January was the first month in which EfTEN United Property Fund’s results are based on a fully invested property portfolio. The net asset value (NAV) per unit of EfTEN United Property Fund was 11.23 euros at the end of January, increasing by 1.5% over the month. The fund earned 408 thousand euros in net profit in January (44 thousand euros at the same time last year).
The January profit was positively affected by the fund’s investment in EfTEN Real Estate Fund AS shares, which increased by more than 6% on the Tallinn Stock Exchange. If the fund’s investment in EfTEN Real Estate Fund AS shares were to be reflected on the basis of the net asset value, EfTEN United Property Fund NAV would be 11.27 euros, increasing by 0.7% over the month.
After the balance sheet date in February, EfTEN Kinnisvarafond II AS, which accounts for 4% of EfTEN United Property Fund’s investments, sold a subsidiary owning a logistics property in Kaunas. The subsidiary was sold at 4% above the book value of the underlying property. The results of the sale are reflected in the fund’s February report.
In the fund’s development investment in the Uus-Järveküla residential area, all houses built in the second construction phase (16 semi-detached houses and 14 terraced houses) have been sold. The signing of real rights agreements and the delivery of the houses to clients began in February.
