Audited results of INVL Baltic Real Estate group of 2023 - Seite 2

“For a fourth straight year now, we managed to maintain maximum occupancy of Talent Garden Vilnius and continually improve that property’s financial results. Last year was also significant in terms of developing the building at Vilniaus Street 37 in the Vilnius Old Town and notably advancing with the design for reconstruction of the buildings at the intersection of Palangos and Vilniaus streets,” Vytautas Bakšinskas says.

The net operating income for the largest property that INVL Baltic Real Estate owns – the office building at Palangos Street 4 with the Talent Garden Vilnius coworking space which the company operates – was EUR 1.5 million in 2023 year, or 19% more than in 2022.

In April last year, repair and restoration work began on the building at Vilniaus Street 37. When it is complete, the company will be able to offer the market about 2,200 sq. m. of high-end leasable space in offices on the second and third floors and dining facilities on the first floor.

Currently, the technical design for the reconstruction of the buildings at the intersection of Palangos and Vilniaus streets is being completed with the design company Viltekta. The reconstruction is expected to increase the surface area of the complex by approximately 3,600 sq. m.

In July 2023, INVL Baltic Real Estate acquired the company Pramogų Bankas, which owns the building of the same name in Vilnius, for EUR 2.9 million.

About INVL Baltic Real Estate

INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, the Pramogų bankas and the 55-ha Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road. The company’s properties had occupancies of 85% to 100% at the end of 2023.

INVL Baltic Real Estate currently owns properties with a total area of 32,100 sq. m., the value of the real estate at the end of 2023 was EUR 42.1 million.

Since its launch as a collective investment undertaking (on 22 December 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. The fund operates as a closed-ended investment company which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics. INVL Baltic Real Estate will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.