The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of May 2022 amounted to EUR 1.1155 per unit. Compared to the previous month, NAV per unit increased by +0.62%. The total net asset value of the Fund increased to EUR 133.5 million over the month. The NAV increase was mainly affected by the positive operating performance of investment properties. The EPRA NRV as of 31 May 2022 was EUR 1.1930 per unit, corresponding to an increase of +0.61% over the last month.
Unaudited consolidated net rental income for May 2022 increased to EUR 1.6 million compared to last month (EUR 1.5 million in April 2022). Increasing occupancy and decreasing rent reliefs in the retail segment correspond to a solid recovery of net rental income over 2022. The Fund recognized an unaudited consolidated net profit of EUR 0.8 million in May 2022.
At the end of May 2022, the Fund’s consolidated cash and cash equivalents amounted to EUR 9.0 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 31 May 2022, the total consolidated assets of the Fund were EUR 346.0 million (31 December 2021: EUR 346.3 million). The Fund has invested an additional EUR 1.1 million into the ongoing construction of the Meraki office building and Europa SC reconstruction during May 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.
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