Invalda INVL, one of the leading asset management groups in the Baltic region, will acquire 0.03 per cent of the shares of INVL Baltic Real Estate for EUR 4 thousand in the tender offer that has been announced. After completion of this tender offer, Invalda INVL will own 5,509,016 shares of INVL Baltic Real Estate, which amounts to 12.74 per cent of the company’s share capital and votes.
“The small number of investors who responded to the offer shows that shareholders believe in INVL Baltic Real Estate’s business success and growth of the value of its shares”, Darius Sulnis, the President of Invalda INVL, said.
In the tender offer, Invalda INVL offered to purchase 8.12 per cent of INVL Baltic Real Estate’s shares at a price of EUR 0.35 per share, for a total potential purchase amount of EUR 1.228 million. The tender offer was announced in order to ensure the rights of the shareholders who, at the Meeting of Shareholders of AB INVL Baltic Real Estate held on 28 October 2015, voted against the application for a closed-end investment company license for INVL Baltic Real Estate or did not vote at all.
At the beginning of next year, INVL Baltic Real Estate plans to issue and publicly offer shares with a value of EUR 10.071 million at a minimum price of EUR 0.35 per share. The shares will be available not only to professional investors, but also to small investors who wish to invest smaller sums.
Proceeds from the new issue will be used to finance the acquisition of 6,500 square metres of premises in the Vilnius Gates complex and to balance the debt-to-equity ratio of the company before it becomes a closed-end investment company. It is planned that, upon getting this status, the company’s management will be transferred on the basis of a trust to the asset management company INVL Asset Management.
The share issue is also intended to attract investments in the company’s diversified real estate portfolio, which consists of about 58,200 square meters of commercial premises in Vilnius and Riga, including the premises at Vilnius Gates.
INVL Baltic Real Estate, which is listed on the NASDAQ Vilnius stock exchange, manages around 58,200 square metres of real estate in Vilnius and Riga.
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