Teate vaade
Ettevõte Baltic Horizon Fund / Northern Horizon Capital AS
Tüüp Korraldatud teave
Kategooria Muud korporatiivtoimingud
Avaldamise aeg 15 okt 2020 21:20:00 +0300
Keel English
Pealkiri Baltic Horizon Fund publishes its NAV for September 2020 and a change in the financial calendar
Net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of September
2020 amounted to EUR 1.2247 per unit. The total net asset value of the Fund rose
to  EUR  138.9 million  over  the  month.  Compared  to  the previous month, NAV
increased   by   +0.54%. The  NAV  was  affected  positively  by  the  operating
performance  of properties and negatively by cash flow hedge movement during the
month. EPRA NAV, EPRA NRV and EPRA NTA as at the end of September 2020 increased
to  EUR 1.3137 per  unit, corresponding  to an  increase of +0.59% over the last

Consolidated  net rental income for  the first 9 months of  the year amounted to
EUR  15.2 million, exceeding the previous year's  net rental income for the same
period  by EUR  1.6 million or  +11.8% (EUR 13.6 million  during the nine months
ended  30 September 2019). The strong  growth was driven  by the acquisitions of
Galerija  Centrs and North Star, which had  a positive effect on the Group's net
rental income growth in 2020 as compared to 2019, albeit rental income growth in
2020 slowed  down due to relief measures granted to tenants during the COVID-19
pandemic.  The direct  impact of  the COVID-19 health  crisis on  the net rental
income  in September 2020 was limited to  temporary rent reductions for the most
affected  tenants in the amount of EUR 0.1 million, which is significantly lower
compared to Q2 2020. The Fund earned an unaudited consolidated net profit of EUR
0.8 million in September 2020.

At  the end of September 2020, the Fund's consolidated cash and cash equivalents
amounted   to   EUR   8.4 million  (31  December  2019: EUR  9.8 million)  which
demonstrates  a strong liquidity position. Improving rent collection rates had a
positive  impact on the Fund's cash balance during September 2020. In total, the
Fund's  cash and cash equivalents increased  by EUR 1.3 million during September
2020. After successful negotiations with the tenants, the Fund's management team
has  managed to reduce the trade receivables  from EUR 3.3 million as at the end
of  May 2020 to a standard  level of EUR 1.4 million  as at the end of September

As  of 30 September 2020, the total fair value  of Fund's portfolio stood at EUR
347.2 million  (31  December  2019: EUR  358.9 million),  while  the  total  net
leasable  area was 153,351 sq. m.  The Fund has invested  an additional EUR 0.4
million  into ongoing constructions of  Meraki office buildings during September

Change in the financial calendar:

The Q3 2020 interim report (unaudited consolidated) of Baltic Horizon Fund will
be disclosed on week 49. Previously the planned disclosure time of the report
was week 46. Updated financial calendar is available on Baltic Horizon Fund

For additional information please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com

Baltic Horizon Fund is a registered contractual public closed-end real estate
fund managed by Alternative Investment Fund Manager license holder Northern
Horizon Capital AS.

Distribution:  GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm,