EfTEN: Net asset value of the EfTEN United Property Fund as of 31.05.2023

The net asset value (NAV) of the EfTEN United Property Fund was 10.65 euros as of May 31, 2023. As a result of the cash distribution to investors the NAV decreased by 1.8% over the month. Excluding the distribution, the NAV was almost unchanged, decreasing by 0.1% in May. Since the start of the fund in late June 2021 the return on invested capital has been 11.6%. The fund has almost 30% of its capital as uninvested.

Over the month the biggest NAV increase (0.8%) in the fund portfolio was registered for EfTEN Kinnisvarafond II. One of the largest investments of this fund, the Radisson Collection hotel in Tallinn, showed for the second month in a row better financial results as compared to the pre-Covid period. The value of EfTEN Real Estate Fund was the only one to decrease in the fund portfolio – the share price at the Tallinn Stock Exchange closed at a lower level at the end of May as compared to the previous month.

In June, the fund invested 240 thousand euros in the EfTEN Residential Fund, most of which will be used to purchase a rental house with 102 apartments in Riga. It is an existing apartment building, the price of which, including complete renovation, is planned to be 7.2 million euros (approx. 1,900 euros per rentable sqm).

In the Uus-Järveküla residential development, 6 semi-detached houses were added for sale. The four semi-detached houses that came up for sale in May were all booked in the first days, and an additional 2 semi-detached houses were booked in June.

In June, a regular valuation of the fund’s real estate investments took place. An independent appraiser (Colliers) valued the fund’s assets according to the latest market situation. The results of the appraisal will be reflected in the fund’s next report and the NAV published for June.

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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