Uncertainty in the economy has not disappeared with the arrival of the new year, and the dynamics of the construction market is a direct reflection of this. Many private developments are frozen or on hold, public construction procurements have not…
On the balance sheet date of 01.01.2023, EfTEN Real Estate Fund AS as the acquiring Fund (formerly EfTEN Real Estate Fund III AS) merged with EfTEN Kinnisvarafond AS. After the merger, consolidated assets of the fund increased by 211 million…
GROUP CEO’S REVIEW The thrombosis in the real estate market eased in the first quarter of the year, as evidenced by the increased number of inquiries and transactions compared to the fourth quarter of 2022. The market is showing encouraging…
AS the end of March, the first full quarter of EfTEN Real Estate Fund AS ended after the merger with EfTEN Kinnisvarafond AS. The fund’s consolidated net rental income (NOI) was 7.3 million euros in the first quarter of 2023.…
AS Merko Ehitus consolidated audited financial results for 2022 remain unchanged compared to the preliminary disclosure on 9 February 2023. STATEMENT OF THE CHAIRMAN OF THE MANAGEMENT BOARD 2022 was a year of good financial results for Merko. Revenue broke…
GROUP CEO’S REVIEW The real estate market was clearly a rollercoaster this past year: the amount of capital being invested in real estate exceeded all expectations at the beginning of the year, the second half of the year was the…
Management Board of Northern Horizon Capital AS has approved the audited financial results of Baltic Horizon Fund (the Fund) for the year 2022. The financial results remained unchanged compared to the preliminary disclosure on 15 February 2023. Net result and net…
Apartment price growth and rising interest rates dealt a blow to housing affordability More homebuyers are priced out of the primary market Housing affordability fell sharply in the Baltic capitals as climbing interest rates increased the cost of mortgages. On…
The consolidated rental income of EfTEN Real Estate Fund AS totaled to 2,495 thousand euros in February, i.e. the same as in January. The fund’s consolidated net operating income (NOI) was 2,428 thousand euros in February, i.e. 7 thousand euros…
Management Board of Northern Horizon Capital AS has approved the unaudited consolidated interim financial statements of Baltic Horizon Fund (the Fund) for the twelve months of 2022. Net result and net rental income In 2022, the Group recorded a net…
GROUP CEO’S REVIEW Looking back on the real estate market of the previous quarter, the only word to describe it is “expectant”. Buyers seem to expect for sales prices of real estate to drop and sellers for the increase of…
In December 2022, the general meetings of EfTEN Real Estate Fund III AS and EfTEN Kinnisvarafond AS decided to approve the merger of the funds with a balance sheet date of 01.01.2023. Although the final legal merger is expected to…
COMMENTARY FROM MANAGEMENT Merko Ehitus revenue was EUR 143 million in Q4 2022, and the revenue for 12 months amounted to EUR 410 million, while the respective figures for net profit were EUR 17.6 million and 12 months was EUR…
Fund manager’s comment on the 2022 financial results In 2022, major changes took place in the European and Baltic commercial real estate market. The rapid acceleration of the inflation rate prompted the central banks to end the so-called zero interest…
The 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…