The net asset value (NAV) of EfTEN United Property Fund was 10.49 euros as of August 31, 2023 decreasing by 1.1% over the month. The decrease in NAV was related to the investment into the listed EfTEN Real Estate Fund AS, which shares closed 8,4% lower on the Nasdaq Tallinn stock exchange in August. In September, the share price of EfTEN Real Estate Fund AS has recovered more than half of the value lost in August. The value of all other investments increased by an average of 0.5% in August.
In August, the fund did not make any new investments. The fund’s largest investment, the EfTEN office building (formerly known as Danske office building) in Vilnius, reached full occupancy. With this, the property’s rental income is about 26% higher compared to the pre-purchase level when the main tenant was Danske bank. The occupancy rate of the Kaunas rental apartment building, which opened in the spring, has increased to 90%.
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/