The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.9862 at the end of September 2023. Net asset value remained consistent with the prior month’s figure (EUR 0.9863 of 31 August 31 2023). The total net asset value of the Fund over the month was EUR 118.0 million. The EPRA NRV as of 30 September 2023 stood at EUR 1.0195 per unit.
Unaudited consolidated net rental income for September 2023 amounted to EUR 1.0 million, corresponding to a slight decrease of 0.1 million over the previous month (EUR 1.1 million in August 2023). Over the first nine months of this year, the Fund achieved a consolidated rental income of EUR 11.7 million. Like-for-like net rental income has increased by 4.9% to EUR 10.2 million (nine months of 2022: EUR 9.7 million). Like-for-like figures exclude the net rental income of properties sold in 2023 (Domus PRO and Duetto). The Fund recorded an unaudited consolidated net loss of EUR 0.04 million in September 2023.
The Fund approved a new anchor tenant at Europa SC in September, signing a 10-year agreement for a total lettable area of 1.9 thousand square meters.
At the end of September 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 7.9 million (31 December 2022: EUR 5.3 million). The Fund has invested an additional EUR 0.4 million in refurbishment projects, with the largest portion dedicated to the fit-out of Galeria Centrs’ new anchor tenant Arket. Operational costs are fully covered by cash flows generated by rental activities.
As of 30 September 2023, the total consolidated assets of the Fund were EUR 269.5 million (31 December 2022: EUR 344.0 million).
