The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.8058 at the end of June 2024 (0.9070 as of 31 May 2024). The month-end total net asset value of the Fund was EUR 96.4 million (EUR 108.5 million as of 31 May 2024). The NAV decrease was mainly affected by the revaluation of investment properties. The EPRA NRV as of 30 June 2024 stood at EUR 0.8524 per unit.
At the end of June 2024, portfolio valuations were conducted by an independent real estate appraiser. As at 30 June 2024, the fair value of the Baltic Horizon Fund portfolio decreased to EUR 239.9 million (31 December 2023: 250.4 million). The change in portfolio value was mainly driven by the changes in exit yields and upward adjustments of the weighted average cost of capital (WACC). The summary of property valuations will be published on the Fund`s webpage. More information will be provided in the quarterly report.
The consolidated net rental income of the Fund increased to EUR 1.1 million in June 2024 (EUR 1.0 million in May 2024). Currently the Fund is in active negotiations with potential tenants for the area of over 9,700 square meters.
At the end of June 2024, the Fund’s consolidated cash and cash equivalents amounted to EUR 5.4 million (31 May 2024: EUR 5.9 million). Cash and cash equivalents decreased due to tenant fit-out costs. As of 30 June 2024, the total consolidated assets of the Fund were EUR 250.2 million (31 May 2024: EUR 262.6 million).
