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Thursday, 28.03.2024, 17:29
Estonia: Profit of Baltic Horizon Fund up 29% on year in Q1
The net rental income of the fund rose 14.9% on year,
amounting to 3.9 mln euros. Growth in net rental income and net profit was
positively affected by new property acquisitions at the end of 2018 and the
beginning of 2019, the fund told the stock exchange.
In the first quarter of 2019, the net asset value (NAV) of Baltic Horizon Fund decreased from 109.8
mln euros to 109.3 mln euros compared to the end of the fourth quarter of 2018.
The fund's NAV was positively affected by Baltic Horizon Fund's operational
performance over the quarter. However, this was offset by a 2.1 mln euro cash
distribution to unitholders, altogether 0.027 euros per unit, and a negative
cash flow hedge reserve movement during the quarter.
During the first quarter of 2019, the average actual
occupancy of the portfolio was 96.6%. When all rental guarantees are
considered, the effective occupancy rate is 97.3%. The average direct property
yield during the first quarter of 2019 was 6.7%. The net initial yield for the
whole portfolio for the first quarter of 2019 was 6.3%.
Baltic Horizon 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. Trading in units of Baltic Horizon Fund
started in the fund list of Nasdaq Baltic on July 6, 2016.