Capitalica Baltic Real Estate Fund I, the real estate fund of the SBA Group company Capitalica Asset Management ended the first half of the year with a significant increase in assets, equity capital, sales revenue and profit. Growth was driven by the efficient management and development of the existing commercial real estate properties.
“The ongoing pandemic and rising costs for construction materials and commodities in the second half of 2021 did not disrupt our operations. Asset and profit growth was supported by the high property appeal for tenants, stable income flow and the progress of the new Verde project in Riga. These factors increase the fund value for investors. Thanks to applied modern technologies, we can efficiently manage energy costs in all our facilities. We also pay a lot of attention to maintaining the well-being of our tenants”, says Andrius Barštys, CEO of Capitalica Asset Management.
According to an unaudited second half-year 2021 report, the company increased its consolidated assets to EUR 90.8 million, which is 32.2% more than at the same period last year (EUR 68.7 million). The value of investment assets increased by 44.3% and contributed to EUR 88.3 million.
Equity capital amounted to EUR 35.1 million, which is 20.1% increase in comparison to the end of 2020.
During the last six months of 2021, the consolidated sales of Capitalica Baltic Real Estate Fund I amounted to EUR 2.7 million, while the consolidated gross profit was EUR 1.9 million. This is respectively 9.7% and 2.5% more than at the same period last year.
Currently, the fund manages three commercial real estate properties in Lithuania – office buildings Žalgirio 135 in Vilnius and Kauno Dokas in Kaunas, and the shopping center “Luizė” in Klaipėda. Their occupancy reached 98.6% at the end of 2021.
In Latvia, Capitalica Baltic Real Estate Fund I is developing an A-class office complex Verde. In October 2021, the company issued bonds that amounted to EUR 5 million at a yield of 5.5% for additional funding of the Verde project. Known as the “greenest office complex in Riga”, Verde is in high demand among investors and will open its doors to tenants this summer.
“The goal this year is to further develop properties under our management for profitable growth. The current market of commercial real estate rentals is challenged by high inflation, but we can offer what’s most important to customers and investors – sustainable rental cost solutions and an attractive capital return”, says Andrius Barštys.
The fund invests in the Baltic real estate market and focuses on commercial real estate, although the fund’s status allows investing in residential real estate too. The company is interested in the projects of the early development stage, as well as completed real estate properties.
For more information:
Andrius Barštys,
CEO of Capitalica Asset Management
+370 612 30260
Upės g. 21-1, LT-08128 Vilnius, Lietuva
www.capitalica.lt
