INVL Baltic Real Estate profits increase to €2.2m

INVL Baltic Real Estate’s profit volume hit €2.2m in the first nine months of the year, up from €2m in 2017. Sales, however, fell from €4.8m in 2017 to €4.3m this year. Vytautas Bakšinskas, real estate fund manager at INVL Asset Management which manages INVL Baltic Real Estate, believes growth was driven by net operating income from the company’s property portfolio. “The reconstruction of the Vilnius Gates business center which was completed last year played a part in that,” Bakšinskas said. “The improving operating results are also due to growth in the value of the company’s property holdings, which from the start of the year rose by €1.3m to €57.7m.”