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Net profit of Capitalica Baltic Real Estate Fund I increased 2.3 times in 2019, increasing its asset value by a fifth

According to unaudited data, Capitalica Baltic Real Estate Fund I, managed by SBA Group Capitalica Asset Management, generated net profit of EUR 4.44 million in 2019, an increase of 136 percent compared to 2018. According to independent property valuation, the value of real estate managed by the subsidiaries of Capitalica Baltic Real Estate Fund I grew by 19 percent year-on-year to EUR 59.22 million.


“The year 2019 was a breakthrough year for the real estate fund. We have successfully completed the previously launched development projects, leased the maximum area of existing business and shopping centres and laid a solid foundation for development outside Lithuania, in Riga, the capital of Latvia. The growing value of developed and developing real estate and increasing cash flow from managed properties guaranteed good financial results”, says Andrius Barštys, the CEO of Capitalica Asset Management.


After the completion of the 2nd phase of the development of the modern A-class business centre Kauno Dokas last summer, the real estate area managed by Capitalica Baltic Real Estate Fund I increased by almost one fifth – from 28.5 thousand to 33.7 thousand square meters. Occupancy rate of currently managed business centres Kauno Dokas and 135 is 100%, and the shopping centre Luizė (Klaipeda) – 99%. Rental income from these properties grew by nearly a quarter from EUR 2.6 million to EUR 3.2 million.


According to Mr Barštys, in 2020 the main priority will be the environmentally friendly complex VERDE of two A-class business centres in Skanste, Riga.


“Business centres near the centre of Riga have attracted the attention of many potential local customers, so we are moving at maximum speed. Last year the architectural project of the business centre was completed, the building permit was obtained, the contractor’s tender was announced, and other intensive preparations for construction were executed. We are planning to start construction in spring”, says CEO of Capitalica Asset Management.


Around EUR 60 million will be invested in the business centres, which will have the area of 45 thousand square meters, including the underground garage. 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.


Last year, Capitalica Baltic Real Estate Fund I also entered the bond market. With strong investor demand, the entire EUR 5 million bond issue was made public well ahead of schedule, and the funds raised will be invested specifically in VERDE in Riga.


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 established in 2016. Its controlling stake (70%) is 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.


Capitalica Baltic Real Estate Fund I is developing a complex of sustainable business centres Verde in Riga, near the city centre in the Skanste district. It also manages the business centre Kauno Dokas, which operates near the Neris river in Kaunas, the business centre 135 in Vilnius and the Luizė shopping centre in Klaipėda. Among other investors, the pension funds managed by INVL Asset Management and the insurance company Bonum Publicum have also invested in Capitalica Baltic Real Estate Fund I.

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