The net asset value (NAV) of the Baltic Horizon Fund (the Fund) unit at the end of May 2023 amounted to EUR 1.1049 per unit. Compared to the previous month, NAV per unit decreased by 1.2%. The total net asset value of the Fund decreased to EUR 132.2 million over the month. The NAV change was mainly impacted by the recognition of the sale result of the Duetto transaction. The EPRA NRV as of 31 May 2023 was EUR 1.1575 per unit, corresponding to a decrease of 1.0% over the last month.
Unaudited consolidated net rental income for May 2023 amounted to EUR 1.6 million, corresponding to an increase of 0.3 million over the previous month (EUR 1.3 million in April 2023). The Fund recognized an unaudited consolidated net loss of EUR 1.5 million in May 2023.
At the end of May 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 2.4 million (31 December 2022: EUR 5.3 million). The Fund has invested an additional EUR 0.2 million into the Galerija Centrs anchor tenant fit-out works. Operational costs are fully covered by cash flows generated by rental activities.
As of 31 May 2023, the total consolidated assets of the Fund were EUR 314.5 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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