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Annual Report 2023 – Baltic Sea Properties (BALT)

Apr 11 2024

Oslo, 11 April 2024.

The Board of Directors in Baltic Sea Properties AS (“BALT” or “the Company”, and together with the Company’s subsidiaries, “BSP”) has approved the Company’s annual report for 2023.

There are no changes in the final accounts compared with the preliminary financial statements published on 15 February 2024.

The Company remains in a solid financial position and has recently announced two exciting new development projects for internationally recognised companies, Rhenus and ESO (Ignitis). BSP holds an attractive project pipeline and aims to expand its operations by including new development projects. On this basis and with strong support from the main shareholders, the Board of Directors has resolved to initiate a process to explore potential ways to implement these growth plans. The Company has appointed SpareBank 1 Markets and Norne Securities as financial advisors in connection with such a process. There can be no certainty whether or when any initiative, event, or transaction will materialise.

Lars Christian Berger, CEO, comments: “We are pleased to publish our 2023 annual report as we keep developing the company with new development and investment projects. During 2023 we reported a 16% increase in revenues and secured a solid pipeline for 2024 and 2025. We believe our fundamental approach to real estate management and development, supported by a strong capital structure, positions us to navigate market cycles effectively. We remain a key player in our sector, and are optimistic about our future opportunities in development, new acquisitions, and asset management of our existing portfolio.”

Attached is the Annual Report 2023, including the audited annual report and financial statements, as well as the auditor’s report. The Annual General Meeting is scheduled to be held on 15 May 2024, cf. the company’s financial calendar. Notice of the Annual General Meeting will be published in a separate announcement.

Link to download: 2023 Annual report BSP

For further information, please contact:
Lars Christian Berger,
Phone: +47 930 94 319

This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Baltic Sea Properties AS (“BALT” or “the Company”, and together with the Company’s subsidiaries, “BSP”) stands as a dedicated entity in real estate investment, with a portfolio that spans logistics, industrial, and commercial segments, fostering a diversified and sustainable revenue stream.