The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of February 2022 amounted to EUR 1.1036 per unit. Compared to the previous month, NAV per unit decreased by -1.02%. The total net asset value of the Fund decreased to EUR 132.0 million over the month. The NAV decrease was mainly affected by declared distribution to unitholders of EUR 2.3 million. The EPRA NRV as of 28 February 2022 was EUR 1.1838 per unit, corresponding to a decrease of -1.01% over the last month.
Unaudited consolidated net rental income for February 2022 amounted to EUR 1.4 million, remaining stable over the month (EUR 1.4 million in January 2022). The size of discounts has been decreasing in January-February 2022 compared to periods with heavy COVID-19 restrictions. The Fund recognized an unaudited consolidated net profit of EUR 0.7 million in February 2022.
At the end of February 2022, the Fund’s consolidated cash and cash equivalents amounted to EUR 10.9 million (31 December 2021: EUR 16.1 million) which demonstrates solid liquidity and financial flexibility. The Fund is planning to invest part of the available cash to (re)development projects during the remainder of the year.
As of 28 February 2022, the total consolidated assets of the Fund were EUR 343.7 million (31 December 2021: EUR 346.3 million). The Fund has invested an additional EUR 0.8 million into ongoing constructions of the Meraki office building and Europa SC reconstruction during February 2022.
The Fund is a registered contractual public closed-end real estate fund that is 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.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com