The real estate investment company INVL Baltic Real Estate will operate with the status of a closed-end investment company (UTIB) for 30 years with extension possible for a further 20 years. That’s stipulated in the company’s new Articles of Association which a meeting of its shareholders today approved.
The meeting of shareholders also decided that once the company obtains a UTIB license its management will be transferred to INVL Asset Management, one of the leading asset management companies in Lithuania, and that SEB Bankas will provide depository services for INVL Baltic Real Estate.
INVL Baltic Real Estate is currently seeking a UTIB license from the Bank of Lithuania.
Also approved today were a management agreement with INVL Asset Management and a contract for depository services. Additionally, shareholders elected an Audit Committee comprising Tomas Bubinas (an independent member) and Danutė Kadanaitė.
Despite previous plans for UTIB INVL Baltic Real Estate to have an indefinite life, after having assessed the provisions of the Law on Collective Investment Undertakings and the investment opportunities, it was decided to define a specific term of activities.
INVL Baltic Real Estate manages 58,000 square metres of real estate at strategically attractive locations in Vilnius and Riga valued at EUR 52 million: office and commercial premises at the Vilnius Gates complex in the Lithuanian capital, the IBC Business Centre near Konstitucijos Avenue, office buildings in the Old Town on Vilniaus Street and in Šiaurės Miestelis, office and warehouse premises in Kirtimai, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass.
In the first three quarters of this year, INVL Baltic Real Estate had a net profit of EUR 0.9 million and revenue of EUR 4.6 million.