EfTEN: Net asset value of the EfTEN United Property Fund as of 30.06.2023

The net asset value (NAV) of the EfTEN United Property Fund was 10.61 euros as of June 30, 2023. The NAV decreased by 0.3% in a month, which was related to the regular evaluation of the fund’s investments. Since the start of the fund in late June 2021 the return on invested capital has been 11%. The fund has almost 30% of its capital as uninvested.

The fair value of real estate investments and underlying funds decreased by 0.9% as a result of the June evaluation. This was due to a higher discount rate for future cash flows resulting from rising interest rates. Compared to other European and Baltic real estate funds, the value decrease of the EfTEN United Property Fund portfolio remained relatively small. This was balanced by the indexation of rental income and the fund’s large uninvested capital.

Compared to the year ago period, the rental income has increased the most in the Vilnius two office buildings – the rental income of the Menulio 7 building increased by 12% year-on-year due to the decrease in vacancy and rent indexation, while the rental income of the former Danske office building, where the fund is invested through the EfTEN Real Estate Fund 5, has increased by 9% year-on-year. As a result, the Menulio 7office building was one of the few real estate investments which value increased on the regular evaluation in June.

In June, the fund invested 240 thousand euros in the EfTEN Residential Fund for the purchase of a rental house with 102 apartments in Riga. It is an existing apartment building to be fully renovated. The total investment is planned to be 7.2 million euros (approx. 1,900 euros per rentable sqm). The occupancy of the EfTEN Residential Fund Kaunas rental house, which was completed in the spring of this year, has increased to 63%.

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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