Published: 2020-11-10 15:00:12 CET
INVL Baltic Real Estate
Notification on material event

Announcement on the end of buy-back of INVL Baltic Real Estate shares

INVL Baltic Real Estate (hereinafter – “the Company”) announces the end of the buy-back of the Company‘s shares, which lasted from 7 July 2020 until 9 November 2020 (inclusive). For further information: https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=946368&messageId=1192333

The buy-back price per share was EUR 1.8526, according to NAV as of 30 April 2020.

During the share buy-back process, 7 shareholders submitted applications to the Company for the buy-back of the shares of the Company. The 2 applications of one shareholder were rejected because they did not meet the requirements of the Company‘s rules for the buy-back of the shares. Therefore, the Company will buy-back the 100,431 shares of 6 shareholders for EUR 186,058.48 which constitutes 0.8 percent of the authorized capital of the Company. They will be paid for on 11 November 2020.

If on 30 September 2020 the Company's net assets value was calculated using the buy-back share liability, calculated on the basis of the number of shares actually buy-backed, the net asset value would be EUR 28,143,520 or EUR 2.1567 per share.

The share buy-back process was carried out under the decision of the General Meeting of Shareholders of the Company (hereinafter – "the Meeting”) of 9 April 2020 on changing the essential provisions of the document of incorporation of the Company and the provider of depository service. These decisions, countable as essential amendments, created an obligation for the Company to buy back shares of the Company from shareholders who objected to these changes or did not vote for them.

Additional information:

The real estate investment company INVL Baltic Real Estate has completed a 4-month share buy-back process in which the company will repurchase 100,431 of its shares from 6 shareholders for EUR 186 thousand, which constitutes 0.8% of the company’s authorized capital. The buy-back price per share was EUR 1.8526, which coincides with the NAV on 30 April 2020.

The settlement with the shareholders who submitted buy-back orders and met the requirements stipulated in the company’s share buy-back rules will be made on 11 November this year.

If the net asset value of the company on 30 September 2020 were calculated using the share buy-back liability computed according to the actual number of shares being obligatorily bought back, the net asset value would be EUR 28.14 million, or EUR 2.1567 per share.

The share buy-back process was carried out in keeping with the decision adopted by the company’s general shareholders meeting on 9 April 2020 to make material changes to the company’s incorporation documents and to change the provider of depository services. Shareholders of the company who opposed those changes or did not vote regarding them had the right to demand that the Company buy back the shares they held.

The share buy-back process took place from 7 July 2020 until 9 November 2020 (inclusive).

INVL Baltic Real Estate holds 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 Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. At the end of September this year, the company’s properties had occupancy levels of between 69% and 100%.

INVL Baltic Real Estate’s property holdings have a total area of 25,800 sq. m. and a value of EUR 23.5 million.

Since its inception (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. Management of the company has been assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The company will operate as a closed-end investment company until 2046, with an 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 vytautas.baksinskas@invl.com

Attachment


INVL Baltic Real Estate_rules for the buy-back of shares pdf.pdf