Overview
HISTORY AND DEVELOPMENT
The key events in the development of the AS Baltic RE Group and its group companies are described below.
2008 |
Baltic RE S.P.A. is founded and enters the Latvian real property market. |
2009 |
Property at 19 Skunu St. (Old Riga) is purchased – a historical building located in Dome Square and being the only private building in the square. The property is renovated; after renovation works are completed it is leased to solvent and well-known tenants. |
2010 |
Property at 1 Kungu St. (Old Riga) is purchased – a historical building located in Townhall Square. The property is renovated, increasing the retail area; after renovation works are completed it is leased to solvent and well-known tenants. The property at 6 Kalku St. (Old Riga) is purchased – a historical building located in the most active pedestrian and tourist street. The property is renovated, significantly increasing the retail area; after renovation works are completed it is leased to solvent and well-known tenants. |
2011 |
Property at 2 Kramu St. (Old Riga) is purchased – a historical building located in one of the busiest pedestrian and tourist areas which connects Dome Square and Townhall Square. The property is renovated, significantly increasing the retail area; after renovation works are completed it is leased to solvent and well-known tenants. |
2012 |
Property at 16 Skunu St. (Old Riga) is purchased – a historical building facing Tirgoņu Street, one of the busiest pedestrian and tourist streets which connects Dome Square and Townhall Square. Property at 15 Kalku St. is purchased – a historical Art Nouveau building with the status of a state-protected cultural monument in Old Riga. The property is renovated, significantly increasing the retail and the office area; after renovation works are completed it is leased to solvent and well-known tenants. It was the project that enabled the Issuer to achieve a new level in building renovation. |
2013 |
Property at 12/14 Kalku St. (Old Riga) is purchased – a historical building close to Līvu Square located in the best commercial area of Old Riga. The property is fully renovated, significantly increasing the retail and the office area; after renovation works are completed it is leased to solvent and well-known tenants. |
2014 |
Reorganization process starts in December in order for The Group to become the holding company of the group and, consequently, the owner of all subsidiaries. |
2015 |
The Group’s activity is focused on extending its lines of business, improving the organisation of its work, thus ensuring stable and coordinated operation of all units of the group and the required financial support for the group’s units. The work with the group’s clients is active, as well as successful measures are taken to study, develop and implement new lines of business. The building at 12 Kalku St. receives Latvian Construction Industry Annual Award 2015 in “Facade Renovation” nomination, as well as LANĪDA (Latvian Real Estate Association) award “The Contribution to the Improvement of Development of the Old Town, 12 Kalku St, Riga”. Revenues (consolidated) from leases and other triple net income for 2015 reach EUR 3,241,121 |
2016 |
The Group increases its share capital by issuing new registered shares. Upon this shares issue, the Issuer’s current fixed capital is EUR 25,000,000 (twenty-five million euros). The Group issued EUR 4 million of unsecured bonds. |
2017 |
The building at 21 Brivibas Blvd. receives Latvian Construction Industry Annual Award 2017 in “Facade Renovation” nomination. |
2018 |
The Group increased its share capital by issuing new registered shares. Upon this shares issue, the Issuer’s current fixed capital is EUR 29,000,000 (twenty-nine million euros). |
2019 |
Portfolio value reached EUR 80 million Pre-mature bond redemption of EUR 4,000,000 with premium for early redemption |
2020 |
The Group acquired two properties – 25 Raina Blvd. and 9a Citadeles St. The Group sold 15 Kalku St., 12/14 Kalku St. and 21 Brivibas Blvd |
2021 |
Sale of 1 Kungu St. Renovation of 25 Raina Blvd. with delivery to a sole tenant Printful Latvia, AS Acquisition of 2 Kr. Barona St.. Agreement for sale of 19 Skunu St. is signed. |
2022 |
Renovation of 9a Citadeles St. The Group acquired two properties - the historical Riga Black balsam factory at 27 Pulkveža Brieža St., including the adjacent historical buildings, and a building at 15 Generala Radzina krastmala. |