Capitalica Baltic Real Estate Fund I, a real estate fund managed by Capitalica
Asset Management, a subsidiary of the SBA Group, earned a net profit of EUR 1.3
million in 2023. Over the past year, the consolidated assets managed by the
fund increased by 11.5% to EUR 150 million.
According to audited data for 2023, the value of the investment property of
Capitalica Baltic Real Estate Fund I increased by EUR 1.9 million compared to
2022. Additional investments of EUR 14.4 million were made in 2023, resulting
in a growth from EUR 129.8 million to EUR 146.1 million.
"Considering the risks prevailing in the market last year, such as increased
interest rates, which should lead to a decrease in the value of investment
property, the results are pleasing. Proper indexation of rental prices for the
commercial real estate premises owned by the fund and management of occupancy
helped successfully mitigate these risks. Additionally, at the end of April
2024, we successfully signed the completion act of the construction works for
the Verde office complex in Riga," says Mindaugas Liaudanskas, CEO of
Capitalica Asset Management.
The construction of the Verde office complex in Riga began in 2020. Currently,
the 45,000-square-meter business center houses 19 Latvian and international
companies.
In 2023, the Capitalica Baltic Real Estate Fund I redeemed EUR 8 million in
bonds. It issued EUR 10 million in new bonds.
"We notice that more and more investors are interested in investing in tangible
and real assets, such as debt securities secured by collateral, rather than in
cryptocurrencies or other risky asset classes that were recently popular," says
M. Liaudanskas.
Capitalica Baltic Real Estate Fund I focuses on strategic investments in the
Baltic real estate market, primarily in the commercial real estate sector. The
fund has completed the active investment and acquisition phase, and following
the completion of the Verde project in Riga, Latvia, no further investments are
planned. Future real estate acquisitions and development are planned using
newly established funds.
ABOUT CAPITALICA ASSET MANAGEMENT
Capitalica Asset Management (www.capitalica.lt) is an investment management
company that manages investment funds investing in commercial real estate and
non-equity securities in the Baltic countries and the European region. The
company manages 12 properties totaling 108,000 m² of real estate, with an
additional 20,000 m² under development. Leveraging its expertise in capital
markets, real estate, and investment funds, the company provides private and
institutional investors the opportunity to achieve stable returns. CAM funds
are licensed and supervised by the Bank of Lithuania, and the bonds are listed
on the Nasdaq stock exchange. Capitalica Asset Management is 70% owned by one
of Lithuania's largest business groups, SBA Group, with the remaining 30% owned
by Fox Holdings, a company of Andrius Barštys, Chairman of the Board of
Capitalica Asset Management.
Mindaugas Liaudanskas
CEO of "Capitalica Asset Management"
mindaugas.liaudanskas@capitalica.lt
+370 612 30412
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