The mid-market evaluation rating on Baltic Horizon Fund remains at ’MM3’, despite the pandemic. According to S&P Global Ratings latest report: „We recognize Baltic Horizon’s management and governance has been receptive and proactive in adapting its financial and operational strategy to the unexpected disruption“. During 2020, Baltic Horizon collected more than 84% of its retail rents, aided by offers of discounts and rent deferrals and has maintained a high occupancy ratio (more than 90% in the retail segment and 96% in the office segment) as well as its weighted average lease of 3.6 years ensuring regular cash flow generation.
Tarmo Karotam, Fund manager of Baltic Horizon: „It’s good to see that the hard work of our team to manage the fund finances and building occupancies has been positively acknowledged by S&P. We look forward to being able to fully open our retail centres again when restrictions are lifted as people are eager to shop and socialize.”
Read the full report here: S&P Global Ratings report Baltic Horizon.
Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by the alternative management company Northern Horizon Capital AS. The fund is listed on the Nasdaq Tallinn and Nasdaq Stockholm stock exchanges. By the end of December 2020, the gross value of the Fund’s assets were EUR 355.6 million. In 2020, the Group earned net rental income of EUR 19.9 million exceeding the previous year’s net rental income by EUR 0.7 million or 3.7% (2019: 19.2 million).
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Baltic Horizon Fund manager