Evernord, the investment management company that launched the former holiday home in Juodkrante as apartments, earned a 39% return on the project for investors.
“Evernord has completed a real estate project in Juodkrante, where Smilga holiday homes were converted into 33 holiday homes or apartments and sold. According to representatives of the investment management company, a 39% IRR return was earned.
According to the press release, the company’s “investor-managed company” launched the project at the end of 2020.
“The value of the project at the time of realisation of the premises exceeded EUR 3.1 million. Given the size of the project and the need for expediency, a fund structure was not chosen to make the investment. It is an exclusive product created for a few of our investors”, Arnas Vedeckis, CFO and Member of the Board of Evernord, explained to VŽ.
Among the buyers were also existing Evernord clients, who were buying homes “not only for themselves but also for investment”.
The building in Kalno Street in Juodkrante was previously occupied by the holiday home “Smilga”. The 990 square metre building contained 33 small holiday apartments.
“When we started the project, the COVID-19 vaccine was not even available yet and there was a lot of uncertainty. However, we have noticed that due to the pandemic restrictions, people are more likely to take their holidays at the Lithuanian seaside and real estate is slowly becoming more and more important. We used this insight to launch the Smilga project,” the report quotes Jolanta Jurga, founder of Evernord and author of the Smilga project.
https://www.vz.lt/rinkos/2022/08/01/is-nt-projekto-juodkranteje-skaiciuoja-39-graza