EfTEN Capital AS, as the management company of the EfTEN United Property Fund (stock market ticker EFCUPFFT, ISIN code EE3500001609) decided to make a cash distribution of 18,179 euro cents per unit from the fund to the unitholders. The distribution constitutes 1,68% of the fund’s current NAV and 1,95% of the fund’s latest closing price.
This is the second distribution of the EfTEN United Property Fund in 2023. With current distribution the fund has in 2023 distributed 4.5% of the last closing price of the fund unit. Since the listing of EfTEN United Property Fund on the Nasdaq Tallinn stock market in May 2022, the fund has made distributions in the amount of 50,2 euro cents per unit (4.7% of the IPO price).
The distribution is based on receipts from the fund’s three underlying funds (EfTEN Real Estate Fund, EfTEN Kinnisvarafond II, EfTEN Residential Fund) and from the office building at Menulio 7 in Vilnius. The fund acquired the office building at Menulio 7 at the end of February 2022 and generated a distributable cash flow of 4.2% on the investment during the ten months of last year (i.e 5.1% on an annual basis).
The list of unitholders eligible for distribution will be fixed as of the end of the business day of the settlement system of the securities registry (record date) on May 25, 2023. Based on the above, the day of changing the rights related to the units of the fund (ex-date) is May 24, 2023. Starting from that date, the person acquiring the units of the fund does not participate in this distribution.
The distribution to unitholders will be made on June 12, 2023 via cash transfer to unitholder’s bank account and is subject to taxation according to the law.