EfTEN United Property Fund distributes approximately 212 000 euros to investors
EfTEN Capital AS, as the management company of the EfTEN United Property Fund (stock market ticker EFCUPFFT, ISIN code EE3500001609) decided to make a cash payment of 8,531 euro cents per unit from the fund to the unitholders. The pay-out is based on the full distribution of free cash flow to be received from the fund’s investments to the EfTEN Kinnisvarafond AS and the EfTEN Real Estate Fund II AS, as decided at the annual general meetings of these funds.
Results and allocation of the public offering of the EfTEN United Property Fund units
On Friday (May 20, 2022), the first interim period of the public offering of the EfTEN United Property Fund units ended. The offering size was up to 460,000 offered fund units. In case of oversubscription, the management company (the EfTEN Capital) had the right to upsize the offering by 300,000 offered fund units.
Investors submitted a total of 2,716 subscription orders and subscribed for 1,217,730 offered fund units. Thus, the volume of the offer was recorded more than 2.65 times.
Preliminary results of the public offering of the EfTEN United Property Fund units and the offer price of the units
Based on the offering prospectus as registered with the Financial Supervision Authority on 18.04.2022, the EfTEN Capital AS carried out the public offering of the EfTEN United Property Fund units during the first interim period of the offering between 09.05.2022 at 9:00 and 20.05.2022 at 11:00. The offer was organised to all legal and natural persons in Estonia. The offer size during the interim period was up to 460,000 offered fund units, with the option to upsize by 300,000 offered fund units to be decided upon the distribution of the IPO.
During the interim period, a total of 2 716 subscription orders were submitted and 1 217 730 offered fund units was subscribed for. The volume of the offer was oversubscribed by 2,65 times. Employees and related parties of the EfTEN Capital AS subscribed for ca 15% of the total subscribed units.
EfTEN United Property Fund receives a dividend from the EfTEN Kinnisvarafond AS
Today, 17.05.2022, the General Meeting of the shareholders of the EfTEN Kinnisvarafond AS took place, which approved the annual report of 2021 and decided to distribute profits. Due to the strong financial results of the EfTEN Kinnisvarafond AS, the shareholders confirmed a larger dividend pay-out as compared to initially planned (16.03 cents per share vs. initially planned 14.68 cents per share).
Summary of the EfTEN United Property Fund webinar
On 16 May 2022, a webinar of EfTEN United Property Fund was held, where Kristjan Tamla, the head of retail business of EfTEN Capital AS, introduced the EfTEN United Property Fund and the ongoing IPO of the fund.
EfTEN United Property Fund is organizing a webinar to introduce the fund and the terms and conditions of the issue of the fund’s units (IPO)
EfTEN United Property Fund invites all interested parties to participate in a webinar introducing the issue of the fund and the fund’s units on May 16, 2022 at 14:30 (EET).
EfTEN United Property Fund launches a €5m IPO today
Today commences a public offering of fund units of EfTEN United Property Fund, a real estate fund aimed at retail investors. The offering period lasts until 11:00 on May 20, 2022, and the volume of the issue is 5 million euros. The fund units are scheduled to be listed on the Tallinn Stock Exchange on May 31, 2022.
Notice of public offering, listing and admission to trading of units of EfTEN United Property Fund
EfTEN Capital AS (registry code 11505542, address A. Lauteri tn 5, 10114 Tallinn) as the management company of the EfTEN United Property Fund announces a public offering of the units of the EfTEN United Property Fund.
EfTEN United Property Fund increased position in the EfTEN Kinnisvarafond
EfTEN United Property Fund purchased the shares of the EfTEN Kinnisvarafond with the latest NAV (3,022 per share) for 3mio EUR.
Earlier the EfTEN United Property Fund had a 530k EUR position in the EfTEN Kinnisvarafond. After the transaction the EfTEN Kinnisvarafond becomes the second largest position in the EfTEN United Property Fund.
The EfTEN Kinnisvarafond, established in 2009, is the first real estate fund as managed by the EfTEN Capital. The fund’s investment period finished in 2017. The portfolio of the EfTEN Kinnisvarafond consists of 18 commercial properties in Estonia, Latvia and Lithuania, NAV is 116mio EUR, expected NOI is 15,2mio EUR and LTV 44%.
The EfTEN Kinnisvarafond plans a dividend pay-out of 14,68 cents per share in 2022. According to the rules of the EfTEN United Property Fund all such dividends will be fully passed on to the fund investors.
As the investment is to the fund managed by the EfTEN Capital, the EfTEN United Property Fund does not charge a management fee on the investment to the EfTEN Kinnisvarafond.
EfTEN United Property Fund March subscription results
Results of the March (01.03-31.03.2022) subscription period of the EfTEN United Property Fund:
- The fund received 700 subscription applications (230 more than in February);
- Investors subscribed the fund units in the amount of 1,03mio EUR (240k EUR more than in February).