The net asset value (NAV) of the EfTEN United Property Fund was 10,87 euros as of February 28, 2023, increasing by 0,1% over the month. Since the start of the fund in late June 2021 the total return has been 11,9% and the return on invested capital 12,7%. The fund has almost 30% of its capital as uninvested.
The smaller than “normal” growth of the NAV is related to a one-off 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.
Among the fund’s major investments, the annual indexation of several leases of the office building at Menulio 7 in Vilnius took place in February. As a result, the property’s rental income will be 8% higher in the future. The Radisson Collection hotel, which the fund owns through EfTEN Kinnisvarafond II, showed in February for the first time better financial results as compared to the pre-COVID period in February 2019. At the end of March, the first tenants moved to Kaunas rental apartments of the EfTEN Residential Property Fund. The development has 96 apartments, of what ca a quarter is already under the lease agreements.
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/