The consolidated assets of Capitalica Baltic Real Estate Fund I, managed by Capitalica Asset Management, an SBA Group company, increased by 6.6 per cent to 73.3 million euros in the first half of this year compared to 31 December 2020. As a result, net profit for the first half of 2021 grew by 3.5 per cent to 997 thousand euros, with 963 thousand euros in the same period last year. "We continue to increase our asset value and profits, and our developed, fully rented-out high-demand buildings are generating a stable cash flow for us. In the near future, the fund's value and profitability growth will be catalysed by the Verde office complex in Riga, and its construction work has already gained momentum - 7 of 10 of its storeys have been built. Despite the tense situation in the construction and commodities markets, we are managing the risks - work is continuing at the construction site at full pace, and it is planned for completion according to schedule," says the head of Capitalica Asset Management Andrius Barštys. Verde project's, which is valued at 65 million euros, first stage is expected to be completed in the second half of 2022. Negotiations are currently underway with potential tenants regarding office premises in the 45-thousand square-metre complex, and the project completion date is planned in 2023. The construction process for Verde is managed by the SBA company Notus Developers, with the Latvian company Velve acting as a contractor. The European Investment Bank (EIB) allocated a loan of 22 million euros to construct the office complex Verde, approving financing from the investment package aimed at combatting climate change as the business centre is planned to be a nearly zero-energy building. The real estate fund Capitalica Baltic Real Estate Fund I is managed by the SBA Group company Capitalica Asset Management, which oversees commercial real estate across the Baltic States. This fund manages the Vilnius-based business centre 135, the Kauno Dokas business centre in Kaunas and the Klaipeda-based shopping centre Luize. The 70 per cent controlling stake in Capitalica Asset Management was acquired in 2016 and is held by SBA, one of the largest Lithuanian capital business groups, while 30 per cent is held by A. Barštys' company Fox Holdings. For more information: Andrius Barštys, CEO of Capitalica Asset Management Andrius.Barstys@capitalica.lt +370 612 30260 Upes g. 21-1, LT-08128 Vilnius, Lietuva www.capitalica.lt Attachment: https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1017859
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