The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of November 2021 amounted to EUR 1.0491 per unit. Compared to the previous month, NAV per unit increased by +0.30%. The total net asset value of the Fund rose to EUR 125.5 million over the month. The EPRA NRV as of 30 November 2021 was EUR 1.1241 per unit, corresponding to an increase of +0.46% over the last month.
Unaudited consolidated net rental income for November 2021 amounted to EUR 1.2 million, corresponding to a decrease of 0.4 million over the previous month (EUR 1.6 million in October 2021). Accruals for bad debts and discounts in Galerija Centrs which resulted from October lockdown were among the reasons for the decrease in net rental income. The details of government support for the lockdown are yet to be announced. The Fund recognized an unaudited consolidated net profit of EUR 0.4 million in November 2021.
At the end of November 2021, the Fund’s consolidated cash and cash equivalents amounted to EUR 19.6 million (31 October 2021: EUR 14.6 million). The increase in cash resulting from G4S disposal was slightly offset by investments into current portfolio assets – Meraki and Europa. The Fund is planning to invest part of outstanding cash to (re)development projects during the upcoming year. The management team of the Fund has further decided to extend this year’s private placement to next year.
As of 30 November 2021, the total consolidated assets of the Fund were reduced to EUR 341.8 million after disposal of G4S property (31 December 2020: EUR 355.6 million). The Fund has invested an additional EUR 1.7 million into ongoing constructions of the Meraki office building and Europa SC reconstruction during November 2021.
