OREANDA-NEWS. For 3 months of 2016, the unaudited consolidated net profit of the AB INVL Baltic Real Estate group and the part of profit attributable to the shareholders of AB INVL Baltic Real Estate was EUR 341 thousand, the revenue was EUR 1,618 thousand (for 3 months of 2015 the consolidated net profit was EUR 276 thousand, the revenue was EUR 1,405 thousand).

Additional information:

The real estate investment company INVL Baltic Real Estate had a net profit in the first quarter of this year of EUR 0.34 million, or EUR 0.01 per share. The company?s revenue for the period was EUR 1.62 million, of which EUR 0.9 million was from leasing properties it owns. Compared with the same period last year, the company’s net profit increased 23.6 per cent, revenue grew 15 per cent, and revenue from leasing owned properties rose 36.6 per cent.

The company’s equity capital at the end of the first quarter was EUR 27.696 million, or EUR 0.42 per share.

“We’re focusing on effective management of the group’s assets in Lithuania and Latvia, and especially on the adaptation of the spaces at the Vilnius Gates complex which belong to the company and their presentation to business people who value the chance to work in the very centre of the capital alongside a key transportation artery,” said Egidijus Damulis,the CEO of INVL Baltic Real Estate.

In March the company signed an agreement with the Lithuanian subsidiary of Barclays Group Operations Limited on the lease of 550 square metres of premises at the Vilnius Gates complex for the new Rise Vilnius startup partnering space that will begin operating this summer. Additionally, with the aim of reorganizing the part of the Vilnius Gates complex acquired by the company, an agreement on planning the reconstruction of premises at the complex was signed with Architekt?ros K?rybin? Grup?.

INVL Baltic Real Estate completed a EUR 7.5 million transaction to acquire 6,500 square metres of commercial and office premises at the Vilnius Gates complex in January this year.

According to the CEO, having completed a EUR 9 million offering of new shares in March, INVL Baltic Real Estate is also consistently pursuing the goal of becoming a closed-end investment company. In early May, the board of INVL Baltic Real Estate applied to the Bank of Lithuania for a license to operate as a closed-end investment company. Once that status is obtained, the management of INVL Baltic Real Estate will be transferred in a trust arrangement to INVL Asset Management, part of the leading Baltic asset management group Invalda INVL.

INVL Baltic Real Estate’s net profit in 2015 was EUR 4.096 million, or EUR 0.09 per share, and revenue for the year was EUR 5.7 million. The company this year decided to allocate EUR 789 thousand to shareholder dividends, for a dividend per share of EUR 0.012.