Merko Bustas, part of AS Merko Ehitus group, has launched the Šnipiškiu Urban residential development project in Vilnius. The development project comprises a total of 229 apartments in six buildings and an underground parking connecting them. Merko has started the…
BUSINESS CLIMATE Business cycle. In 2024 recession worries came and disappeared in global economy. Towards the end of a year global growth was lower than at the start of a year in almost all major regions, but far away from…
“Although in the EfTEN team we are convinced that the bottom of the Baltic commercial real estate market has passed, we were unable to convey this clearly enough to investors. At the moment, many investors seem to prefer bonds over…
On 3 December 2024 UAB Merko Statyba, part of AS Merko Ehitus group, and UAB PSVL SUN and UAB PSVL WIND entered into the contract to perform the construction of foundations for 3 wind turbines and related infrastructure (electrical cables…
With interest rates falling faster than expected and wage growth remaining strong, housing affordability gradually improves. Both factors will continue boosting affordability and demand in Latvia and Lithuania next year, while Estonia will rely solely on lower rates. Favourable inflation…
EfTEN Real Estate Fund AS (registry code 12864036, address A. Lauteri 5, 10114 Tallinn) announces a public offering of shares based on a decision of the fund’s Supervisory Board dated November 11, 2024, and informs about the planned listing and admission…
Management Board of Northern Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the nine months of 2024. Our strategic ambitions Over the past year, our focus has been on reshaping our strategy to…
In the third quarter of this year, the downward trend in the construction market did not experience a significant shift. Forward-looking indicators that characterize both the construction market and the broader macroeconomic environment are contradictory, making it difficult to predict…
COMMENTARY FROM MANAGEMENT Merko Ehitus revenue for the 9 months of 2024 was EUR 379 million and net profit was EUR 44.8 million. Third-quarter revenue was EUR 175 million; net profit EUR 27.3 million. Sales of construction services made up…
The net asset value (NAV) of EfTEN United Property Fund unit was 10.66 euros at the end of August, increasing by 0.1% over the month. The somewhat smaller-than-usual increase in NAV was related to the investment into the listed fund…
The management board of EfTEN Real Estate Fund AS presented to the supervisory board a proposal for issuing new shares, the purpose of which is to finance new planned acquisitions. The volume of the issue is initially planned to be…
The divergent development across countries and sectors has continued this year. Boosted by household consumption, the US economy has grown at a solid pace so far this year, albeit somewhat slower than in 2023. Following a longer period of stagnation,…
Housing affordability improved in Tallinn and Vilnius, while remained nearly unchanged in Riga. The ECB cut its interest rates by 25 basis points in June; further cuts will continue supporting affordability. As expected, the ECB cut its interest rates in…
Management Board of Northern Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the six months of 2024. Our strategic ambitions Over the past year, our focus has been on reshaping our strategy to…
COMMENTARY FROM MANAGEMENT Merko Ehitus revenue for the 6 months of 2024 was EUR 204 million and net profit was EUR 17.5 million. Second-quarter revenue was EUR 122 million; net profit, EUR 13.1 million. The lower volumes from real estate…
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