The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of
August 2022 amounted to EUR 1.1224 per unit. Compared to the previous month, NAV
per unit increased by +0.84%. The total net asset value of the Fund increased to
EUR 134.3 million over the month. The NAV increase was mainly affected by the
positive operating performance of investment properties. The EPRA NRV as of 31
August 2022 was EUR 1.2012 per unit, corresponding to an increase of +0.48% over
the last month.
Unaudited consolidated net rental income for August 2022 remained similar to
prior month and amounted to EUR 1.4 million (EUR 1.4 million in July 2022). In
August 2022, the Fund recognized +5.26% increase in rental income, albeit rising
energy prices offset the growth of net rental income. The Fund recognized an
unaudited consolidated net profit of EUR 0.6 million in August 2022.
At the end of August 2022, the Fund's consolidated cash and cash equivalents
amounted to EUR 5.5 million (31 December 2021: EUR 16.1 million) which
demonstrates solid liquidity and financial flexibility. The Fund has already
completed most of the planned investments into redevelopment projects this year.
As of 31 August 2022, the total consolidated assets of the Fund were EUR 348.4
million (31 December 2021: EUR 346.3 million). The Fund has invested an
additional EUR 0.6 million into the ongoing construction of the Meraki office
building and the finalization of Europa SC reconstruction during August 2022.
Meraki building was commissioned in August 2022 and the first tenants moved into
the premises in September 2022. Rental income from the Meraki office building
will contribute to the growth of rental income in the upcoming months.
Additional information:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
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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,
www.baltichorizon.com
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