The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of November 2022 amounted to EUR 1.1408 per unit. Compared to the previous month, NAV per unit increased by +0.21%. The total net asset value of the Fund increased to EUR 136.5 million over the month. The NAV increase was mainly affected by the positive operating performance of investment properties. The EPRA NRV as of 30 November 2022 was EUR 1.2182 per unit, corresponding to an increase of +0.39% over the last month.
Unaudited consolidated net rental income for November 2022 amounted to EUR 1.4 million (EUR 1.6 million in October 2022). The change in property performance was mainly impacted by the fluctuations in utility prices. The Fund recognized an unaudited consolidated net profit of EUR 0.5 million in November 2022.
At the end of November 2022, the Fund’s consolidated cash and cash equivalents amounted to EUR 4.6 million (31 December 2021: EUR 16.1 million). The Fund has already completed most of the planned investments into redevelopment projects this year. Operational costs are fully covered by cash flows generated by rental activities.
As of 30 November 2022, the total consolidated assets of the Fund were EUR 349.3 million (31 December 2021: EUR 346.3 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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