Performance of the EfTEN United Property Fund exceeded 5 percent in the first six months
The EfTEN United Property Fund has earned a 5.4% return to investors since the launch of the fund in June 2021. The fund returned 4.5% in December 2021.
The EfTEN United Property Fund has earned a 5.4% return to investors since the launch of the fund in June 2021. The fund returned 4.5% in December 2021.
At the Uus-Järveküla residential development financed by the EfTEN United Property Fund 9 new terraced houses from the second construction phase came to sale. By today, in four months, 36 out of first 39 terraced houses have been booked by clients.
The EfTEN United Property Fund acquired for 2,5mio EUR an 80% ownership in residential development project at Uus-Järveküla in August 2021. Residential development is planned to be finalised in stages between spring 2023 till end 2024. Upon completion there will be 149 terraced houses and 16 semi-detached houses with total net sellable area of ca 18k square meters. With planned development costs and sale prices the expected annualised return of the project for the EfTEN United Property fund is 15%. Developer of the project is OÜ Invego, the EfTEN United Property Fund acts as a financial partner of the project.
Results of the December (01.12-31.12.2021) subscription period of the EfTEN United Property Fund:
• The fund received 701 subscription applications;
• Investors subscribed the fund units in the amount of 3,14mio EUR.
The EfTEN United Property Fund invested 5,7mio EUR to the EfTEN Real Estate Fund 5. This brings EfTEN United Property Fund investment ratio to almost 80% of investable capital.
EfTEN Real Estate Fund 5 is a commercial real estate fund targeting investments in the Baltic countries with the value over 15mio EUR. The fund follows principles of green investing. Its first acquisition is the Danske Bank office building in Vilnius CBD where the bank is operating group back-office functions.
Over the next 6 years the EfTEN United Property Fund will additionally invest at least 6,3mio EUR to the EfTEN Real Estate Fund 5. 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.
Results of the October (01.11-30.11.2021) subscription period of the EfTEN United Property Fund:
EfTEN United Property Fund purchased the shares of EfTEN Kinnisvarafond with latest NAV (2,686 per share) for 500k EUR. 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 111mio EUR, expected NOI is 15,7mio EUR and LTV 45%. 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 October (01.010-29.10.2021) subscription period of the EfTEN United Property Fund:
At the Uus-Järveküla residential development financed by the EfTEN United Property Fund 16 new terraced houses came to sale. By today, in less than two months, 13 out of first 17 terraced houses have been booked by clients.
The EfTEN United Property Fund acquired for 2,5mio EUR an 80% ownership in residential development project at Uus-Järveküla in August 2021. Residential development is planned to be finalised in stages between spring 2023 till end 2024. Upon completion there will be 149 terraced houses and 16 semi-detached houses with total net sellable area of ca 18k square meters. With planned development costs and sale prices the expected annualised return of the project for the EfTEN United Property fund is 15%. Developer of the project is OÜ Invego, the EfTEN United Property Fund acts as a financial partner of the project.
Results of the September (01.09-30.09.2021) subscription period of the EfTEN United Property Fund:
The EfTEN United Property Fund acquired 20 000 additional shares of the EfTEN Kinnisvarafond II. The acquisition price (14,95 EUR per share) was 0,6% below the existing NAV of the EfTEN Kinnisvarafond II (15,04 EUR per share). The investment consists of 6 commercial properties in Estonia, Latvia and Lithuania, expected NOI of the portfolio is 13mio EUR per annum, consolidated NAV is 138,5mio EUR and LTV is 45%. The EfTEN United Property Fund has now 65 000 shares of the EfTEN Kinnisvarafond II with value of 977 275 EUR. As the investment is to the fund managed by the EfTEN Capital, no management fee is charged on this investment.
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