EFT1T EfTEN Real Estate Fund III AS

Termination of the lease agreement with the tenant of two of the fund's subsidiaries and reorganisation of the tenant

Termination of the lease agreement with the tenant of two of the fund's subsidiaries and reorganisation of the tenant

On 08.07.2024, the fund's subsidiaries EfTEN Seljaku OÜ and EfTEN Tähesaju tee OÜ submitted notices to the tenant - the Hortes joint-stock company - regarding the demand for debt payment, the demand for late payment, the exercise of the lessor's right of lien and the termination of the lease agreement, giving the tenant an additional 30-day deadline to liquidate the debt.

On 24.05.2017, EfTEN Seljaku OÜ (landlord) and limited company Hortes (tenant) signed a lease agreement on the basis of which limited company Hortes uses the properties of Seljaku 4b and 2a in Harjumaa, Saue municipality, Laagri, including the building with technical systems and facilities. The debt of Hortes joint-stock company arising from the said lease agreement, together with the arrears and interests, is 93,690.80 euros.

EfTEN Tähesaju tee OÜ (landlord) and limited company Hortes (hereinafter tenant) concluded a lease agreement on 23.08.2018, based on which the limited company Hortes uses the property at Tähesaju tee 5 in Tallinn, including the building located on the property with technical systems and facilities. The debt of Hortes joint-stock company arising from the said lease agreement, together with the arrears and interests, is 158,898.91 euros.

The monthly rental income of Hortes' two properties is 2.5% of the consolidated sales income of EfTEN Real Estate Fund AS. Regarding both stores, we have started negotiations with new potential tenants, and we are also considering selling the properties if there is a suitable offer. Regarding the signing of new leases or the transfer of the property or the reaching of a suitable longer-term agreement with the current tenant, we will immediately inform upon the adoption of the corresponding decision.

On 09.07.2024, the landlords EfTEN Seljaku OÜ and EfTEN Tähesaju OÜ received a court order from the Harju County Court regarding the initiation of restructuring of the limited company Hortes. According to the mentioned regulation, the proposed restructuring plan is to be adopted no later than 23.08.2024.

Viljar Arakas

Member of the Management Board

Phone 655 9515

E-mail:



EN
09/07/2024

Underlying

EFT1TEfTEN Real Estate Fund III AS

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on EfTEN Real Estate Fund III AS

 PRESS RELEASE
Free
EFT1T EfTEN Real Esta...

Net Asset Value of EfTEN Real Estate Fund AS as of 30 June 2025

Net Asset Value of EfTEN Real Estate Fund AS as of 30 June 2025 EfTEN Real Estate Fund AS earned consolidated rental income of EUR 2,650 thousand in June 2025, an increase of EUR 7 thousand compared to May. The increase was supported by higher turnover-based rent in shopping centers and a lower vacancy rate in office premises. Property management and marketing expenses decreased by EUR 77 thousand compared to the previous month. The Fund’s consolidated EBITDA for June amounted to EUR 2,310 thousand, growing by EUR 81 thousand month-over-month. During the first six months of 2025, the Fund ...

July 10, 2025 1 EN
 PRESS RELEASE
Free
EFT1T EfTEN Real Esta...

EfTEN Real Estate Fund AS’i aktsia puhasväärtus seisuga 30.06.2025

EfTEN Real Estate Fund AS’i aktsia puhasväärtus seisuga 30.06.2025 EfTEN Real Estate Fund AS teenis 2025. aasta juunis konsolideeritud üüritulu 2 650 tuhat eurot, mis on 7 tuhat eurot rohkem kui maikuus. Üüritulu kasvu toetasid suuremad käibeüürid kaubanduskeskustes ning madalam vakantsus büroopindadel. Juuni haldus- ja turunduskulud vähenesid võrreldes eelneva kuuga 77 tuhande euro võrra. Fondi konsolideeritud EBITDA oli juunis 2 310 tuhat eurot, kasvades kuuga 81 tuhande euro võrra.  2025. aasta esimese kuue kuuga teenis fond üüritulu kokku 15,58 miljonit eurot, mis on 1,6% enam kui eelm...

July 10, 2025 1 EN
 PRESS RELEASE
Free
EFT1T EfTEN Real Esta...

Net Asset Value of EfTEN Real Estate Fund AS as of 31 May 2025

Net Asset Value of EfTEN Real Estate Fund AS as of 31 May 2025 In May, EfTEN Real Estate Fund AS earned consolidated rental income of EUR 2,643 thousand, increasing by EUR 33 thousand compared to April. The increase in rental income is  mainly related to the higher revenue in the logistics segment (including the first full month of rental income from the Paemurru logistics centre) and contract-based rent increases in the elderly care segment.The Fund’s consolidated EBITDA in May totalled EUR 2,229 thousand (April: EUR 2,183 thousand). Adjusted cash flow (EBITDA less loan principal repayment...

June 11, 2025 1 EN
 PRESS RELEASE
Free
EFT1T EfTEN Real Esta...

EfTEN Real Estate Fund AS’i aktsia puhasväärtus seisuga 31.05.2025

EfTEN Real Estate Fund AS’i aktsia puhasväärtus seisuga 31.05.2025 EfTEN Real Estate Fund AS teenis mais 2 643 tuhat eurot konsolideeritud üüritulu, kasvades kuuga 33 tuhande euro võrra. Üüritulu kasv tulenes peamiselt logistikasektori üüritulu suurenemisest (sh mais teenis Paemurru logistikakeskus esimese täiskuu üüri) ning hooldekodude segmendi lepingujärgsetest üüritõusudest.Fondi konsolideeritud EBITDA oli mais 2 229 tuhat eurot (aprillis 2 183 tuhat eurot). Korrigeeritud rahavoog (EBITDA miinus laenumaksed ja intressikulu) ulatus 1 148 tuhande euroni, kasvades aprilliga võrreldes 138 t...

June 11, 2025 1 EN
 PRESS RELEASE
Free
EFT1T EfTEN Real Esta...

LHV Pank updated equity research on EfTEN Real Estate Fund AS

LHV Pank updated equity research on EfTEN Real Estate Fund AS LHV Pank updated the equity research and price target of EfTEN Real Estate Fund AS (EfTEN; EFT1T) shares. According to the analysis, the price target for the share remained unchanged at 20 euros, which is almost 5% above the last closing price at Tallinn Stock Exchange. The share has a “neutral” rating. The previous price target for the EfTEN Real Estate Fund AS shares was set in February 2025. LHV research points out the following aspects about the EfTEN Real Estate Fund AS: (i) interest costs continue to decrease and balance t...

May 23, 2025 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch