The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.9863 at the end of August 2023. Compared to the previous month, the NAV per unit decreased by 0.4%. The total net asset value of the Fund over the month was EUR 118.0 million. Higher financing costs due to the early redemption premium on the bonds contributed to the slight decrease in NAV. The EPRA NRV as of 31 August 2023 stood at EUR 1.0196 per unit.
Unaudited consolidated net rental income for August 2023 amounted to EUR 1.1 million. The property management team is negotiating final terms with an anchor tenant in Upmalas Biroji to partially fill the premises vacated by SEB in August 2023. Over the first eight months of this year, the Fund achieved a consolidated rental income of EUR 10.7 million. Like-for-like net rental income has increased by 7.2% to EUR 9.2 million (eight months of 2022: EUR 8.6 million). Like-for-like figures exclude the net rental income of properties sold in 2023 (Domus PRO and Duetto). The Fund recorded an unaudited consolidated net loss of EUR 0.3 million in August 2023.
At the end of August 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 7.9 million (31 December 2022: EUR 5.3 million). During August, the Fund has successfully refinanced Kontor SIA loan until 2028, reducing the original Kontor SIA loan by EUR 1.2 million. The Fund has invested an additional EUR 0.2 million in refurbishment projects, with the largest portion dedicated to the fit-out of Gallerias Centrs’ new anchor tenant Arket, which is set to open the first flagship store of a global chain in Latvia in November 2023. Operational costs are fully covered by cash flows generated by rental activities.
As of 31 August 2023, the total consolidated assets of the Fund were EUR 269.1 million (31 December 2022: EUR 344.0 million).