The INVL Sustainable Timberland and Farmland Fund II (STAFF II), which invests in forest and land in Central and Eastern Europe, acquired 7 companies from the agricultural business group Linas Agro Group for a total of EUR 13.6 million. The newly acquired companies indirectly own 2,000 ha of agricultural land located in central Lithuania which Linas Agro Group will lease under a 25-year agreement.
INVL Asset Management, one of the largest asset management companies in the Baltics, has established the INVL Sustainable Timberland and Farmland Fund II (STAFF II). An initial offering of the fund raised EUR 32.45 million from private investors. The target size is EUR 100 million. The fund will invest in sustainably managed forests and agricultural land in the Baltic Sea region and Central and Eastern Europe.
The real estate investment company INVL Baltic Real Estate has completed a 4-month share buy-back process in which the company will repurchase 100,431 of its shares from 6 shareholders for EUR 186 thousand, which constitutes 0.8% of the company’s authorized capital. The buy-back price per share was EUR 1.8526, which coincides with the NAV on 30 April 2020.
The real estate investment company INVL Baltic Real Estate’s consolidated net profit for the first three quarters of this year was EUR 4.687 million or nearly 2.2 times the amount for the same period last year. The company’s consolidated equity at the end of September this year, including a share buy-back liability required by accounting standards, was EUR 23.6 million, or EUR 2.23 per share not being bought back.
INVL Technology, a company that invests in IT businesses,had equity of EUR 29.870 million at the end of the third quarter this year, or EUR 2.4533 per share. Equity per share increased by 3.1% from the start of the year.
INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 460 000 and a net profit of EUR 267 000 in the first three quarters of this year. Compared to the same period last year, the company’s revenue grew 1.5%, while its net profit increased 8.1%.
INVL Baltic Farmland, a company that invests in agricultural land, and its landholding subsidiaries will renew a simple property management contract with INVL Farmland Management UAB, which administers the land the companies own, seeking to effectively ensure moderate income growth for shareholders and increase the land holdings’ value. That decision was made on 21 October by the company’s general meeting of shareholders.
During the COVID-19 pandemic in the world and Lithuania, private healthcare institutions MediCаGroup, which consists of MediCA klinika, Kardiolita, Bendrosios medicinos praktika and Svalbono klinika, the companies active under brand name of Kardiolitos klinikos,and InMedica, which together have registered patients that account for approximately 7% of the Lithuanian population, announced plans to join forces.
The leading metal processing and industrial construction company Montuotojas appointed new CEO Martynas Pargaliauskas, who will replace interim CEO Arūnas Raščius, since the 1st of October.
The real estate investment company INVL Baltic Real Estate sold the 7 200-square-metre part of the Vilnius Gates business centre that it owned for EUR 20 million. The company Tvarus Projektas which is owned by Eastnine Lithuania, acquired the property. The proceeds from the transaction may be used for the reduction of existing debt, for pay-outs to the shareholders of INVL Baltic Real Estate, and for possible new investments in real estate.