EfTEN United Property Fund (the Fund) made a net profit of EUR 134 thousand in the third quarter of 2024 (Q3 2023: net loss of EUR 16 thousand). The fund’s income increased from €38,000 to €176,000 in the same year. In the nine months of 2024, the Fund made a net profit of €535 thousand (nine months of 2023: net loss of €87 thousand).
The Fund’s assets amounted to €26,545 thousand at 30 September 2024 (31 December 2023: €26,259 thousand), with long-term investments accounting for 74.5% at the end of September 2024 (31 December 2023). day: 68.6%).
The outlook for European and Baltic real estate markets is improving, supported by lower euro interest rates. Stock prices of real estate companies listed on stock exchanges in many European countries (including Northern Europe) began to rise from the end of last year. As a result, the risk premium on the bonds listed by these companies has also declined, and transaction activity in the real estate market is beginning to show signs of recovery.
The core objective of the EfTEN United Property Fund is to proactively utilize uninvested capital as economic conditions improve. In August, the fund made its largest investment in its history, investing €4.78 million in EfTEN Real Estate Fund 5. This investment enabled the acquisition of the newly completed UNA Shopping Center in Vilnius, with Kesko Senukai and Rimi as anchor tenants. Following this transaction, more than 90% of EfTEN United Property Fund’s assets were invested.
Construction work in the Us Järvekula residential area will continue in the second phase (16 semi-detached houses and 14 terraced houses) with funding from the Fund, and the third phase (18 terraced houses) will start in June. It was done. As of the end of the third quarter, only two terrace houses in the second phase, which will be completed early next year, remain unreserved. Of the 165 terraced and semi-detached homes planned for the residential development, 133 have been completed or are under construction, and 102 have been purchased or reserved by customers.
In the last quarter of this year, EfTEN United Property Fund will make its second distribution of the year from the proceeds received from EfTEN Real Estate Fund 5. The Fund’s uninvested capital is expected to be allocated to cash in the coming months. -Commercial real estate projects that generate flows and, on a smaller scale, various real estate development projects that require funding through the EfTEN Special Opportunities Fund.
statement of comprehensive income
Third quarter 9 months 2024202320242023 thousand euros Income Interest income 137143447384 Dividend income 00260352 Other financial income 0050 Net gain or loss from assets recognized at fair value through profit or loss 39-105-26-634 Investments in subsidiaries 2646-114-30 Investment funds 13-15188-604 Total revenue 17638686102 Expenses Operating expenses Operating expenses – 28-31-84-85 Fund management expenses – 5-11-21-29 Other operating expenses – 9-12-46-75 Total operating expenses – 42 -54- 151-189 Net income/loss 134-16535-87 Total profit/loss 134-16535-87 Ordinary and diluted earnings/loss per share (euros) 0,05-0,010,22-0,04
statement of financial position
30.09.202431.12.2023 Thousand euros Assets Current assets Cash and cash equivalents 7095 731 Short-term deposits1 5631 795 Loans and advances3 5190 Other receivables and accrued income970711 Total current assets6 7618 237 Non-current assets Measured at fair value through profit or loss Financial assets 17 63512 354 Investments in subsidiaries 9401 054 Real estate funds 16 69511 300 Loan disbursements 2 1495 668 Total non-current assets 19 78418 022 Total assets 26 54526 259 Liabilities Current liabilities 133 Total liabilities (excluding net assets attributable to funds) Shareholders Attributable to 133 Net asset value of the fund Net asset value of the fund attributable to shareholders 26 53226 256 Total liabilities and net assets of the fund attributable to shareholders 26 54526 259
EfTEN United Property Fund’s unaudited Q3 and 9-month 2024 report is attached to the release and available on the Fund’s website: https://eftenunitedpropertyfund.ee/en/reports-documents/
Christian Tamra
President
Phone number 655 9515
Email: kristjan.tamla@eften.ee
