The net asset value (NAV) of EfTEN United Property Fund was 10.62 euros at the end of October, increasing by 0.1% over the month. If the fund’s investment in the of EfTEN Real Estate Fund AS shares is valued on the NAV basis, the NAV of EfTEN United Property Fund would have been 10.81 euros, increasing by 0.3% in October.
At the end of November, the fund signed a new investment agreement – committing EUR 0.3 million in the EfTEN Special Opportunities Fund, a newly formed fund aimed at institutional investors by EfTEN Capital AS. The new fund will capture the investment opportunities in current cyclical situation of the real estate market, where rapidly rising interest rates and business cycle slow-down are creating opportunities to enter projects that need additional financing. The actual investments in the EfTEN Special Opportunities Fund will be drawn down gradually, in line with actual investments of the EfTEN Special Opportunities Fund. The duration of the investment is planned to be approximately five years.
In the EfTEN United Property Fund residential development project at Uus-Järveküla, the first terraced houses were handed over to the developer for inspection. The final completion and handover to customers of the first stage terraced houses is planned for December and the over first months of next year.
