EfTEN: Correction: Net asset value of the EfTEN United Property Fund as of 31.03.2023

Correction: The loan principle taken by Uus-Järveküla OÜ is corrected.

The corrected notice reads the following:

The net asset value (NAV) of the EfTEN United Property Fund was 10,81 euros as of March 31, 2023, decreasing by 0,5% over the month. Since the start of the fund in late June 2021 the total return has been 11,3% and the return on invested capital 11,7%. The fund has almost 30% of its capital as uninvested.

The decrease of the NAV is related to the change in valuation principles. After the merger of the EfTEN Kinnisvarafond with the listed fund EfTEN Real Estate Fund III the shares of the joint fund EfTEN Real Estate Fund are valued according to their stock exchange price (before they were valued according to the NAV). If the previous valuation method was used, the NAV of the EfTEN United Property Fund unit would have increased by 0.2% in the month.

Among the fund’s major investments, the construction works and the preparation of the necessary conditions for obtaining a bank loan at Uus-Järveküla residential development continued in March. At the end of April, Uus-Järveküla OÜ, which is developing a residential area, chose the Coop Bank loan offer, with in the amount of 15,432 mio EUR with maturity up to 1,5 years. Together with this, the development of the houses and infrastructure of the first stage of the development, and partially also the infrastructure of the subsequent stages, has been fully financed.

In April, the investments in the fund’s portfolio confirmed their dividend payments. EfTEN United Property Fund will publish the fund’s second income distribution of the year in the first week of May.

A more detailed overview of EfTEN United Property Fund’s portfolio can be found on the fund’s website: https://eftenunitedpropertyfund.ee/en/fund-results-2/

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