The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.9118 at the end of January 2024. The NAV per unit decreased by 0.4% over the month. The total net asset value of the Fund at the end of the month was EUR 109.1 million (EUR 109.5 million as of 31 December 2023). The slight decrease in NAV was mostly affected by the adverse movement in the utility and other non-recoverable expenses at Europa SC and Meraki investment properties. The EPRA NRV as of 31 January 2024 stood at EUR 0.9528 per unit.
As of 31 January 2024, the fair value of the Baltic Horizon Fund portfolio increased to EUR 251.2 million (31 December 2023: 250.4 million). The slight increase in the value of the Baltic Horizon Fund portfolio is due to ongoing value-added construction at Europa SC and opening of H&M home in Postimaja SC.
The Fund has earned a consolidated net rental income of EUR 0.8 million in January 2024 (EUR 1.0 million in December 2023). The decrease in net rental income is mainly related to the expiration of some lease agreements including one of the anchor tenants at Europa SC. However, the vacant space in Europa SC is filled already with a new anchor tenant under a long-term agreement and the overall rental income of the Fund is expected to increase over the coming months due to several new signed lease agreements. The positive impact of the 2024 rental indexations should also be noticeable in the upcoming months. The Fund aims to apply 5-9% indexations across the portfolio where possible.
At the end of January 2024, the Fund’s consolidated cash and cash equivalents amounted to EUR 5.5 million (31 December 2023: EUR 6.2 million). The Fund is expected to receive EUR 8.6 million in cash from Šiaulių Bankas after all Europa SC and North Star refinancing activities are finalized.
As of 31 January 2024, the total consolidated assets of the Fund remained same of EUR 261.1 million as it was on 31 December 2023.
