Uždarojo tipo informuotiesiems investuotojams skirta investicinė bendrovė UAB "CAPITALICA BALTIC REAL ESTATE FUND I"

Uždarojo tipo informuotiesiems investuotojams skirta investicinė bendrovė UAB "CAPITALICA BALTIC REAL ESTATE FUND I" is a Lithuanian closed-end investment company for informed investors focused on commercial real estate in the Baltic States. The investment company (the "Fund") is managed by Capitalica Asset Management UAB and targets income-generating A/B-class office assets and development projects in Lithuania and Latvia, with the objective of delivering a combination of recurring income and net asset value growth for professional/informed investors.

Company Overview

Legal name: Uždarojo tipo informuotiesiems investuotojams skirta investicinė bendrovė UAB "CAPITALICA BALTIC REAL ESTATE FUND I"
Commonly referred to as: Capitalica Baltic Real Estate Fund I (CBREI, Fund I)
Type: Uždarojo tipo informuotiesiems investuotojams skirta investicinė bendrovė (UTIB) – Closed-end investment company for informed investors
Industry: Real estate investment (commercial real estate), financial services (collective investment undertaking)
Geographic focus: Baltic States (Lithuania, Latvia; historically also assets in Lithuania’s major cities and Riga)
Founding/launch: The fund was launched in the mid‑2010s (public sources indicate 2016 as the initial launch year for Fund I under Capitalica Asset Management; see Sources).
Headquarters: Lithuania (the fund’s registered office is in Vilnius; exact registered address is provided in legal filings; see Legal Information).

Legal Information

Įmonės kodas (company code): Not publicly listed in the sources available here; verify via Lithuanian Centre of Registers (Registrų centras) or the fund’s prospectus/regulatory filings.
PVM kodas (VAT code): Not publicly listed in the sources available here; verify via Registrų centras or VMI (State Tax Inspectorate) database.
Regulatory status: Closed-end investment company for informed investors; the management company Capitalica Asset Management UAB is licensed and supervised by the Bank of Lithuania.
Registered office address: The fund’s registered office is in Vilnius, Lithuania (precise address appears in prospectus/articles of association; confirm in latest official documents).
Official website: https://capitalica.lt (Fund I section available on the manager’s website)
Email: Typically handled by the management company (e.g., info@capitalica.lt as provided by the manager on its website; confirm in current contacts).
Phone: Typically handled by the management company; see Contact Information.

Business Operations

Strategy: Invests in, develops, and manages high-quality office real estate in the Baltics. The Fund acquires stabilized assets and pursues value creation via active asset management, CAPEX/light development, sustainability upgrades, and, where attractive, ground‑up development through special purpose vehicles (SPVs).
Revenue model: Rental income from tenants in office/business centers; capital appreciation through development, lease‑up and optimization; selective divestments. The Fund supplements equity with bank financing and has also issued bonds to fund development/acquisitions.
Target investors: Informed/professional investors as defined by Lithuanian/EU regulation (MiFID II; AIFMD framework).
Portfolio highlights (illustrative assets historically associated with Fund I):
- Kaunas: Kauno Dokas business center (A-class office on the Nemunas riverside).
- Vilnius: Business Center “135” on Ukmergės g. 135 (B+/A- class office complex).
- Riga: VERDE A-class office campus in Skanste district (two modern green-certified office buildings developed in phases).
- Historical/previous holdings: a retail property in Klaipėda (“Luizė” shopping center) was publicly reported as purchased and later exited by Fund I in earlier years (see Sources for press references).

History

Origins (2016): Capitalica Asset Management UAB launched Capitalica Baltic Real Estate Fund I as a closed-end vehicle to invest in Baltic commercial real estate, initially focusing on Lithuania and later expanding to Latvia.
2017–2019: The Fund expanded its portfolio with the acquisition of Kauno Dokas in Kaunas and Business Center 135 in Vilnius. It also used capital markets financing via bond issues to support growth and development.
2019–2021: The Fund placed and listed bond issues on Nasdaq First North in the Baltics to finance the VERDE office development in Riga and portfolio expansion. Construction of VERDE commenced with a strong ESG focus and BREEAM/LEED ambitions reported by the manager.
2022–2023: Progressive completion and lease-up milestones at VERDE were reported in public news; the portfolio continued to mature with a diversified tenant base across cities.
2024–present: Fund I continued active asset management and value creation. Any new disposals/acquisitions, refinancing or bond activity should be verified in the manager’s latest reports.

Financial Information

Revenue/NAV: Detailed audited NAV and revenue figures are disclosed in the Fund’s annual/half‑year reports and prospectus supplements. Specific amounts vary year by year and should be taken from the latest published financial statements.
Capital markets activity: The Fund has conducted multiple bond issuances listed on Nasdaq First North (Baltics), including green bonds targeting the VERDE development financing and portfolio growth (see Nasdaq references). Aggregate proceeds across issues publicly discussed have been in the multi‑million euro range.
Leverage: The Fund typically combines investor equity with bank financing at the SPV/portfolio level; target leverage levels and covenants are set in offering documents.
Ownership structure: As a closed‑end investment company, ownership consists of participating informed/professional investors holding shares/units in the Fund. The Fund is managed by Capitalica Asset Management UAB (part of the SBA Group ecosystem), acting under management and investment rules approved by the Bank of Lithuania.

Leadership and Management

Management company (valdymo įmonė): Capitalica Asset Management UAB (Lithuania). The management company is responsible for portfolio management, risk management, fundraising, reporting, and investor relations for Fund I.
Key executives (management company):
- Andrius Barštys – Chief Executive Officer (CEO) and a leading figure associated with Capitalica Asset Management, widely cited in public communications and press releases.
- Other senior roles (e.g., Head of Asset Management, Fund Manager) are disclosed by the manager; names and current positions should be verified on the official website and latest corporate disclosures.
Fund governance: As an investment company (UTIB), the Fund has its own corporate governance bodies (board/supervisory board as applicable by law and the articles). The up‑to‑date list of board members and officers should be taken from the most recent filings (Registrų centras) and the Fund’s prospectus/reports.

Office Locations

Registered office (Fund): Vilnius, Lithuania. The exact legal address is provided in the Fund’s articles of association and prospectus; confirm via Registrų centras or the Fund’s official documents.
Manager’s office (for operational contact): Capitalica Asset Management UAB, Vilnius, Lithuania. The manager’s website provides current address and telephone; see Contact Information and Sources. If multiple offices exist (e.g., Kaunas or Riga project offices), those are typically project/asset-level contacts rather than the Fund’s legal seat.

Market Position

Segment: Baltic commercial real estate (office) investment via a closed‑end informed investor vehicle.
Peers/Competitors: Other Baltic CRE funds/REIT‑like vehicles and asset managers, including Baltic Horizon Fund (managed by Northern Horizon Capital), EfTEN Real Estate funds (EfTEN Capital), and various Lords LB Asset Management funds (e.g., Lords LB Baltic Fund series), among others.
Competitive advantages: Active development and asset management capabilities (e.g., the VERDE A‑class development in Riga), use of capital markets (bonds) to diversify funding, focus on sustainability/green certifications, and backing by an established Lithuanian asset manager linked to a larger industrial group (SBA ecosystem).
Market share: No single standardized market share metric exists for private closed‑end funds in the Baltics; relative size is typically assessed by NAV/GAV and leased area compared to peer funds. Current metrics should be taken from the latest manager reports and independent market studies.

Recent Developments

- Continued lease‑up and tenant announcements at VERDE (Riga) reported in Baltic business media during 2022–2024, indicating traction in the Skanste office submarket.
- Bond issuance and refinancing steps via Nasdaq First North announcements since 2019 to support development and portfolio growth.
- Ongoing asset management initiatives in Vilnius and Kaunas offices (e.g., ESG upgrades, amenities, and tenant mix optimization).
Note: For exact dates, amounts, and counterparties, refer to the specific press releases and the Fund’s periodic reports.

Business Model and Investment Process

Capital formation: Raises capital from informed/professional investors via the Fund’s share issues; supplements with bank loans and listed bonds.
Investment criteria: Focus on urban, well‑connected locations; modern or modernizable office stock; strong tenant covenants; and value‑add/development potential.
Risk management: Portfolio diversification across cities/tenants; prudent leverage; adherence to policies approved by the Bank of Lithuania; periodic reporting and audits as per Lithuanian law for collective investment undertakings.

Contact Information

Fund (legal entity) contact: Formal correspondence is typically routed via the management company and the Fund’s registered address as disclosed in official filings (prospectus/articles).
Management company (general contact for Fund I):
- Website: https://capitalica.lt
- General email: info@capitalica.lt (verify current address on the official website)
- Phone: The official phone number is published on the manager’s website; please verify the current number prior to use.
- Postal/office address: Published on the manager’s website; current address should be confirmed there or in the latest Fund documents.
Investor relations: The manager provides financial statements, prospectuses, and reports on its website; bondholder information and announcements are available on Nasdaq Baltic’s site.

Notes on Data Availability

While extensive qualitative and directional information about Capitalica Baltic Real Estate Fund I is publicly available, several precise data points requested (įmonės kodas, PVM kodas, exact registered office address and phone, full list of current board members and their positions) must be taken from the Fund’s latest legally binding documents and the Lithuanian Centre of Registers. As these details can change and are tied to official filings, users should verify them directly in the sources below.

Sources and References

- Capitalica Asset Management (official): https://capitalica.lt (Fund I section, company information, news, and reports)
- Fund documentation (prospectus, rules, financial statements) available via the manager’s website: https://capitalica.lt (navigate to “Funds” -> “Capitalica Baltic Real Estate Fund I”)
- Bank of Lithuania (supervision of management companies and funds): https://www.lb.lt
- Nasdaq Baltic – bond listings and company announcements for Capitalica Baltic Real Estate Fund I/Capitalica Asset Management: https://nasdaqbaltic.com
- Baltic business media coverage on Kauno Dokas, Business Center 135, and VERDE (Riga) transactions and leasing: public articles accessible via business press in Lithuania/Latvia (e.g., Verslo žinios, Dienas Bizness) and the manager’s press releases.