Andrius Dauksas, Director of INVL Baltic Real Estate.
Also at the beginning of July INVL Baltic Real Estate completed the acquisition and increased it share in nearby Riga located logistics complex Dommo to 100 percent for EUR 3.1 million. Latvian companies Dommo Grupa and Dommo Biznesa Parks, which 100 percent is now owned by INVL Baltic Real Estate, owns 12,800 square meters logistics center and 58 hectares of land.
Annual revenues of Dommo complex amounts to about EUR 0.6 million. Dommo operating results will be consolidated together with INVL Baltic Real Estate from July 2015.
Shareholders of INVL Baltic Real Estate approved reorganization terms, according which INVL Baltic Real Estate will be merged with its subsidiary company Invaldos Nekilnojamojo Turto Fondas at the shareholders meeting held in August. After the merger process INVL Baltic Real Estate continue its operations under the name INVL Baltic Real Estate and will remain listed on NASDAQ OMX Vilnius stock exchange.