Net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of November 2020 amounted to EUR 1.2088 per unit. Compared to the previous month, NAV per unit increased by +0.66%. Total net asset value of the Fund rose to EUR 144.6 million over the month. The NAV was affected positively by the operating performance of properties and cash flow hedge movement during the month. EPRA NAV, EPRA NRV and EPRA NTA as at the end of November 2020 increased to EUR 1.2937 per unit, corresponding to an increase of +0.59% over the last month.
Consolidated net rental income for the first 11 months of the year amounted to EUR 18.4 million, exceeding the previous year’s net rental income for the same period by EUR 1.0 million or +5.5% (EUR 17.4 million during the eleven months ended 30 November 2019). The strong growth was driven by the acquisitions of Galerija Centrs and North Star, which had a positive effect on the Group’s net rental income growth in 2020 as compared to 2019, albeit rental income growth in 2020 slowed down due to relief measures granted to tenants during the COVID-19 pandemic. The Fund earned an unaudited consolidated net profit of EUR 0.9 million in November 2020.
At the end of November 2020, the Fund’s consolidated cash and cash equivalents amounted to EUR 12.4 million (31 December 2019: EUR 9.8 million) which demonstrates adequate liquidity and financial flexibility. The distribution of EUR 3.1 million to investors in November 2020 contributed to the decrease in cash and cash equivalents during the month. The Fund’s management team is actively monitoring the collection of trade receivables. Trade receivables remained at a regular level of EUR 1.6 million at the end of November.
As of 30 November 2020, the total fair value of Fund’s portfolio stood at EUR 348.4 million (31 December 2019: EUR 358.9 million), while the total net leasable area was 153,351 sq. m. The Fund has invested an additional EUR 0.4 million into ongoing constructions of Meraki office buildings during November 2020.
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