The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.9087 at the end of March 2024, decreasing by 0.4% over the month (0.9126 as of 29 February 2024). The month-end total net asset value of the Fund experienced a marginal decrease, settling at EUR 108.7 million (EUR 109.2 million as of 29 February 2024). The slight decrease was primarily attributed to fluctuations in the values of interest rate derivatives and incurred expenses resulting from investment property transactions. The EPRA NRV as of 31 March 2024 stood at EUR 0.9503 per unit.
The Fund has earned a consolidated net rental income of EUR 1.0 million in March 2024 (EUR 1.0 million in February 2024). Beginning in March, the Fund’s cash flow will be strengthened by rental payments from new anchor tenants, notably IKI in Europa and the Latvian State Police in Upmalas Biroji. The Fund has recently finalized a lease agreement for approximately 3,200 sqm in the Meraki office building with Narbutas International, an international furniture manufacturer. Additionally, several other lease agreements have been signed, contributing to an increase in the occupancy rate of Meraki to over 90%. At the beginning of April, the Fund secured an additional 2,200 sqm lease agreement with a well-known anchor tenant in another asset.
At the end of March 2024, the Fund’s consolidated cash and cash equivalents amounted to EUR 12.5 million (29 February 2024: EUR 4.4 million) following the refinancing of Europa and North Star loans. As of 31 March 2024, the total consolidated assets of the Fund increased to EUR 269.2 million (29 February 2024: EUR 260.0 million). Part of the outstanding cash in the amount of EUR 4.5 million was used to repay part of the short-term bonds earlier in April 2024.
