Yahoo Finance 
Net asset value of the EfTEN United Property Fund as of 30.06.2022
The net asset value (NAV) of the EfTEN United Property Fund was 10.82 euros as of June 30, 2022, increasing by 1.8% over the month. Since the start of the fund in June 2021, the NAV of the fund has increased by 8.2%.
In June, the fund carried out a regular half-year valuation of assets, during which the value of the fund's two investments in Vilnius increased the most (the office building of Danske Bank, where the fund has invested through EfTEN Real Estate Fund 5, and the Menulio 7 office building). The independent appraiser Colliers foresees a higher rental income from both properties as compared to the previous forecast. In the case of the Danske Bank office building, this is primarily related to the new long-term lease agreements concluded in recent months with a higher rent level. In the case of the Menulio 7 office building, higher rental income is due to faster than expected inflation (21% year-on-year in June) in Lithuania – most of the building's leases are indexed to the Lithuanian consumer price index. According to the fund's income distribution policy, most of the increasing free cash flow will be distributed to investors.
In June, the fund did not make any new investments, and the fund currently has uninvested capital of almost 10 million euros. In today's market situation, we are in no rush to invest it. In the recently received sales offers, property sellers still assume that the level of interest will remain close to zero and that economic activity will not deteriorate in autumn. At EfTEN, we are less optimistic about the future. During the first year of operation, the EfTEN United Property Fund achieved a return on invested capital of 10.9%. We aim to maintain at least this level also in the 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
Head of Retail
Phone 655 9515
E-mail: kristjan.tamla@eften.ee
