| Date | 1 month | 3 months | 6 months | 1 year | 3 years | Since Inception | |
| NAV change | 31.01.2023 | 0.3% | -1.3% | 0.0% | 2.7% | - | 8.5% |
| Fund performance (incl distributions) | 31.01.2023 | 0.3% | 0.8% | 2.1% | 5.8% | - | 11.7% |
* 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
| EfTEN Kinnisvarafond: | 17.8% |
| EfTEN Kinnisvarafond II: | 3.9% |
| EfTEN Real Estate Fund 5: | 19.4% |
| EfTEN Residential Fund: | 2.9% |
| Menulio 7 Vilnius Office building: | 14.4% |
| Uus-Järveküla development: | 12.7% |
| Cash and cash equivalents: | 28.9% |
| Net asset value: | 26.9 mln EUR |
| Weighted average interest rate of liabilities: | 4.2% |
| Loan-to-value (% of assets): | 25% |
The net asset value (NAV) of the EfTEN United Property Fund was 10,85 euros as of January 31, 2023, increasing by 0,3% over the month. Since the start of the fund in late June 2021 the total return has been 11,7% and the return on invested capital 12,7%. The fund has 30% of its capital as uninvested.
In February, important changes took place in the fund’s two major investments: (i) In the largest investment of the former office building of Danske in Vilnius, we signed a new lease agreement, which took the vacancy of the building to 0%. Through the change of tenant mix, we have increased the rental income of this building by 16% in a year; (ii) Rae municipality issued construction permits for the first stage of buildings for the fund’s only real estate development investment in Uus-Järveküla.
Since the middle of January, we have observed the first signs of changes we have long expected in the Baltic commercial real estate market. The first sellers are gradually adjusting their price expectations downwards and offers with a lower price level have come to market. At the moment, it is mainly limited to the so-called class B office segment in Vilnius, where EfTEN United Property Fund already has considerable exposure. In the light of relatively strong business cycle data in Europe over the past weeks, the future expectations of Euribor have recently been adjusted higher in in financial markets. This will further squeeze the cash flow of companies with a high debt burden (including in the real estate sector). Therefore, we expect the fall in prices in commercial real estate to spill-over also to other segments in the Baltics.
