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Pamenkalnio st Business centre Vilnius

Profitus
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87 %
  • Status active
  • Goal 510,000 EUR (€)
  • Raised 446,162 EUR (€)
  • Investors 674
  • Interest rate 12%
  • Credit Duration 12 month
  • The project’s funds will be allocated to the purchase of real estate in the center of Vilnius (700 m to Gediminas Ave.) and the renovation of purchased commercial premises;
  • The equipped premises will be rented, the estimated monthly rental income will be around 46 275 euros including VAT;
  • Additional guarantee for the entire loan amount is provided by the parent company UAB “Magnus investments”, which in 2022 net profit 2.7 million EUR;
  • The project developer is a professional in his field, he owns a store in Vilnius on Gedimino Ave. 22 and administrative premises at Didzioji st. 33.

About the project owner:
The project developer is a professional in its field, it owns a shop at 22 Gedimino Ave. in Vilnius, and administrative premises at 33 Didzioji St. The project owner’s group of companies has experience in real estate, having developed over 10 000 square meters of real estate projects.

About the project:
The project will finance the acquisition of commercial premises in Naujamiestis. The owner of the project intends to carry out renovation works in the building and to rent out the premises. The search for contractors has already started and the works are expected to start next month and at the latest in early summer. The project owner is also looking for tenants. The plan is to lease individual floors and rooms, as the structure of the commercial premises allows the space to be subdivided into smaller areas. The estimated monthly rental income will be approximately EUR  46 275 including VAT. The loan will be repaid by a refinancing bank, after the owner of the project has carried out renovation works on the property and the premises have been fully leased.

Competitive environment:
Currently, there is hardly any vacant space in new business centers in the Old Town of Vilnius (which is already scarce in this area). Companies are located in renovated buildings with rents of EUR 16-20 per square metres/month excluding VAT. The nearby Domasevicius St. Office building, the rent for the premises is EUR 18-22 without VAT/square meters/month, depending on the area to be rented and the length of the lease agreement, and tenants may be offered additional parking spaces: from EUR 300 without VAT/month in a covered or underground parking lot, from EUR 220-250 without VAT/month in an internal enclosed courtyard, or from EUR ~100 without VAT/month in the municipal-run parking lots next to the building. All contracts are based on the Triple-NET standard for a minimum of 5 years and are indexed to annual inflation. Embassies and law firms are looking to buy or rent individual buildings of 500-800 square meters, for which they can pay rental prices of EUR 4 300/5 100 excluding VAT/square meters or EUR 22-25 excluding VAT/square meters per month. 

The maximum amount to be financed: EUR 5 000 000. The project is financed based on the current valuation of the collateral until it reaches the maximum LTV of 79%. Once the maximum LTV has been reached, a new appraisal will have to be carried out and further rounds of financing for the Project will only be advertised and collected if the set maximum LTV is not exceeded. The Loan to Value (LTV) without VAT for this stage is 69%.

Interest by investment amount:
– From EUR 100  to EUR 999 – 12%
– From EUR 1000 to EUR 4 999 – 12,5%
– From EUR 5 000 to EUR 7 499 – 13%
– From EUR 7 500 to EUR 11 999 – 13,25%
– From EUR 12 000 to EUR 24 999 – 
13,5%
– From EUR 25 000  – 14%
Important: investments made separately are not aggregated and cannot be pooled.

We plan to raise the amount within 7 days, with the option of extending it if we do not raise funds.

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