The net asset value (NAV) of the Baltic Horizon Fund (the Fund) unit at the end of June 2023 amounted to EUR 0.9905 per unit. Compared to the previous month, NAV per unit decreased by 10.4%. The total net asset value of the Fund amounted to EUR 118.5 million over the month. The NAV decrease was mainly affected by the mid-year revaluation of investment properties. The EPRA NRV as of 30 June 2023 was EUR 1.0208 per unit, corresponding to a decrease of 11.8% over the last month.
At the end of June 2023, new portfolio valuations were conducted by an independent real estate appraiser Colliers. As of 30 June 2023, the fair value of the Baltic Horizon Fund portfolio decreased to EUR 255.7 million (like-for-like portfolio as of 31 December 2022: 268.9 million). Compared to the previous valuations, the change in portfolio value was mainly driven by the changes in exit yields and upward adjustments of the weighted average cost of capital (WACC) due to the rise in interest rates (EURIBOR) over H1 2023. The summary of property valuations will be published on the Fund`s webpage. More information will be provided in the quarterly report.
Unaudited consolidated net rental income for June 2023 amounted to EUR 1.4 million, corresponding to a decrease of 0.2 million over the previous month (EUR 1.6 million in May 2023). The decrease is mostly related to the sale of Duetto properties. The Fund recognized an unaudited consolidated net loss of EUR 13.8 million in June 2023.
At the end of June 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 18.2 million (31 December 2022: EUR 5.3 million). The Fund plans to redeem the first part of the bonds with the maturity date of 8 May 2028 in the amount of EUR 7.5 million on 1 August 2023.
As of 30 June 2023, the total consolidated assets of the Fund were EUR 278.8 million (31 December 2022: EUR 344.0 million).