Baltic Horizon Fund publishes its NAV for August 2021
The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of August 2021 amounted to EUR 1.0466 per unit. Compared to the previous month, NAV per unit increased by +0.65%. The total net asset value of the Fund rose to EUR 125.2 million over the month. The NAV was affected positively by the operating performance of properties. EPRA NRV as of 31 August 2021 was EUR 1.1206 per unit, corresponding to an increase of +0.62% over the last month.
Unaudited consolidated net rental income for August 2021 amounted to EUR 1.5 million, compared to the previous month (EUR 1.6 million in July 2021). The change in net rental income was mainly impacted by temporary discounts granted to shopping centre tenants during first half of 2021. The Fund recognized an unaudited consolidated net profit of EUR 0.8 million in August 2021. The Portfolio occupancy rate as of 31 August 2021 stood strong at 93.1%. Overall rent collection remained commendable with 90.6% of invoiced rent collected to date for the 2021 financial year.
At the end of August 2021, the Fund’s consolidated cash and cash equivalents amounted to EUR 14.6 million (31 December 2020: EUR 13.3 million) which demonstrates sufficient liquidity and financial flexibility. The Fund is planning to invest outstanding cash to (re)development projects during the remaining year. Trade receivables were EUR 2.2 million at the end of August 2021. The Fund continues to generate strong positive cash flow from operations despite market uncertainty associated with COVID-19.
As of 31 August 2021, the total consolidated assets of the Fund stood at EUR 347.1 million (31 December 2020: EUR 355.6 million). The Fund has invested an additional EUR 0.4 million into ongoing constructions of Meraki office buildings during August 2021.
The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. Both the Fund and the Management Company are supervised by the Estonian Financial Supervision Authority.
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