The non-consolidated assets of Capitalica Baltic Real Estate Fund I, a real estate fund under the management of the SBA Group’s Capitalica Asset Management, grew by 2.13 per cent during the first half of this year, compared to 31 December 2019, and amounted to EUR 33.98 million (up from EUR 33.27 as of last year). The subsidiary assets increased by 1.93 per cent to EUR 60.36 million (compared to EUR 59.22 million as of 31 December 2019). During the first half of 2020, the net profit of the company passed the marker of EUR 1 million (compared to 2.9 million as of the same period of 2019).
“The surge in the fund’s assets and profit last year was the product of the instant capital gains from the successful completion that had been launched previously. The first half of this year demonstrates results driven by a sustainable cash flow generated by fully leased real estate properties,” – commented Capitalica Asset Management’s CEO Andrius Barštys.
In early 2019, Capitalica Asset Management finalised phase two of the Kauno Dokas development project, with EUR 7.4 million of investment resulting in a capital gain, which has led to a rise in profits. This year, the company launched and focused on green business centre Verde in Riga, the largest project in the company’s history with the value in excess of EUR 65 million.
In the words of Mr Barštys, the upcoming two years will see continuously growing income and profit for the fund, with a surge in yield predicted for the year 2022, when the first stage of the Verde project will be complete. The property, one of the largest business centres in Riga with a floor space area of 45,000 sq. m, is slated for completion in the second half of 2022.
The construction of the office complex Verde is financed with an EUR 22 million loan from the European Investment Bank (EIB), which has provided its funding under the package of investment to combat climate change, seeing how the business centre is designed as a nearly zero-energy building.
SBA Group’s Capitalica Asset Management, a company engaged in managing commercial real estate in the Baltic countries, already manages Capitalica Baltic Real Estate Fund I. This fund manages the business centre 135 in Vilnius, Kauno Dokas in Kaunas, and Luizė shopping centre in Klaipėda. According to audited data, Capitalica Baltic Real Estate Fund I earned a profit of EUR 4.4 million in 2019. Founded in 2016, Capitalica Asset Management has its controlling stake (70%) owned by one of the largest Lithuanian capital business groups, SBA, with the remaining 30% of the shares owned by Mr Barštys’ enterprise Fox Holdings.
More information:
Andrius Barštys
CEO, partner
Cell No: +370 612 30260
E-mail: [email protected]
Laisvės pr. 3, LT04215 Vilnius, Lithuania
