Invalda Invl : UTIB INVL Baltic Real Estate will operate for 30 years

The real estate investment company INVL Baltic Real Estate, which is seeking a closed-end investment company (UTIB) license, will operate as UTIB for 30 years, with extension possible for an additional 20 years if investors so decide. That term of activities is foreseen in the new draft of the company's Articles of Association, regarding which shareholders will vote on 10 November.

'We consider this length of time sufficient in managing our portfolio of real estate holdings and it will let to plan its development more rationally thus seeking the biggest value for our shareholders. It will also enable investors in our company to plan their investments,' said Egidijus Damulis, the CEO of INVL Baltic Real Estate.

He said that although during the share offering early this year the plan was for the UTIB to have an indefinite life, in assessing the Law on Collective Investment Undertakings and the investment opportunities, it was decided to define a term of activities.

It is also being proposed to shareholders that the management of the UTIB be transferred to INVL Asset Management, one of the leading asset management companies in Lithuania. The meeting of shareholders will thus be asked to approve the new Articles of Association of INVL Baltic Real Estate as well as a management agreement with INVL Asset Management and an agreement on depository services.

The INVL Baltic Real Estate group manages 58,000 square metres of real estate at strategically attractive locations in Vilnius and Riga valued at EUR 52 million: office space at the Vilnius Gates complex in the Lithuanian capital, the IBC Business Centre near Konstitucijos Avenue, office buildings in the Old Town on Vilniaus Street and in Siaures Miestelis, office and warehouse premises in Kirtimai, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass.