The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.9156 at the end of December 2023. The NAV per unit decreased by 6.7% over the month. The total net asset value of the Fund at the end of the month was EUR 109.5 million (EUR 117.4 million as of 30 November 2023). The NAV decrease was mainly affected by the year-end revaluation of investment properties. The EPRA NRV as of 31 December 2023 stood at EUR 0.9538 per unit.
At the end of December 2023, new portfolio valuations were conducted by an independent real estate appraisers. As of 31 December 2023, the fair value of the Baltic Horizon Fund portfolio decreased to EUR 250.4 million (30 June 2023: 255.7 million). Compared to the previous valuations, the change in portfolio value was mainly driven by the changes in exit yields and upward adjustments of the weighted average cost of capital (WACC) due to increased EURIBOR rates. The summary of property valuations will be published on the Fund`s webpage. More information will be provided in the quarterly report.
The Fund has earned a consolidated net rental income of EUR 1.0 million in December 2023 (EUR 1.0 million in November 2023). Over the twelve months of this year, the Fund achieved a consolidated net rental income of EUR 14.6 million. The rental income derived from anchor tenant agreements newly signed in Q4 2024, encompassing a total area of more than 8,000 sqm, will commence starting from March 2024.
At the end of December 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 6.2 million (31 December 2022: EUR 5.3 million).
As of 31 December 2023, the total consolidated assets of the Fund were EUR 261.1 million (31 December 2022: EUR 344.0 million).
