The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of October 2021 amounted to EUR 1.0460 per unit. Compared to the previous month, NAV per unit decreased by -0.75%. The total net asset value of the Fund declined to EUR 125.1 million over the month. The NAV decrease was mainly affected by declared distribution to unitholders of EUR 2.0 million. Eliminating declared dividend distribution, the NAV increase from operating performance during the month would have been +0.86% compared to the previous month. EPRA NRV as of 31 October 2021 was EUR 1.1189 per unit, corresponding to a decrease of -0.74% over the last month.
Unaudited consolidated net rental income for October 2021 amounted to EUR 1.6 million, remaining stable over the quarter (EUR 1.6 million in September 2021). The Fund recognized an unaudited consolidated net profit of EUR 0.9 million in October 2021.
At the end of October 2021, the Fund’s consolidated cash and cash equivalents amounted to EUR 14.6 million (31 December 2020: EUR 13.3 million) which demonstrates solid liquidity and financial flexibility. The Fund is planning to invest part of outstanding cash to (re)development projects during the year.
As of 31 October 2021, the total consolidated assets of the Fund stood at EUR 351.6 million (31 December 2020: EUR 355.6 million). The Fund has invested an additional EUR 1.1 million into ongoing constructions of Meraki office buildings during October 2021.
The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. Both the Fund and the Management Company are supervised by the Estonian Financial Supervision Authority.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com