INVL Baltic Real Estate Interim unaudited information for 6 months of 2024

For 6 months of 2024, the unaudited consolidated net profit of the INVL Baltic Real Estate (hereinafter – the Company) group was EUR 0.82 million, revenue was EUR 2.05 million (for 6 months of 2023 consolidated net profit was EUR 0.27 million, revenue was EUR 1.71 million). The unaudited net profit of Company itself amounted to EUR 0.82 million for 6 months of 2024 and EUR 0.27 million for 6 months of 2023.

Additional information:

The real estate investment company INVL Baltic Real Estate earned a consolidated net profit of EUR 0.82 million in the first half of this year, three times more than in the same period last year when the net profit was EUR 0.27 million. 

“We have been able to realize the goals that were set – to improve the company’s operating results from investments in commercial real estate, to maintain a high level of occupancy at the properties we own, and to successfully continue reconstruction and design work on the buildings in the Vilnius Old Town,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate. 

The company’s consolidated equity at the end of June 2024 was EUR 23.61 million. Equity per share was EUR 2.93 and increased by 5.6 percent during the year, after considering the influence of paid dividends.  

The value of INVL Baltic Real Estate’s investment properties at the end of this year's first half was EUR 44.03 million and was 6.7% more than a year earlier (when it was EUR 41.28 million). 

The company’s consolidated revenue in the first half of 2024 increased 19.7% from the same period last year to EUR 2.05 million, of which consolidated rent income from own properties increased 26.4% to EUR 1.29 million. INVL Baltic Real Estate’s consolidated net operating income from its properties was EUR 1.45 million and was 31.2% more than in January-June 2023. 

Net operating income for INVL Baltic Real Estate’s largest portfolio property – the office building at Palangos St. 4 in the Vilnius Old Town with the Talent Garden Vilnius coworking space which the company operates – grew by 13.6% in the first half of 2024 compared to the same quarter of 2023 to EUR 0.84 million. The rent revenue of the Žygis Business Centre, which the company owns at Žygio St. 97 in Vilnius, grew 7.7% in the period of comparison to EUR 0.2 million. 

Both the Talent Garden Vilnius and the Žygis Business Centre have continued to maintain very high occupancy levels, which at the end of June were 99% and 100%, respectively.   

According to real estate fund manager Vytautas Bakšinskas, in the first half of this year the company worked with the contractor Sivysta to continue reconstruction work on the building at Vilniaus St. 37, completion of which is planned during the last quarter of the year. Together with the design firm Viltekta, renovation design work also continued, and is rapidly approaching completion, on the buildings at Vilniaus St. 37 and Palangos St. 4/Vilniaus St. 33 in the Old Town of the Lithuanian capital. Renovation design work with the design firms Senojo Miesto Architektai and Plazma is ongoing as well for the Pramogų Bankas building acquired last year in Vilnius. 

“INVL Baltic Real Estate aims to continue profiting from investments in commercial real estate by ensuring growth of rental income and cost optimization. The characteristics of the company’s property holdings offer justified expectations of continuous growth in their asset value,” Bakšinskas says. 

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 in the centre of Vilnius, 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 June 2024. 

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 June 2024 was EUR 44.03 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. 

About INVL Asset Management 

INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region's economic development.  

We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages EUR 1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds. Further information www.invl.com/en/. 

The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas
E-mail [email protected]

Attachments

• BRE_factsheet_2024 1H
• INVL Baltic Real Estate_2023 IH results