Net asset value of the EfTEN United Property Fund as of 28.02.2025
The net asset value (NAV) per unit of EfTEN United Property Fund was 11,27 euros at the end of February, up 0,4% in the month. The fund earned 117 thousand euros in net profit in February and 525 thousand euros in net profit in the first two months of the year (113 thousand euros at the same time last year).
In February, EfTEN United Property Fund’s profit was negatively affected by an investment in EfTEN Real Estate Fund AS shares, which closed on the stock exchange in February at 0,3% lower than at the end of the previous month. If the fund’s investment in EfTEN Real Estate Fund AS shares were recorded on the basis of its net asset value, EfTEN United Property Fund’s NAV would be 11,33 euros, up 0,5% in the month.
The decline in EfTEN Real Estate Fund’s share price was primarily offset by the results of the EfTEN Kinnisvarafond II AS. In February, the EfTEN Kinnisvarafond II AS sold its Lithuanian subsidiary, which owned a logistics building in Kaunas. The value of the real estate investment that formed the basis for the sale price of the subsidiary was 4% higher than its book value. As a result, the net asset value of EfTEN Kinnisvarafond II AS shares increased by 1% in the month.
The net asset value of the fund’s largest investment EfTEN Real Estate Fund 5, increased by 0.6% in February. The growth was mostly supported by the investment in the Kristiine shopping center, which was made in December 2024. As of the end of February the center had no vacancies, and the equity value of the company owning the centre, EfTEN Kristiine OÜ, increased by 1.1% in the month.
In the fund’s development investment in the Uus-Järveküla residential area, 8 terraced and semi-detached houses in the second development phase were handed over to customers in February (real right agreements were signed). The monthly turnover of the development company Uus-Järveüla OÜ was 2.27 million euros and the profit was 236 thousand euros. As EfTEN United Property Fund values all equity investments at fair value, the February profit from the Uus-Järveküla development project has been recognised in the fund’s balance sheet in prior periods. Altogether 30 terraced and semi-detached houses have been completed in second development phase. The majority of those will be delivered to clients in March and a smaller portion in April.
In February, a term deposit with a 4% interest rate in the amount of 120 thousand euros terminated. The fund used the proceeds to repay the overdraft taken out in December, which partially financed the investment in the Kristiine shopping center. At the end of February, the overdraft balance was 282 thousand euros.
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/
Kristjan Tamla
Managing Director
Phone: 655 9515
E-mail: kristjan.tamla@eften.ee
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