The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.9833 at the end of October 2023. Net asset value remained at a similar level to the previous month (EUR 0.9862 as of September 30, 2023). The total net asset value of the Fund over the month was EUR 117.6 million (EUR 118.0 as of September 30, 2023). The slight decrease in NAV was mostly affected by the adverse movement in the cash flow hedge reserve. The EPRA NRV as of 31 October 2023 stood at EUR 1.0187 per unit.
The Fund has earned a consolidated net rental income of EUR 1.0 million in October 2023 (EUR 1.0 million in September 2023). Over the ten months of this year, the Fund achieved a consolidated net rental income of EUR 12.7 million. Like-for-like net rental income has increased by 2.2% to EUR 11.2 million (ten months of 2022: EUR 10.9 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 0.1 million in October 2023. In October, the Fund signed new lease agreements with Pet24 OÜ (187 sq. m) in Lincona, Dentores Dental Care OÜ (212 sq. m) in Pirita and several smaller leases. The Fund’s leasing teams are currently in active negotiations for approx. 4,613 sqm in the retail segment and approx. 2,740 sqm in the office segment.
At the end of October 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 7.8 million (31 December 2022: EUR 5.3 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 will open the first flagship store of a global chain in Latvia in December 2023.
As of 31 October 2023, the total consolidated assets of the Fund were EUR 269.1 million (31 December 2022: EUR 344.0 million).