EfTEN Real Estate Fund III
EfTEN Real Estate Fund III AS Net Asset Value per share as of 29.02.2020
The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 29.02.2020 was EUR 17.08. NAV increased by 0.7% in February. The net asset value of EPRA share (net book value excluding deferred tax liability and fair value of interest rate derivatives) was EUR 18.18 as at 29.02.2020. EPRA NAV also increased 0.7% during February.
EfTEN Real Estate Fund III AS earned sales income of 814 thousand euros in February, which is the same level as a month ago. The EBITDA of the Fund was 661 thousand euros in February (647 thousand euros in January). The vacancy rate of the Fund's real estate portfolio was 1.4% of the total net leaseable area at the end of February, which is 40% lower than at the end of 2019 due to new leases in Evolution and Ulonu office buildings in Vilnius. According to the new lease agreements, the rental income from renting out the vacant premises will start mainly in the second quarter of 2020 when new tenants will start to use the premises.
The Fund's net profit in February 2020 was EUR 477 thousand (January 2020: EUR 464 thousand).
On 13.01.2020, EfTEN Real Estate Fund III AS announced of signing a conditional purchase agreements for the acquisition of two companies, which own the Air Baltic headquarters at Riga Airport and the production and warehouse building in Kekava, Riga. In order to acquire these companies, EfTEN Real Estate Fund made a prepayment of EUR 8 873 thousand to agreed Escrow account in February. The pre-conditions for the closing are fulfilled, and on 11.03.2020 the transaction was completed. For more information on the transaction, please refer to the Fund stock exchange release on 13.01.2020.
As at 29.02.2020, EfTEN Real Estate Fund III AS consolidated cash and short-term deposits amounted to EUR 8.1 million, of which EUR 4.9 million represents the balance of the uninvested capital received from the last share issue.
The consolidated assets of EfTEN Real Estate Fund III AS as at 29.02.2020 were EUR 133.1 million (31.12.2019: EUR 132.8 million) and equity was EUR 72.1 million (31.12.2019: EUR 71.17 million).
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