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).
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 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).
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.
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 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.
Results of the March (01.03-31.03.2022) subscription period of the EfTEN United Property Fund:
Results of the February (01.02-28.02.2022) subscription period of the EfTEN United Property Fund:
• The fund received 471 subscription applications;
• Investors subscribed the fund units in the amount of 762k EUR.
EfTEN United Property Fund acquired an office building in Vilnius, Menulio Street 7. This is the fund’s first direct investment in commercial real estate.
“Recently new investors have entered the Baltic real estate market. This has led to the appreciation of property prices and increased competition between buyers. In light of this, we are satisfied to note that EfTEN can continuously sign transactions with an attractive expected return. The transaction with Menulio 7 office building was closed at a stage before the objects was offered for sale to the wider market, ” said Kristjan Tamla, Head of Retail at EfTEN Capital.
Results of the December (01.01-31.01.2022) subscription period of the EfTEN United Property Fund:
• The fund received 515 subscription applications;
• Investors subscribed the fund units in the amount of 1,05mio EUR.
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