Notice Regarding the Reorganisation Terms for INVL Baltic Real Estate
In line with Article 65(1) of the Republic of Lithuania Law on Companies, we are announcing the terms for the reorganisation of INVL Baltic Real Estate, a special closed-end real estate investment company (code: 152105644), located at Gyn?j? g. 14, Vilnius, and the joint stock company Pramog? bankas (code: 300044665), based at A. Stulginskio str. 8, Vilnius. This notice outlines the merger of AB Pramog? bankas into INVL Baltic Real Estate, which will continue its operations and currently owns 100% of AB Pramog? bankas shares, as stipulated in Article 70 of the Republic of Lithuania Law on Companies.
Reorganisation Timeline and Effects
The reorganisation will remain in effect until a new version of the Articles of Association for INVL Baltic Real Estate is officially registered. This new version will come into force once the reorganisation is complete.
As part of this process, INVL Baltic Real Estate will take on all assets, rights, and obligations of AB Pramog? bankas. The transition of rights and obligations will occur automatically without the need for separate acts of acceptance and transfer.
Impact on Shareholders
Importantly, the voting power of INVL Baltic Real Estate's shareholders will not change during the calculation of quorum for the general meeting of shareholders. This includes the number of shares, their nominal value, and the proportion of total capital in the company.
Access to Documentation
The Terms of Reorganisation, the updated Articles of Association for INVL Baltic Real Estate, and other pertinent documents are available at the registered office or on the official website of INVL Baltic Real Estate. For additional inquiries, please use the provided contact information.
Submission of Claims
Company and Asset Transition Details
INVL Baltic Real Estate is currently preparing for the smooth integration of Pramog? bankas, which it acquired last year. The reorganisation plan indicates that this integration will be fully completed by the end of 2024. It is anticipated that this merger will not impact the total number of shares or their values listed on the Vilnius exchange.
Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, emphasized the advantages of effective asset management through direct operations, particularly in managing significant developments like the expansion of Pramog? bankas.
The Pramog? bankas property spans 4,100 square meters and is successfully leased, holding historical significance as a former cinema. Renovation plans are underway to improve its interior spaces and increase its leasable area.
As of mid-2024, INVL Baltic Real Estate’s portfolio includes 32,100 sq. m. of real estate, valued at approximately EUR 44.03 million.
About INVL Baltic Real Estate
INVL Baltic Real Estate manages properties in key locations, including valued office buildings in historic settings and the strategically positioned Dommo Logistics and Industrial Park. As of June 2024, occupancy rates for these properties range impressively from 85% to 100%.
About INVL Asset Management
INVL Asset Management is recognized as a leading alternative asset manager in the Baltics, dedicated to delivering superior risk-adjusted returns. The firm oversees a diverse portfolio that includes private equity, real estate, and renewable energy investments.
Frequently Asked Questions
What is the main purpose of the reorganisation?
The primary goal is to merge AB Pramog? bankas into INVL Baltic Real Estate to enhance operational efficiency.
How will this affect the shareholders of INVL Baltic Real Estate?
Shareholders will not experience any changes in the number of shares or their values following the merger.
When is the completion date for the reorganisation?
The reorganisation is expected to be completed by the end of 2024.
Will creditors be affected by the reorganisation?
Creditors can submit their claims during the reorganisation period, which begins with the publication of the terms.
What is the significance of the Pramog? bankas property?
This property is historically significant and strategically located, making it a valuable addition to INVL Baltic Real Estate's portfolio.
