{"id":14461,"date":"2016-12-23T00:00:00","date_gmt":"2016-12-22T22:00:00","guid":{"rendered":"https:\/\/www.invaldainvl.com\/group-company-press-releases\/invl-baltic-real-estate-receives-utib-licence\/"},"modified":"2016-12-23T00:00:00","modified_gmt":"2016-12-22T22:00:00","slug":"invl-baltic-real-estate-receives-utib-licence","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/group-company-press-releases\/invl-baltic-real-estate-receives-utib-licence\/","title":{"rendered":"INVL Baltic Real Estate receives UTIB licence"},"content":{"rendered":"\n<div>  \tThe real estate investment company INVL Baltic Real Estate on 22 of December has been granted a closed-end investment company (UTIB) licence by the Bank of Lithuania. In accordance with the company&rsquo;s Articles of Association, UTIB INVL Baltic Real Estate will operate for 30 years, until 22 December 2046, with extension possible for a further 20 years.<\/div>\n<div>  \t&nbsp;<\/div>\n<div>  \tThe company having obtained UTIB status, its management has been assumed by INVL Asset Management &ndash; a part of Invalda INVL, one of the leading asset management groups in the Baltic countries. An investment committee formed by INVL Asset Management will take the decisions regarding UTIB INVL Baltic Real Estate&rsquo;s investments and activities.<\/div>\n<div>  \t&nbsp;<\/div>\n<div>  \tEffective 2 January 2017, Vytautas Bak&scaron;inskas will join INVL Asset Management&rsquo;s team of investment managers and become a member of the above-mentioned investment committee, bringing 10 years of experience in the area of real estate, most recently working at the real estate company Inreal Valdymas. Egidijus Damulis and Andrius Dauk&scaron;as, who until now worked at INVL Baltic Real Estate, have also become members of the committee.<\/div>\n<div>  \t&nbsp;<\/div>\n<div>  \tIt is planned that trading in the shares of the special closed-end type real estate investment company INVL Baltic Real Estate on the Nasdaq Vilnius exchange, which at present is temporarily suspended, will be resumed when the Bank of Lithuania approves the company&rsquo;s share prospectus for listing of the shares on the Nasdaq Vilnius exchange.<\/div>\n<div>  \t&nbsp;<\/div>\n<div>  \tINVL 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 &Scaron;iaur\u0117s Miestelis, office and warehouse premises in Kirtimai, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. The company&rsquo;s shares trade on the Nasdaq Vilnius exchange.<\/div>\n<div>  \t&nbsp;<\/div>\n<div>  \tIn the first three quarters of this year, INVL Baltic Real Estate had a net profit of EUR 0.9 million. Its revenue for the nine-month period was EUR 4.6 million, of which EUR 2.7 million was leasing income from properties it owns.<\/div>\n<div>  \t&nbsp;<\/div>\n<div>  \tInvalda INVL group companies, as of the end of the third quarter this year, were managing over EUR 440 million of assets entrusted to them by more than 170,000 clients in Lithuania and Latvia as well as international investors.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The real estate investment company INVL Baltic Real Estate on 22 of December has been granted a closed-end investment company (UTIB) licence by the Bank of Lithuania. 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