TGS Baltic has successfully advised AB INVL Baltic Real Estate on its transformation into a licensed special closed-end type investment company.
A necessary license and permits for the company were issued by the Bank of Lithuania at the end of December 2016. The Bank of Lithuania has also approved the prospectus for admission of the shares of the company to trading on the NASDAQ OMX Vilnius stock exchange for their uninterrupted listing on the regulated market.
This is the first time in the Baltic States when an existing real estate investment company, whose shares are traded in public, was transformed into a licensed real estate investment company.
TGS Baltic – Partner Vidmantas Drizga, also Senior Associate Mantas Gofmanas and Associate Eglė Mazėtytė – were legal advisors to AB INVL Baltic Real Estate throughout the process, they advised the company on licensing, admission of shares to trading to the NASDAQ OMX Vilnius stock exchange, represented interests of the company in the Bank of Lithuania and the Central Securities Depository of Lithuania and performed other actions related to listing and licensing of the company.
UTIB INVL Baltic Real Estate, which invests into real estate, is listed on the NASDAQ OMX Vilnius stock exchange. INVL Baltic Real Estate seeks to earn from investments into commercial real estate, ensuring growth of rental income. If economically reasonable, the company may also consider investments into transformation of objects in the current portfolio, making proper use of their good location. Companies owned by INVL Baltic Real Estate have invested into commercial property – business centres and real estate objects of manufacturing, warehousing purpose in Lithuania and in Latvia.
