Regarding the proposal of INVL Baltic Real Estate to allocate dividends for the year 2023
09 April 2024 - 1:45AM
UK Regulatory
Regarding the proposal of INVL Baltic Real Estate to allocate
dividends for the year 2023
Investment Committee of INVL Baltic Real Estate (hereinafter –
the Company) acting on behalf of INVL Asset Management, the
Management Company of INVL Baltic Real Estate (hereinafter - the
Management Company), informs that during the upcoming Company‘s
General Shareholders Meeting, to be held on 30 April 2024, it is
proposed to the shareholders of the Company to allocate a dividend
of EUR 0.09 per share for the year 2023 (the total amount for
dividends allocation would amount to EUR 0.726
million).
Furthermore, on 30 April 2024, the General
Meeting of Shareholders of the Company is proposed to approve the
main terms and conditions under which the repurchase of the
Company's own shares will be carried out.
Additional information:
The real estate investment company INVL Baltic
Real Estate plans to pay its shareholders dividends of EUR 0.09 per
share for 2023. A vote on the payment of dividends will be held at
the annual general meeting of the company’s shareholders on 30
April.
“Like every year, we are sticking to the
company’s dividend policy of paying out at least EUR 0.09 per share
and in that way sharing the profit that was earned with all
shareholders,” says Vytautas Bakšinskas, the real estate fund
manager at INVL Asset Management, which manages INVL Baltic Real
Estate.
In 2023, INVL Baltic Real Estate had a
consolidated net profit of EUR 0.7 million and consolidated revenue
of EUR 3.6 million. The value of the company’s investment property
holdings was EUR 42.1 million at the end of 2023 and was 15% larger
than a year earlier (when it was EUR 36.4 million).
INVL Baltic Real Estate’s shareholders meeting
on 30 April is also being asked to vote on approving the
acquisition of own-shares and the preparation of terms for a
reorganization of the company to merge into it the entity, acquired
last year, which owns the Pramogų Bankas facilities in
Vilnius.
If the company’s shareholders approve, part of a
reserve created for that purpose would be used to acquire own
shares. The maximum purchase price per share would be INVL Baltic
Real Estate’s last published net asset value per share, while the
minimum purchase price would be EUR 1.45. It is proposed that a
time limit of 18 months from the date of the shareholders’ decision
be set for any buybacks. Later, to annul the acquired own shares,
the company’s share capital would be reduced.
“On getting shareholders’ approval, we would
prepare the terms for a reorganization of INVL Baltic Real Estate.
The purpose of the reorganization would be for the company to
directly own the Pramogų Bankas real estate in Vilnius that was
acquired in July 2023,” Vytautas Bakšinskas notes.
About INVL Baltic Real Estate
INVL Baltic Real Estate owns real estate in
Vilnius and Riga: office buildings in the Old Town of the
Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, the
Pramogų bankas and the 55-ha Dommo Logistics and Industrial Park by
the juncture of highway A8 and the A5 Riga bypass road. The
company’s properties had occupancies of 85% to 100% at the end of
2023.
INVL Baltic Real Estate currently owns
properties with a total area of 32,100 sq. m., the value of the
real estate at the end of 2023 was EUR 42.1
million.
Since its launch as a collective investment
undertaking (on 22 December 2016), INVL Baltic Real Estate has been
one of the Baltic real estate funds open to retail investors with
the highest stable returns. The fund operates as a closed-ended
investment company which is managed by INVL Asset Management, the
leading alternative asset manager in the Baltics. INVL Baltic Real
Estate will operate as a closed-end investment company until 2046,
with extension possible for a further 20 years.
About INVL Asset Management
INVL Asset Management is the leading Baltic
alternative asset manager. We strive to deliver superior
risk-adjusted returns to our investors while positively impacting
our region's economic development.
We are part of the Invalda INVL group with a
track record spanning over 30 years. Our group manages more than
EUR 1 billion of assets across multiple asset classes including
private equity, forests and agricultural land, renewable energy,
real estate as well as private debt. Our scope of activities also
includes family office services in Lithuania and Latvia, management
of pension funds in Latvia, and investments in global third-party
funds. Further information www.invl.com/en/.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas
E-mail vytautas.baksinskas@invl.com
Invl Baltic Real Estate Ab (LSE:0RAS)
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