The net asset value (NAV) of the Baltic Horizon Fund (the Fund) unit at the end of March 2023 amounted to EUR 1.1156 per unit. Compared to the previous month, NAV per unit increased by 0.1%. The total net asset value of the Fund amounted to EUR 133.5 million over the month. The EPRA NRV as of 31 March 2023 was EUR 1.1668 per unit, corresponding to a decrease of 1.3% over the last month.
Unaudited consolidated net rental income for March 2023 amounted to EUR 1.4 million (EUR 1.4 million in February 2023). The net rental income has increased by 3.0% compared to February 2023. 6 March 2023 was the closing date of the Domus Pro share sale transaction, therefore only six days of Domus Pro operating results impact the net rental income of the Fund in March 2023. The Fund recognized an unaudited consolidated net profit of EUR 0.5 million in March 2023.
At the end of March 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 7.5 million (31 December 2022: EUR 5.3 million). The Fund has invested an additional EUR 0.1 million into the finalization of the refurbishment project of Galerija Centrs Food hall and EUR 0.1 million into Meraki tenant fit-out works. Operational costs are fully covered by cash flows generated by rental activities.
As of 31 March 2023, the total consolidated assets of the Fund were EUR 321.3 million (31 December 2022: EUR 344.0 million).
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.
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