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. 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.