For 3 months of 2025, the unaudited consolidated net profit of the INVL Baltic Real Estate (hereinafter - the Company) group was EUR 0.14 million, revenue was EUR 0.93 million (for 3 months of 2024 consolidated net profit was EUR 0.22 million, revenue was EUR 1.05 million). The unaudited net profit of Company itself amounted to EUR 0.14 million for 3 months of 2025 and EUR 0.22 million for 3 months of 2024.
The decrease in the profit and revenue was mainly due to the sale of part of the Dommo Biznesa Parks property in Latvia, completed in November 2024. The remaining properties managed by the Company maintained high occupancy levels and generated stable rental income.
Additional information:
The real estate investment company INVL Baltic Real Estate had EUR 25.4 million consolidated equity at the end of March 2025. Equity per share was EUR 3.19 and, taking into account the influence of dividends that were paid, increased 11.6% from a year earlier.
The company had a consolidated net profit of EUR 0.14 million in the first quarter of this year, 34% less than in the same period last year when the net profit was EUR 0.22 million.
The company's consolidated revenue in January-March amounted to EUR 0.93 million and was 11.5% less than in the same period of 2024. That includes consolidated rent income from own properties, which shrank 14.5% from a year earlier to EUR 0.56 million. INVL Baltic Real Estate's consolidated net operating income from the properties it owns amounted to EUR 0.5 million and was 30% less than in the first quarter of 2024.
"The Group's profit and rent income decreased due the sale, completed in November 2024, of some of the assets of Dommo Biznesa Parks in Latvia. The company's other properties maintained a high level of occupancy," says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
INVL Baltic Real Estate's largest portfolio property - the office building in the Lithuanian capital at the intersection of Palangos Street 4 and Vilniaus Street 33 which houses the Talent Garden Vilnius coworking space - had net operating income of EUR 0.34 million in the first quarter of 2025, 15% less than in the same period last year. The facility had an occupancy level of 91% at the end of March this year.
The Žygis Business Centre's had rent income of EUR 0.09 million in the first quarter of this year, or 10% less than in January-March 2024. Rental income was briefly impacted by short-term tenant changes at the beginning of the year, but by the end of the first quarter, the occupancy rate of the property was back to 100%.
The value of INVL Baltic Real Estate's investment properties at the end of March 2025 was EUR 43.55 million, which is 2.3% higher than at the end of the last year.
"In the past quarter, we entered the final stretch in the reconstruction of the building at 37 Vilniaus Street in Vilnius, which is quickly nearing completion. Based on signed lease agreements, the property currently has an occupancy of 87%. We're also actively continuing design work for remodelling the Pramogu Bankas building," Vytautas Bakšinskas says.
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 Šiaures Miestelis, the Pramogu bankas in the centre of Vilnius, and the 52-ha of land in Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road. The company's properties had occupancies of 75% to 100% at the end of March 2025.
INVL Baltic Real Estate currently owns properties with a total area of 19,300 sq. m., the value of the real estate at the end of March 2025 was EUR 43.6 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 INVL Baltic Real Estate 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 or have under supervision more than EUR 1.6 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, Latvia and Estonia, 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
