MANAGEMENT REPORT Real Estate Development In 2024, we are continuing the construction and sales activities of the last stage of Kalaranna 8, Tallinn. The final stage consists of 4 residential buildings with 146 apartments and 4 commercial units which, upon…
The 100% subsidiary of the fund, EfTEN Tähesaju tee OÜ, signed on 13.08.2024 with Kinnisvara Info AS agreement under the law of obligations and sold the property located at Tähesaju 5 in the Tähesaju retail park in Lasnamäe, Tallinn, at…
COMMENTARY FROM MANAGEMENT Merko Ehitus revenue for the 6 months of 2024 was EUR 204 million and net profit was EUR 17.5 million. Second-quarter revenue was EUR 122 million; net profit, EUR 13.1 million. The lower volumes from real estate…
A repeat extraordinary general meeting (hereinafter the “General Meeting”) of Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) took place on 6 August 2024 in Tallinn, Estonia. The repeat meeting was convened…
Last year, EfTEN Ermi OÜ, a 100% subsidiary of EfTEN Real Estate Fund AS, in cooperation with the operator Tartu Südamekodu OÜ and the construction company Tartu Ehitus AS, started the construction of a 120-bed elderly care home on the…
The performance of EfTEN Real Estate Fund for the first half of 2024 meets the fund manager’s expectations. Vacancy rates remain below 3% of total leasable area, which is an excellent result considering the overall business environment. Excluding the payment…
Although there were no huge positive development leaps in the operating environment, there were still some signs of renewed optimism in the residential property market during the quarter. During the second quarter, we signed 47 contracts under the law of…
GROUP CEO’S REVIEW The decrease in activity of the real estate sector following the surge in Vitamin D has now become the norm, which is well illustrated by the Q2 results of Arco Vara. At that, the slight drop in…
Extraordinary General Meeting (hereinafter the “General Meeting”) of Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) took place on 2 July 2024 in Tallinn, Estonia. As announced to the market on 2…
The Supervisory Board of Arco Vara has appointed Kristina Mustonen as the new manager of Arco Vara AS. According to the decision of the Supervisory Board, Kristina Mustonen’s authority will take effect on July 15 2024 and will be valid…
Comment from the fund manager, Viljar Arakas: “The fund’s overall results of the first half of 2024 meet the expectations of the management company. Vacancy remains below 3% at a portfolio level, which is a very good result considering the…
On 08.07.2024, the fund’s subsidiaries EfTEN Seljaku OÜ and EfTEN Tähesaju tee OÜ submitted notices to the tenant – the Hortes joint-stock company – regarding the demand for debt payment, the demand for late payment, the exercise of the lessor’s…
Baltic Horizon Fund announced on 14 June 2024 via stock exchange announcement a plan to partially redeem the bonds issued on 8 May 2023 (ISIN code EE3300003235) on 8 July 2024. Baltic Horizon Fund hereby announces that it has redeemed…
Baltic Horizon Fund applies for a waiver of negative pledge undertaking in relation to Baltic Horizon Fund EUR 42 million 5-year floating rate bonds maturing in 2028 (ISIN EE3300003235, the Bonds). The current outstanding nominal amount of the Bonds is…
Northern Horizon Capital AS invites Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) to attend an extraordinary General Meeting (hereinafter the “General Meeting”) of Baltic Horizon Fund on 2 July 2024 at…
