Reorganization Announcement for INVL Baltic Real Estate
Notice on the Terms of Reorganisation for INVL Baltic Real Estate
In accordance with Article 65(1) of the Republic of Lithuania Law on Companies, we hereby notify of the terms of the reorganisation of the special closed-end real estate investment company INVL Baltic Real Estate (hereinafter – INVL Baltic Real Estate), code: 152105644, registered office address: Vilnius, Gyn?j? g. 14, and the joint stock company Pramog? bankas (hereinafter – AB Pramog? bankas), code: 300044665, registered office address: Vilnius, A. Stulginskio str. 8. This notification details the merger of AB Pramog? bankas into INVL Baltic Real Estate, which will continue operations and already owns 100% of the shares of AB Pramog? bankas as per Article 70 of the Republic of Lithuania Law on Companies.
Reorganisation Period and Consequences
The reorganisation period will continue until a new version of the Articles of Association of INVL Baltic Real Estate is registered. This version will take effect following the completion of the reorganisation.
INVL Baltic Real Estate will assume all assets, rights, and obligations of AB Pramog? bankas. All rights and obligations of AB Pramog? bankas by transaction will transition seamlessly to INVL Baltic Real Estate without the requirement to sign acts of acceptance and transfer.
Shareholder Implications
Notably, the number of votes held by the shareholders of INVL Baltic Real Estate will remain unchanged during the calculation of quorum for the general meeting of shareholders, including the number of shares, their nominal value, and the proportion of the company's total capital.
Availability of Documentation
The Terms of Reorganisation, the new version of the Articles of Association of INVL Baltic Real Estate, along with other relevant documents, can be accessed at the registered office or via the official website of INVL Baltic Real Estate. For further assistance, inquiries can be made through the provided contact information.
Claims Submission
In accordance with Article 66(2) of the Republic of Lithuania Law on Companies, creditors of both companies may submit their claims starting from the publication date of the reorganisation terms until the scheduled general meeting of shareholders where a decision on the reorganisation will be made.
Details on the Company and Asset Transition
INVL Baltic Real Estate is currently preparing for the seamless integration of Pramog? bankas, which it acquired last year. The reorganisation plan confirms that this integration will be fully realised by the end of 2024. This merger is not expected to affect the total number of shares or their values listed on the Vilnius exchange.
Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, remarked on the benefits of effective asset management through direct operations, highlighting the advantage this brings in managing critical developments, such as the Pramog? Bankas expansion.
The Pramog? Bankas property features 4,100 square meters and is reputedly leased successfully, holding historical significance as a former cinema. Plans for the location's renovation have been initiated, aiming to enhance its interior spaces and increase its leasable area.
INVL Baltic Real Estate’s portfolio currently encompasses 32,100 sq. m. of real estate, valued at approximately EUR 44.03 million as of mid-2024.
About INVL Baltic Real Estate
INVL Baltic Real Estate maintains properties in notable regions, including valued office buildings in historical settings and the strategically located Dommo Logistics and Industrial Park. The occupancy rates of the properties range impressively between 85% and 100% as of June 2024.
About INVL Asset Management
INVL Asset Management stands out as a premier alternative asset manager in the Baltics, committed to generating superior risk-adjusted returns. The firm manages a diverse portfolio of inputs, including private equity, real estate, and renewable energy.
Frequently Asked Questions
What is the main purpose of the reorganisation?
The main purpose is to merge AB Pramog? bankas into INVL Baltic Real Estate, enhancing operational efficiency.
How will this affect the shareholders of INVL Baltic Real Estate?
Shareholders will see no change in the number of shares or their values after the merger.
When is the completion date for the reorganisation?
The completion of the reorganisation is planned by the end of 2024.
Will creditors be affected by the reorganisation?
Creditors may submit claims during the reorganisation period, which begins with the publication of the terms.
What is the significance of the Pramog? Bankas property?
It is historically important and strategically located, making it a valuable addition to INVL Baltic Real Estate's portfolio.
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