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. |
ORGANISATIONAL STRUCTURE
Baltic RE Group management evaluates, on a continuous basis, external factors that influence operations of the group companies and takes measures required to optimise and develop the group’s operations.
The AS Baltic RE Group is a parent company within the group comprising six companies. The group’s operations are connected with real estate management, i. e., the management of six properties owned by the group and one property owned by another entity.
MAIN OPERATIONAL PRINCIPLES
The group’s business model provides for purchasing historical buildings with prime retail high street location in central Riga, incl. Old Riga, at strategically important crossings, carrying out high quality renovation works and further leasing the premises to solvent tenants. Commercial areas owned by the group consist of both trading and office premises that are considered premium-class premises with excellent location, smartly designed layout, high quality finish and furniture, energy efficiency, innovative facilities, etc.
Striving to preserve the importance of buildings in terms of the state history, the AS Baltic RE Group is aware, at the same time, of their potential for satisfying the needs of high street vendors and tenants of high-class offices. One of the AS Baltic RE Group’s operational principles is to preserve the importance of buildings and to increase their value further on, which provides not only financial benefits for the AS Baltic RE Group, but also contributes to the maintenance of the historical centre of Riga. In the future, the AS Baltic RE Group plans to purchase commercial areas in central Riga, incl. Old Riga, except vacant land plots.
