EfTEN United Property Fund (hereinafter the Fund) earned 134 thousand euros in net profit in the third quarter of 2024 (2023 third quarter: 16 thousand euros in net loss). The fund's revenues increased from 38 thousand euros to 176 thousand euros during the year. During the 9 months of 2024 the Fund earned 535 thousand euros in net profit (2023 9 months: 87 thousand euros net loss).

The Fund's assets amounted to 26,545 thousand euros as of 30.09.2024 (31.12.2023: 26,259 thousand euros), of which long-term investments make up 74.5% as of the end of September 2024 (31.12.2023: 68.6%).

With the support of declining Euro interest rates, the outlook for the European and Baltic real estate markets is improving. The shares value of real estate companies listed on stock exchanges in many European countries (including the Nordic countries) began to increase at the end of last year. This has been followed by a decrease in the risk premiums of bonds listed by these companies, and the transaction activity in the real estate market is showing the first signs of recovery.

The central objective of the EfTEN United Property Fund has been the active deployment of uninvested capital in the recovering economic conditions. In August, the fund made its largest historical investment - investing 4.78 million euros into the EfTEN Real Estate Fund 5. This investment enabled the acquisition of the newly completed UNA shopping center in Vilnius, with Kesko Senukai and Rimi as anchor tenants. Following the transaction, more than 90% of the assets of the EfTEN United Property Fund have been invested.

Construction works at the Uus-Järveküla residential area, financed by the Fund, continued on the second phase (16 semi-detached houses and 14 terraced houses) and were started in June on the third phase (18 terraced houses). As of the end of the third quarter, only 2 terraced houses from the second phase, which will be completed at the beginning of next year, remain unreserved. Out of the planned 165 terraced and semi-detached houses in the residential area, 133 have been completed or are under construction, and 102 have been purchased or reserved by clients.

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In the last quarter of the year, EfTEN United Property Fund will make its second distribution of the year from the income received from the EfTEN Real Estate Fund 5. The uninvested capital of the Fund is planned to be allocated in the coming months to a cash-flow-generating commercial real estate project and, to a smaller extent, to various real estate development projects in need of capital through the EfTEN Special Opportunities Fund.

Statement of the comprehensive income

 3rd quarter9 months
 2024202320242023
€ thousand    
INCOME    
Interest income137143447384
Dividend income00260352
Other financial income0050
Net profit / loss from assets recognised in fair value through profit or loss39-105-26-634
   Investments in subsidiaries2646-114-30
   Investments in funds13-15188-604
Total income17638686102
     
COSTS    
Operating expenses    
   Management fee-28-31-84-85
   Costs of administering the Fund-5-11-21-29
   Other operating expenses-9-12-46-75
Total operating expenses-42-54-151-189
     
Profit / loss for the period134-16535-87
Total profit / loss for the period134-16535-87
     
Ordinary and diluted earnings / loss per share (EUR)0,05-0,010,22-0,04

Statement of financial position

 30.09.202431.12.2023
€ thousand  
ASSETS  
Current assets  
Cash and cash equivalents7095 731
Short-term deposits1 5631 795
Loans granted3 5190
Other receivables and accrued income970711
Total current assets6 7618 237
   
Non-current assets  
Financial assets at fair value through profit or loss17 63512 354
  Investments in subsidiaries9401 054
  Real estate funds16 69511 300
Loans granted2 1495 668
Total non-current assets19 78418 022
TOTAL ASSETS26 54526 259
   
LIABILITIES  
Current liabilities133
Total liabilities, excluding net asset value of the fund attributable to shareholders133
   
NET ASSET VALUE OF THE FUND  
Net asset value of the fund attributable to shareholders26 53226 256
Total liabilities and net asset value of the fund attributable to shareholders26 54526 259

The unaudited 3rd quarter and 9 months 2024 report of the EfTEN United Property Fund is attached to the release and can be found on the Fund's website: https://eftenunitedpropertyfund.ee/en/reports-documents/

Kristjan Tamla

Managing Director

Phone 655 9515

E-mail: [email protected]

Attachment

  • EUPF_9_kuud_2024_ENG