Announcement on the first results of EfTEN Real Estate Fund AS public share offering

“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 real estate investments and are waiting for further evidence of a market turnaround.

Despite the fact that this is an issue that was not fully subscribed, the raised capital is sufficient to complete all planned investment projects. Thus, almost all of the new capital will be invested immediately. The offering gave us a very good opportunity to introduce EfTEN to the investor communities in Latvia and Lithuania, creating a stronger basis for further capital raising from these markets as well,” said fund manager Viljar Arakas.

A total of 620,544 shares were subscribed during the offering, with a total value of 11.8 million euros. The base volume of the offer was subscribed to the extent of 62%. A total of 845 investors participated in the offering, of which 388 were existing investors. Estonian investors subscribed 97%, including 29% by shareholders related to EfTEN Capital AS.

The distribution of shares will be approved on December 10, 2024.

Viljar Arakas

Member of the Management Board

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