The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of September 2022 amounted to EUR 1.1345 per unit. Compared to the previous month, NAV per unit increased by +1.08%. The total net asset value of the Fund increased to EUR 135.7 million over the month. The NAV increase was affected by the positive operating cash flows and the cash flow hedge reserve movement. The EPRA NRV as of 30 September 2022 was EUR 1.2071 per unit, corresponding to an increase of +0.49% over the last month.
Unaudited consolidated net rental income for September 2022 increased by 2.8% over the month and amounted to EUR 1.5 million (EUR 1.4 million in August 2022). The increase in property performance was also impacted by falling energy prices compared to August. The Fund recognized an unaudited consolidated net profit of EUR 0.6 million in September 2022.
At the end of September 2022, the Fund’s consolidated cash and cash equivalents amounted to EUR 4.9 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 September 2022, the total consolidated assets of the Fund were EUR 349.2 million (31 December 2021: EUR 346.3 million). The Fund has invested an additional EUR 0.3 million into the finalization of the construction of Meraki office building and Europa SC reconstruction during September 2022. Meraki building was commissioned in September 2022 and the first tenants moved into the premises in September 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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