FUND RESULTS

Date 1 month 3 months 6 months 1 year 3 years Since Inception
NAV change 30.06.2025 1.3% -1.6% 1.0% 5.1% 3.2% 11.7%
Fund performance (incl distributions) 30.06.2025 1.2% 3.2% 5.7% 10,4% 13.7% 24.0%

* The value of fund units may rise or fall over time. The fund’s historical performance does not guarantee or offer any indication regarding the future performance. The information contained herein does not constitute an investment recommendation or advice. Please read the fund’s key information document (KIID), prospectus as well as terms and conditions on the web www.eften.ee/united

Risk and Reward Profile
The risk and reward profile of the fund is the best estimate of the fund management company that is based on the historical performance of existing real estate funds managed by EfTEN Capital AS

MAIN HOLDINGS

EfTEN Real Estate Fund: 14.6%
EfTEN Kinnisvarafond II: 3.8%
EfTEN Real Estate Fund 5: 48.4%
EfTEN Residential Fund: 5.3%
EfTEN Special Opportunities Fund: 0.4%
Menulio 7 Vilnius office building: 11.8%
Uus-Järveküla development: 14.8%
Uninvested: 0.7%

MAIN INDICATORS

Net asset value: 27.7 mln EUR
Weighted average interest rate of liabilities: 4.0%
Loan-to-value (% of assets): 46%

REGIONAL ALLOCATION

SECTORAL ALLOCATION

Monthly comment

The net asset value (NAV) of EfTEN United Property Fund units was 11,17 euros at the end of June, increasing by 1,3% per month. The fund earned a net profit of 358 thousand euros in June and a net profit of 1.679 million euros during the first half of 2025 (last year at the same time 401 thousand euros).

In June, the fund earned the largest profit (384 thousand euros) from its investment in the development company Invego Uus-Järveküla OÜ. During the month 14 terraced houses of the development’s third stage were transferred to clients in the Uus-Järveküla (real right agreements were concluded), from which the company earned a profit of 479 thousand euros. Due to the obligation to repay the bank loan associated with the conclusion of property rights agreements, the development company’s bank loan balance decreased to zero by the end of June. The final stage of the development (32 terraced houses) is scheduled to be completed in q1 2026. To date 7 terraced houses of the development’s final stage have been booked by clients.

As of the end of June, a regular valuation of the EfTEN United Property Fund assets took place. Among the fund’s larger underlying properties, the value of former Danske bank office building where the fund is invested through EfTEN Real Estate Fund 5, and Menulio 7 office building in Vilnius decreased. This was balanced by the increased value of EfTEN Kinnisvarafond II AS properties. The value of the Kristiine shopping center, which is part of the EfTEN Real Estate Fund 5 portfolio, did not change as a result of the valuation. In terms of financial results, the first half of the year turned out to be successful for the center – the planned EBITDA was exceeded by 5%. Overall, the results of the half-year valuation had a small negative impact on the fund’s financial results.

Investment decisions

Viljar Arakas
viljar.arakas@eften.ee
Viktors Savins
viktors.savins@eften.lv
Tõnu Uustalu
tõnu.uustalu@eften.ee
Laurynas Žilys
laurynas.zilys@eften.lt
Daily operations

Kristjan Tamla
kristjan.tamla@eften.ee