FUND RESULTS

Date 1 month 3 months 6 months 1 year 3 years Since Inception
NAV change 30.06.2022 1.8% 2.0% 2.7% 8.2% - 8.2%
Fund performance (incl dividends) 30.06.2022 1.8% 2.0% 2.7% 8.2% - 8.2%

* 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 Kinnisvarafond: 13.0%
EfTEN Kinnisvarafond II: 3.8%
EfTEN Real Estate Fund 5: 19.1%
EfTEN Residential Fund: 1.5%
Menulio 7 Vilnius Office building: 14.5%
Uus-Järveküla development: 11.7%
Cash and cash equivalents: 36.4%

MAIN INDICATORS

Net asset value: 27.12 mln EUR
Weighted average interest rate of liabilities: 2.2%

REGIONAL ALLOCATION

SECTORAL ALLOCATION

Monthly comment

The net asset value (NAV) of the EfTEN United Property Fund was 10.82 euros as of June 30, 2022, increasing by 1.8% over the month. Since the start of the fund in June 2021, the NAV of the fund has increased by 8.2%.

In June, the fund carried out a regular half-year valuation of assets, during which the value of the fund’s two investments in Vilnius increased the most (the office building of Danske Bank, where the fund has invested through EfTEN Real Estate Fund 5, and the Menulio 7 office building). The independent appraiser Colliers foresees a higher rental income from both properties as compared to the previous forecast. In the case of the Danske Bank office building, this is primarily related to the new long-term lease agreements concluded in recent months with a higher rent level. In the case of the Menulio 7 office building, higher rental income is due to faster than expected inflation (21% year-on-year in June) in Lithuania – most of the building’s leases are indexed to the Lithuanian consumer price index. According to the fund’s income distribution policy, most of the increasing free cash flow will be distributed to investors.

In June, the fund did not make any new investments, and the fund currently has uninvested capital of almost 10 million euros. In today’s market situation, we are in no rush to invest it. In the recently received sales offers, property sellers still assume that the level of interest will remain close to zero and that economic activity will not deteriorate in autumn. At EfTEN, we are less optimistic about the future. During the first year of operation, the EfTEN United Property Fund achieved a return on invested capital of 10.9%. We aim to maintain at least this level also in the future.

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