While implementing the strategic decision of stated-owned group of companies “Lietuvos Energija” to abandon non-core activities, the group company “NT Valdos” intends to offer acquisition of three office complexes in Vilnius for real estate market. The total initial price of the office buildings for sale by means of a public tender is 36.7 million EUR, including VAT.
Investors will be offered three office complexes at: A. Juozapavičiaus Str./Žvejų Str., P. Lukšio Str. and Aguonų Str. Gross area of the buildings is 30 thousand square metres, however this area can be additionally expanded to 45 thousand square metres. The sale by a public tender will be organized by “Inreal” real estate consultants. The initial price of the property for sale was set out based on the asset market values provided by several independent assessors and property values calculated in “Inreal” feasibility studies. The results of a public tender will be assessed on 14th December 2017.
“The objects for sale make up the major share of the group’s real estate and have good prospects for the development of higher value. We have estimated that after selling the property we can use the funds received more efficiently by investing in the development of our core activities. We have already realized this once we have profitably sold several smaller objects in the region over the last years. All market makers will have equal opportunities and sufficient time to familiarize themselves with the publicly available relevant information about the objects for sale. The process will also be public and ensuring maximum transparency and competition”, – stated Darius Kašauskas, Director of Finance and Treasury of “Lietuvos Energija”.
“Lietuvos Energija” has received the approval from the shareholder Ministry of Finance to organize the sale of “NT Valdos” property in order to rectify the activities of the group “Lietuvos Energija”.
“All three objects are attractive for investment and have several possible future scenarios”, – stated Julius Belanoška, Commerce Manager of “Inreal”. According to him, these objects can be used without additional investment; however, the expansion is also possible. “Design proposals are agreed and approved for some objects; meanwhile, others have valid construction permits. Such offers, when a property is ready to generate rental income instantly as well as has many opportunities of expansion, are very rear in the market”, – stated J. Belanoška.
The office complexes will be sold together with lease contracts by maintaining the same office premises for employees of “Lietuvos Energija” until they move to a joint office. In late September, “Lietuvos Energija” announced a public tender, which will allow choosing real estate consultants to present the best offer for a joint office. In 2021, the group intends to concentrate all companies operating in Vilnius into one building away from the city centre. About 1000 people will be working in such office, and the building area would be about 10 thousand square meters.
During the rectification of activities “Lietuvos Energija” and the group company “NT Valdos”, which is operating the real estate, have sold unused property for more than 7.5 million EUR (including VAT), earning about 1 million EUR profit since the beginning of 2016. Profitable sales of RE objects will have a positive impact on the performance of the group.
More information in „data room“ http://ntvaldos.inreal.lt/
Julius Belanoška, CCO of UAB „Inreal“
+370 696 50 605 | firstname.lastname@example.org
Director of Corporate Communications Division at “Lietuvos Energija”
+370 611 43 548 | email@example.com