Announcement View
Company Baltic Horizon Fund / Northern Horizon Capital AS
Type Company Release
Category Other corporate action
Publicize date 15 Oct 2021 20:30:00 +0300
Kell English
Title Baltic Horizon Fund publishes its NAV for September 2021
The  net asset  value (NAV)  of Baltic  Horizon Fund  (the Fund)  unit at end of
September  2021 amounted to EUR 1.0539 per unit. Compared to the previous month,
NAV  per unit increased by +0.70%. The total net asset value of the Fund rose to
EUR  126.1 million  over  the  month.  The  NAV  was  affected positively by the
operating  performance of properties.  EPRA NRV as  of 30 September 2021 was EUR
1.1273 per unit, corresponding to an increase of +0.60% over the last month.

Unaudited consolidated net rental income for September 2021 amounted to EUR 1.6
million,  corresponding to a net rental  income increase of EUR 0.1 million over
the  month (EUR 1.5 million in August 2021). The increase was mostly affected by
the  recovery of net rental income in Fund's shopping centres after reduced rent
reliefs to the tenants. The Fund recognized an unaudited consolidated net profit
of EUR 0.7 million in September 2021.

As  of 1st September 2021, CBRE Baltics and Censeo became the partners of Baltic
Horizon  Fund and will be providing  property management, leasing and accounting
services  for the entire portfolio of the  Fund. Censeo will provide services to
the  Lithuanian business centres Duetto and North  Star, as well as to the Domus
Pro  shopping centre and office complex.  CBRE Baltics will provide services for
the remaining portfolio.

At  the end of September 2021, the Fund's consolidated cash and cash equivalents
amounted   to  EUR  14.6 million  (31  December  2020: EUR  13.3 million)  which
demonstrates  solid liquidity and financial flexibility. The Fund is planning to
invest outstanding cash to (re)development projects during the year.

As  of 30 September 2021, the total consolidated assets of the Fund stood at EUR
349.5 million  (31 December 2020: EUR  355.6 million). The Fund  has invested an
additional EUR 1.2 million into ongoing constructions of Meraki office buildings
during September 2021.

At  the end of 2020, the Fund's management initiated the Europa SC refurbishment
project  with  the  aim  of  introducing  a  new concept that would meet growing
central business district (CBD) and clients' post-COVID-19 needs. The Fund plans
to invest approx. EUR 5.7 million into the upgrade of Europa SC.

Additional information:

Tarmo Karotam
Baltic Horizon Fund manager

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.

Distribution:  GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm,