In the third quarter, housing affordability dropped sharply in all three capitals. Despite quite-fast wage growth, increasing apartment prices and surging interest rates dragged housing affordability down. As the primary market transactions are not fully reflected in the statistics yet,…
AS Pro Kapital Grupp informs that it is redeeming 24 500 “EEK 7.00 PRO KAPITAL GRUPP CONV. BOND PKG5 10-2020” convertible bonds (with ISINEE3300109917) in total nominal value of 245 000 Estonian kroons and issue value of 68 600 euros…
Inflation in the Baltics has been two times faster than the EU average. There are many supply- and demand-side factors at play. Pandemic-related supply-side bottlenecks were exacerbated by the war in Ukraine, which cut trade ties with Russia that were…
The net asset value (NAV) of the EfTEN United Property Fund was 10.99 euros as of October 31, 2022, increasing by 0,4% over the month. Since the start of the fund in late June 2021 the total return has been…
In Estonia, GDP fell more than expected in the third quarter. GDP declined by 1.8% over the previous quarter and 2.3% over the year. In nominal terms, GDP increased notably, by 13.9% in a year, marking very high price increases.…
The average gross wage growth reached 8.1% in the third quarter, over the year. The average wage rose by more than ten percent in public administration, manufacturing, and agriculture. Wage growth was modest in sectors that saw a larger jump…
MANAGEMENT REPORT CEO summary The third quarter of 2022 continued the trend we have seen in Q2, with a strong demand for real estate assets in the Baltic countries (particularly Estonia and Lithuania). The market still seems resilient, despite the…
The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of October 2022 amounted to EUR 1.1384 per unit. Compared to the previous month, NAV per unit increased by +0.34%. The total net asset value of…
Management Board of Northern Horizon Capital AS has approved the unaudited consolidated interim financial statements of Baltic Horizon Fund (the Fund) for the first nine months of 2022. Net result and net rental income The Group recorded a net profit…
Despite the difficult economic environment, the group’s 9-month result is characterized by an increase in sales revenue and operating profit. Results for the Buildings and Infrastructure segments differ significantly. Although the profitability of the Buildings segment decreased in the 3rd…
COMMENTARY FROM MANAGEMENT Merko Ehitus revenue was EUR 110 million in Q3 2022 and the revenue for the first nine months of the year amounted to EUR 266 million, while the respective figures for net profit were EUR 9.8 million…
rThe consolidated sales revenue of Hepsor for the first nine months of 2022 amounted to 5.6 million euros (including 1.7 million euros in Q3 2022) and the net loss was 0.1 million euros (including a net profit of 0.1 million…
Botanica Lozen EOOD, a subsidiary of Arco Vara AS, has signed a construction contract with Strabag EAD for the development of the first stage of its residential project – Botanica Lozen Residences. Construction works are expected to begin in November.…
Information about trading of Swedish Depository Receipts of Baltic Horizon Fund on Nasdaq Stockholm stock exchange Northern Horizon Capital AS hereby announces that the first day of trading with the Swedish depository receipts (the “SDRs”) of Baltic Horizon Fund on…
Comments from Fund Manager Viljar Arakas The three quarters of this year has been financially the best period in the fund’s history. Rental income increased by 13%. Both, acquisition of new objects but equally importantly increasing rental income from existing…
