The net asset value (NAV) of the Baltic Horizon Fund (the Fund) unit at the end of July 2023 amounted to EUR 0.9903 per unit. Compared to the previous month, NAV per unit decreased by 0.03%. The total net asset value of the Fund amounted to EUR 118.5 million over the month. The slight decrease in NAV was affected by the adverse movement in the cash flow hedge reserve. The EPRA NRV as of 31 July 2023 was EUR 1.0220 per unit, corresponding to an increase of 0.12% over the last month.
Unaudited consolidated net rental income for July 2023 amounted to EUR 1.2 million, corresponding to a decrease of 0.2 million over the previous month (EUR 1.4 million in June 2023). The decrease is attributable to the sale of Duetto properties and the recognition of new tenant brokerage fees. The Fund recognized an unaudited consolidated net profit of EUR 0.1 million in July 2023.
At the end of July 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 10.0 million (31 December 2022: EUR 5.3 million). Compared to June 2023, there was a decrease of EUR 8.3 million in cash due to the prepayment of the early redemption of the bonds, call premium and accrued interest, totaling EUR 8.1 million. The Fund has invested an additional EUR 0.4 million in refurbishment projects with the largest amount invested to the Galerija Centrs new tenant Arket fit-out works. Operational costs are fully covered by cash flows generated by rental activities.
As of 31 July 2023, the total consolidated assets of the Fund were EUR 278.9 million (31 December 2022: EUR 344.0 million).
