From 3 October 2022, 10:00 CEST Northern Horizon Capital AS launched the offering of up to 119,635,429 of Baltic Horizon Fund’s („Fund“) Swedish Depository Receipts (the “SDR“) in Sweden (the „SDR Offering“). The subscription period for the SDRs ends at 12:00 CEST on 17 October 2022 (the „Offering Period“). Northern Horizon Capital AS has appointed Nordic Issuing AB (“Nordic Issuing”), a Swedish securities company authorisation by the Swedish Financial Supervisory Authority to conduct securities operations, as the issuer of the SDRs. The SDR Offering is conducted on the basis of the prospectus  approved by the Swedish Financial Supervisory Authority on 30 September 2022. The prospectus is avaibable on the Fund’s webpage ( The SDR Offering is carried out only in Sweden and not in any other jurisdiction. The SDR Offering is directed to the holders of units in Baltic Horizon Fund (the „Units“) trading on Nasdaq Stockholm (the „Swedish Investors“).


Swedish Investor should have been approached by its intermediary bank with a proposal to sign the conversion form (as attached to this announcement) to convert the Units into the SDRs. In case a Swedish Investor has not received an invitation from its intermediary bank to sign the conversion form at the beginning of the Offering Period, the Swedish Investor should contact proactively its intermediary bank with a request to convert the Units into the SDRs.

More detailed information about the SDR Offering is available here.


If a Swedish Investor for any reason does not instruct its intermediary bank to convert the Units into the SDRs during the Offering Period i.e. until 17 October 2022, or alternatively to transfer the Units to Nasdaq CSD (Estonia) prior to 4 November 2022, Euroclear Sweden will appoint a sales agent to sell such Units and pay out the proceeds (less sales costs and any applicable taxes) to the cash account connected with the respective Swedish Investor’s securities account.

If a Swedish Investor has already transferred its Units to Nasdaq CSD (Estonia) but wishes to participate in the SDR Offering, the Swedish Investor should contact their account operator for the purposes of exploring the possibility of re-transferring the Units back to Nasdaq Stockholm and converting them into the SDRs.

For additional information, please contact:

Tarmo Karotam

Baltic Horizon Fund manager


Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.

Distribution: Nasdaq Tallinn, Nasdaq Stockholm, GlobeNewswire,