Baltic Horizon Fund publishes its NAV for November 2023
The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.9816 at the end of November 2023. Net asset value remained at a similar level to the previous month (EUR 0.9833 as of 31 October 2023). The total net asset value of the Fund over the month was EUR 117.4 million (EUR 117.6 as of 31 October 2023). The slight decrease in NAV was mostly affected by the adverse movement in the cash flow hedge reserve. The EPRA NRV as of 30 November 2023 stood at EUR 1.0185 per unit.
The Fund has earned a consolidated net rental income of EUR 1.0 million in November 2023 (EUR 1.0 million in October 2023). Over the eleven months of this year, the Fund achieved a consolidated net rental income of EUR 13.7 million. Like-for-like net rental income has increased by 1.7% to EUR 12.1 million (eleven months of 2022: EUR 11.9 million). Like-for-like figures exclude the net rental income of properties sold in 2023 (Domus PRO and Duetto). The Fund recorded an unaudited consolidated net loss of EUR 0.04 million in November 2023. The Fund has recently signed new leases totaling 887 sqm at Meraki and a six-year prolongation of 1,127 sqm at North Star.
At the end of November 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 6.8 million (31 December 2022: EUR 5.3 million). In November, the Fund completed the fit-out of Gallerias Centrs’ new anchor tenant Arket, which opened the first flagship store of a global chain in Latvia on 8 December 2023.
As of 30 November 2023, the total consolidated assets of the Fund were EUR 268.3 million (31 December 2022: EUR 344.0 million).
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail
Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. Both the Fund and the Management Company are supervised by the Estonian Financial Supervision Authority.
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