The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of January 2022 amounted to EUR 1.1150 per unit. Compared to the previous month, NAV per unit increased by +0.61%. The total net asset value of the Fund climbed to EUR 133.4 million over the month. The NAV increase was mainly affected by the positive operating performance of investment properties. The EPRA NRV as of 31 January 2022 was EUR 1.1959 per unit, corresponding to an increase of +0.63% over the last month.
Unaudited consolidated net rental income for January 2022 amounted to EUR 1.4 million corresponding to an increase of EUR 0.5 million over the previous month (EUR 0.9 million in December 2021). End of lockdown in Latvia complemented by rent indexations and enhanced leasing of vacant premises led to an increase of 46.4% in net rental income over the month. The decrease in net rental income in December 2021 was mainly impacted by temporary discounts granted in Galerija Centrs due to the lockdown in November 2021. The Fund recognized an unaudited consolidated net profit of EUR 0.7 million in January 2022.
At the end of January 2022, the Fund’s consolidated cash and cash equivalents amounted to EUR 15.1 million (31 December 2021: EUR 16.1 million) which demonstrates solid liquidity and financial flexibility. The Fund is planning to invest part of the available cash to (re)development projects during the upcoming year.
As of 31 January 2022, the total consolidated assets of the Fund were EUR 346.7 million (31 December 2021: EUR 346.3 million). The Fund has invested an additional EUR 1.5 million into ongoing constructions of the Meraki office building and Europa SC reconstruction during January 2022.
