Net asset value of the EfTEN United Property Fund as of 31.03.2025
The net asset value (NAV) of EfTEN United Property Fund units was 11,35 euros at the end of March, increasing by 0,6% per month. The fund earned a net profit of 178 thousand euros in March and a net profit of 703 thousand euros in the first quarter of 2025 (last year at the same time 93 thousand euros). If the fund’s investment in EfTEN Real Estate Fund AS shares were recorded on the basis of its net asset value, the NAV of EfTEN United Property Fund would be 11,48 euros, increasing by 1,3% per month.
In March, the fund received a higher-than-usual profit (almost 70 thousand euros) from its investment in the development company Uus-Järveküla OÜ. During the month, 18 semi-detached and terraced houses were transferred to clients in the Uus-Järveküla residential development (real right agreements were concluded), from which the company earned a record profit of 553 thousand euros. In April-May, it is planned to deliver to customers the last 7 terraced and semi-detached houses completed in the second phase of the development.
In addition, Uus-Järveküla OÜ received a building permit in April for the construction of the last phase of the Uus-Järvekla residential development, within which 32 terraced houses will be completed. The construction price of the final stage of terraced houses will be approximately 1,850 euros per square meter (including VAT) according to the signed construction agreement. To finance this, the company plans to sign a loan agreement with a bank during April, and the terraced houses are planned to be completed in the first quarter of 2026.
The net value of the fund’s largest investment, the EfTEN Real Estate Fund 5, increased by 0.7% in March. A tenant was added to the EfTEN (former Danske Bank) office building in Vilnius, as a result of which the occupancy rate of the office building is again 100%. The growth of the EfTEN Real Estate Fund 5 was strongly supported by EfTEN Kristiine OÜ, the company that owns the Kristiine shopping center, whose equity value increased by 0.9% in March.
In March, the fund sold 139 thousand euros worth of EfTEN Real Estate Fund AS shares and reduced the balance of the overdraft taken from its account in December to 166 thousand euros. The overdraft was used to partially finance the investment in Kristiine shopping centre. The fund does not plan to sell more EfTEN Real Estate Fund AS shares in the near future.
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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