EfTEN: Net asset value of the EfTEN United Property Fund as of 31.12.2022

EfTEN United Property FundThe net asset value (NAV) of the EfTEN United Property Fund was 10,82 euros as of December 31, 2022, decreasing by 2,2% over the month due to a cash distribution to investors. Excluding the distribution, the NAV of the fund remained almost unchanged, decreasing by 0,1%. Since the start of the fund in late June 2021 the total return has been 11,4% and the return on invested capital 12,6%. The fund has 30% of it’s capital as uninvested.

In December, the fund carried out a regular semi-annual valuation of real estate investments. The independent appraiser (Colliers) updated the valuation of fund’s assets in line with current market conditions. The rise in interest rates over the recent months led to the increase of a discount rate for most investments during the evaluation. This was however compensated by a more positive rental income forecast, which primarily results from inflation-adjusted rent contracts and turnover rents in retail properties. In total, the NAV of the fund decreased by 0.4% as a result of the valuation.

The value of the fund’s following assets changed the most: (i) the value of the former Danske office building in Vilnius increased due to new rental agreements which are signed at higher rent levels; (ii) the value of the Uus-Järveküla development project decreased as a result of increased construction prices and flattening out of the residential real estate prices.

In the first half of February, we will publish the unaudited financial results of EfTEN United Property Fund for the Q4 and 12 months of 2022. Then we will also publish the fund’s investment plans for the coming year and conduct an webinar introducing the fund’s results and outlook. Information about this will be delivered through the stock exchange system.

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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