Capitalica Capitalica Asset Management +370 612 90001 [email protected]

Net profit of Capitalica Baltic Real Estate Fund I was up by 4 times, while its assets rose by a tenth in 2019

The unaudited net profit of Capitalica Baltic Real Estate Fund I (hereinafter the Company), which is managed by the investment management company Capitalica Asset Company, for the first six months of 2019 has reached EUR 3 million. Against the same period last year, it had soared by more than four times (EUR 0.7 million for the first six months of 2018).


Capitalica’s asset and profit gains were driven by the growing financial flows from already completed projects and the rising value of the properties, both already completed and those still in development,” says Andrius Barštys, the head of Capitalica Asset Management.


Based on the periodic evaluation by independent experts, the value of the assets managed by the subsidiaries of Capitalica Baltic Real Estate Fund I totalled EUR 55.06 million as at 30 June 2019 and was 10.4% higher than half a year ago (EUR 49.87 million). The positive change was attributable largely to the building permit, which had been received in June 2019, for the land plot owned in Riga and the investments in the Kauno dokas shopping centre under its management.


As at 30 June, the assets of the Company itself equalled EUR 29.8 million as against EUR 23.5 million on 31 December 2018.


The unaudited interim financial statements of Capitalica Baltic Real Estate Fund I for the first six months of 2019 are available in the attached file.


In addition, Capitalica Baltic Real Estate Fund I has completed the public offering of EUR 5 million worth of bonds issue three months before the anticipated date. The funds raised through the above process will be invested in the facility of two class A business centres VERDE in Riga.


Capitalica Asset Management has recently put out the general contractor’s contract out to tender for the VERDE project in Riga. The business centres, which will have the total area of 45 thousand square meters, including the underground garage, are expected to attract around EUR 60 million worth of investments. The VERDE office facility, which will be unique in its design and is going to be built to the BREEAM Excellent standard, is expected to open as soon as in 2021.


In addition to the project to be developed in Riga, Capitalica Baltic Real Estate Fund I also manages the business centre Kauno dokas, which operates near the Neris river in Kaunas, the Luizė shopping centre based in Klaipėda, and the 135 business centre in Vilnius.


Capitalica Asset Management, which manages Capitalica Baltic Real Estate Fund I, is engaged in the management of commercial real estate in the Baltic states. The investment management company was incorporated in 2016. A controlling stake in Capitalica Asset Management (80%) is owned by one of the largest Lithuanian capital business groups, SBA, with the remaining 20% of the shares owned by Mr Barštys’ enterprise Fox Holdings.

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