Baltic, Lithuania, Real Estate

The company signed an agreement to that effect on 1 October with UAB Ranga IV Investicijos, which is undergoing restructuring.

The parties plan to complete the transaction and make the price public in the coming months, once they have fulfilled the conditions in the agreement, INVL Baltic Real Estate reports.

"We're buying the part of the Vilnius Gates complex that was previously used for stores and restaurants, most of which we'll convert to office space. The city-centre location that's easy to access on foot or by car will be very attractive to tenants," said Andrius Dauksas, director of INVL Baltic Real Estate.

Through this acquisition, INVL Baltic Real Estate is enlarging its portfolio of office premises in attractive locations, he noted.

To finance the transaction, the Board of INVL Baltic Real Estate foresees a new public issue of shares which will be offered both to current shareholders and other investors.

INVL Baltic Real Estate currently manages some 51,700 square metres of property in Vilnius and Riga. During the first half of this year the company had revenue of EUR 2.685 mln. and net profit of EUR 617 thousand.