INVL Baltic Real Estate, a real estate investment company managed by INVL Asset Management, has reported improved operational results in their recent announcement on Tuesday. Vytautas Bakšinskas, the manager of the real estate fund, stated that the company has been successful in enhancing its performance through investments in commercial real estate, maintaining high occupancy levels in managed properties, and continuing reconstruction and design work in buildings in Vilnius Old Town.
As of the end of June 2024, the company’s consolidated equity value stood at 23.61 million euros, with the share price reaching 2.93 euros. Over the year, taking into account the impact of dividends paid, the equity value increased by 5.6 percent.
The value of real estate managed by INVL Baltic Real Estate at the end of the first half of this year was 44.03 million euros, showing a 6.7 percent increase compared to the previous year (41.28 million euros).
The company’s consolidated revenues in the first half of this year increased by 19.7 percent to 2.05 million euros compared to the same period last year, with rental income from owned properties growing by 26.4 percent to 1.29 million euros.
It is noted that the company’s consolidated net rental income from owned properties amounted to 1.45 million euros, showing a 31.2 percent increase compared to January-June of the previous year.
The largest property managed by INVL Baltic Real Estate, an office building in the Old Town at Palangos Street 4, which houses the company’s co-working space „Talent Garden Vilnius,“ saw a 13.6 percent increase in net rental income in the first half of 2024 compared to the same period in 2023, reaching 840 thousand euros.
Meanwhile, the net rental income from the company’s managed „Žygio Business Center“ located at Žygio Street 97 in the capital increased by 7.7 percent to 200 thousand euros in the comparative period.
„Talent Garden Vilnius“ and „Žygio Business Center“ maintained high occupancy levels, reaching 99 percent and 100 percent, respectively, by the end of the half-year, as stated in the announcement.
According to Vytautas Bakšinskas, in the first half of this year, the company, together with the contractor „Sivysta,“ continued the reconstruction work on the building at Vilniaus Street 37, which is expected to be completed by the end of this year. Design work for planned reconstructions of buildings on Vilniaus Street 37 and Palangos Street 4/Vilniaus Street 33 in the Old Town was also continued with the design company „Viltekta.“
INVL Baltic Real Estate aims to continue earning from investments in commercial real estate to ensure growth in rental income and cost optimization. The company’s managed properties allow for a reasonable expectation of continuous growth in property value.
INVL Baltic Real Estate manages real estate in Vilnius and Riga, including office buildings in the Old Town of the Lithuanian capital, Vilniaus Street, the Northern District, and the Entertainment Bank in the center of Vilnius, as well as the 55-hectare logistics and industrial park „Dommo Logistics and Industrial Park“ near the A8 highway and the A5 Riga bypass.
The occupancy rate of the company’s properties at the end of June 2024 ranged from 85 to 100 percent. The total area of real estate managed by INVL Baltic Real Estate is 32.1 thousand square meters.