INVL Baltic Real Estate signed a purchase and sale agreement
INVL Baltic Real Estate (hereinafter – the Company) hereby gives notification that on 26 June 2023 a purchase and sale agreement was concluded with Nesė Group, UAB, regarding the acquisition of 100 percent of the shares of Pramogų bankas, UAB, legal entity code 30004466 (hereinafter – Pramogų bankas). It is to be noted that Pramogų bankas owns non-residential premises – entertainment center with guesthouse and non-residential premises – gambling house with bars – at the address A. Stulginskio str. 8, in Vilnius.
The acquisition price of the shares of Pramogu bankas will be about 7.5 percent from the Company's assets, announced on 31st of March 2023. It is planned to finance the transaction with borrowed funds. The transaction will be completed if all the conditions stipulated in the purchase and sale agreement are fulfilled and the Company pay the acquisition price.
Material details of the transaction, including the final acquisition price and sources of financing, will be announced separately after the transaction is completed.
Additional information:
The real estate investment company INVL Baltic Real Estate is buying the Pramogų Bankas building in Vilnius. INVL Baltic Real Estate signed an agreement on 26 June on the purchase of 100% of the shares of the company Pramogų Bankas from Nesė Group, an operator of entertainment, food service and gaming businesses.
Completion of the transaction and announcement of its value are planned in the near future, once the parties have fulfilled the conditions set out in the agreement.
“We will provide more details about this acquisition and our further plans after the transaction is completed,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
Pramogų Bankas, located at A. Stulginskio Street 8 in the Lithuanian capital, has a total area of 4,100 square meters. It currently houses companies that conduct casino, event management, nightclub, accommodation and administrative activities. Formerly the Pergalė cinema, the historic building is a state-protected cultural heritage property.
INVL Baltic Real Estate has real estate under management in Vilnius and Riga. In the Lithuanian capital, the company owns office buildings in the Old Town and the Šiaurės Miestelis area. In Riga, it owns the 55-ha Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road.
INVL Baltic Real Estate currently owns properties with a total area of 28,000 sq. m. and a value of EUR 36.6 million at the end of March 2023.
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, 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 98% to 100% at the end of December 2022.
INVL Baltic Real Estate currently owns properties with a total area of 28,000 sq. m. and a value of EUR 36.6 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 fund operates as a closed-end investment company. The company is managed by INVL, the leading investment management and life insurance group in the Baltic region. INVL Baltic Real Estate will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas
E-mail
