LHV Institutional Baltic Insight, November 25th, 2020
* In its Q3 2020 report, EfTEN Real Estate Fund III AS (EFT1T ET) indicated that, so far, the negative impact of the COVID-19 pandemic has not been as severe as it had expected. This was in spite of the fact that the Fund was put under pressure to provide temporary discount relief to its tenants due to the stress caused by the pandemic and related lockdowns. However, it saw its rental rates return to a normalised level towards the end of the third quarter. It would be interesting to see how the property portfolio will be revalued towards the end of the year, and whether there would be any revaluation gains, following c.a. EUR 4.0m write down recorded at the end of June 2020.* The pandemic has not prevented the Fund from expanding its portfolio. In August 2020, the Fund acquired a new Vilnius-based office building for c.a. EUR 11.8m. The acquisition was 39% equity funded, using the remaining portion of EUR 16m raised last year. The office building’s anchor tenant is Atea UAB (an IT company).
* Moreover, it is entering into a new market segment through the latest acquisition: On 23rd November 2020, EfTEN announced that its newly established SPV signed a contract under the law of obligations to acquire a property located at Hunditubaka tee 12 / Karukella tee 5 in Tallinn from OÜ Arca Varahaldus. According to EfTEN, by the end of 2020, the construction of an aged care home will be completed on this property, and it will be rented to Pirita Kodu OÜ under a long-term agreement. With this transaction, EfTEN enters a new market segment, as the property will be the first aged care home in its portfolio.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.