EfTEN: Net asset value of EfTEN Real Estate Fund III AS as of 30.11.2021

EfTEN Real Estate FundThe net asset value (NAV) of Real Estate Fund III AS was 18.3322 euros as of 30.11.2021, increasing by 0.8% during November. The net asset value of the EPRA share (net book value excluding the deferred income tax liability and the fair value of interest derivatives) was 19.37 euros as of 30.11.2021. EPRA NAV also increased also by 0.8% in November.

In November, the consolidated sales revenue of Real Estate Fund III AS amounted to 1,145 thousand euros (October: 1,131 thousand euros). The Fund’s consolidated EBITDA was 945 thousand euros in November (941 thousand euros in October).

The consolidated cash balance of the Fund increased by 343 thousand euros in November and amounted to 12.73 million euros as of 30.11.2021. At the end of November, the parent company’s account has six million euros of free funds to invest.

During the 11 months of this year, the fund has earned EBITDA of 9.7 million euros (2020: 7.8 million euros) with sales revenue of 11.7 million euros (2020 11 months: 9.7 million euros). EBITDA has increased by 25% (1.95 million euros) compared to the previous year, of which 1.29 million euros is due to the addition of new investments, and the remaining increase is related to discounts granted to tenants due to the Covid-19 last year and vacancies in Ulonu and Evolution office buildings in Vilnius. During the 11 months of this year, Real Estate Fund III AS has earned a total of 4.58 million euros free cash flow, of which 964 thousand euros have been invested in existing buildings (including over 400 thousand in the KFC restaurant building in Saules Miestas shopping center).

The consolidated equity of Real Estate Fund III AS was 92.991 million euros as of 30.11.2021 (31.12.2020: 71.483 million euros).

EREF III reports monthly 11-2021

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