Based on the decision of the supervisory board of EfTEN Real Estate Fund AS (registration code 12864036, address A. Lauteri tn 5, 10114 Tallinn) of November 11, 2024, the fund decided to increase the share capital by issuing up to 1,000,000 new ordinary shares. The subscription period started on November 21, 2024 and ended on December 06, 2024. A total of 620,544 shares were subscribed, unsubscribed shares were cancelled. The distribution of shares was approved by the Supervisory Board on December 10, June 2024.

EfTEN Real Estate Fund AS plans to publish its financial results and hold the annual general meeting of shareholders in 2025 as follows:

In November, EfTEN Real Estate Fund AS earned consolidated rental income of EUR 2,602 thousand, which is EUR 32 thousand more than in October. The increase in rental income is mainly attributable to the first full-month rental income from a new investment – the Härgmäe logistics center. Additionally, rental income increased due to a decreased vacancy at the Evolution office building in Vilnius. The vacancy rate of the fund's investment portfolio fell to 3.0% in November (compared to 3.2% in October).

The Supervisory Board of EfTEN Real Estate Fund AS (registry code 12864036, address A. Lauteri 5, 10114 Tallinn) adopted a resolution on November 11, 2024 to increase the share capital of EfTEN Real Estate Fund AS by issuing up to 1 000 000 new ordinary shares of the fund. The subscription period for EfTEN Real Estate Fund AS shares started on November 21, 2024 and ended on December 06, 2024.

“Although in the EfTEN team we are convinced that the bottom of the Baltic commercial real estate market has passed, we were unable to convey this clearly enough to investors. At the moment, many investors seem to prefer bonds over real estate investments and are waiting for further evidence of a market turnaround.

EfTEN Capital AS and Südamekodud AS have entered into a preliminary agreement, according to which EfTEN Real Estate Fund AS will acquire a property located at Hiiu tn 42 in the Nõmme district of Tallinn through a to be established subsidiary. The aim of the agreement is to partially convert the building into a nursing home, which could accommodate up to 170 clients of Südamekodud AS in the future. The building will remain partially in use by the  North Estonia Medical Centre under a existing lease agreement.
At present, no sales contract has been concluded or construction procurement has been organized. According to the intention of the parties, the sale contract under the law of obligations is planned to be concluded no later than January of next year and construction activities will begin in the second quarter of next year.

On 19.11.2024, EfTEN Real Estate Fund AS announced a public offering of shares, according to which the fund will offer up to 1,000,000 new ordinary shares to all natural and legal persons in Estonia, Latvia and Lithuania, in accordance with the terms and conditions set out in the prospectus.

EfTEN Real Estate Fund AS (registry code 12864036, address A. Lauteri 5, 10114 Tallinn) announces a public offering of shares based on a decision of the fund's Supervisory Board dated November 11, 2024, and informs about the planned listing and admission to trading of new shares on the regulated market organized by Nasdaq Tallinn AS (registry code 10359206). The Supervisory Board's decision is based on the resolution of the shareholders' general meeting held on October 16, 2024.

In October, EfTEN Real Estate Fund AS earned a consolidated rental income of 2,570 thousand euros, an increase of 19 thousand euros compared to September. This increase is primarily attributed to the first month of rental income from the new investment Härgmäe logistics center. The fund's consolidated EBITDA for October was 2,155 thousand euros, which is 36 thousand euros lower than in the previous month. The decrease in EBITDA was mainly due to autumn marketing campaigns in shopping centers and year-end valuation expenses for the investment portfolio. 

LHV Pank updated the equity research and price target of EfTEN Real Estate Fund AS (EfTEN; EFT1T) shares. According to the analysis, the price target for the share was increased from 19,6 euros to 20 euros and the share has a “neutral” rating. The previous price target for the EfTEN Real Estate Fund AS shares was set in January 2024. 

The decrease in euro interest rates is quietly increasing transaction activity on the Baltic real estate market and has a positive effect on the financial results of EfTEN Real Estate Fund AS. Thus, in the third quarter of 2024, the fund's consolidated interest expense decreased by more than 60 thousand euros compared to the previous quarter. From the transactions perspective, the third quarter was the most active in recent years - the Fund's subsidiary EfTEN Tähesaju tee OÜ sold the Tähesaju Hortes property, and the fund established two new 100% subsidiaries to acquire the logistics centers Paemurru and Härgmäe respectively in Tallinn and Harjumaa. The acquisition cost of the two new properties will be almost 15 million euros upon their final completion. In the third quarter of this year, the construction work was completed and the ERM elderly care home was also opened next to Tartu.

On 17.10.2024, EfTEN Härgmäe OÜ finalized the transaction by which the company acquired the properties located at Härgmäe Str. 8 and Piimamehe Str. 7 in Tallinn from the Conus Assets OÜ.
Previously (20.09.2024), the fund has notified the stock exchange of the conclusion of a contract of sale under the law of obligations. All the agreed preconditions for the transfer of ownership and the conclusion of a real right contract have been met.
The properties will be used by the logistics company ELP Logistics OÜ under a long-term lease (10+5 years).

The extraordinary general meeting of shareholders of EfTEN Real Estate Fund AS was held on 16 October 2024 in in the Radisson Collection Hotel Conference Center (2nd floor, Tallinn, Rävala 3).                       

EfTEN Real Estate Fund AS’s subsidiary, EfTEN Tähesaju tee OÜ, sold its property located at Tähesaju road 5, Tallinn in September. The property was sold for 4,675 thousand euros, which is 452 thousand euros below its book value. The sale  generated 1.9 million euros in cash proceeds after loan repayments. The fund invested the proceeds from the sale into advance payments for logistics centers located at Härgmäe Str. 8 / Piimamehe Str. 7 and Paemurru road 3 in Tallinn.

On 27.09.2024 EfTEN Paemurru OÜ, a subsidiary of the EfTEN Real Estate Fund AS, signed a contract under law of obligation with Teearu Arenduse OÜ, a member of the RESTATE group, for the acquisition of a property located on Paemurru tee 3, Laabi village, Harju County, Harku Municipality, near Tallinn.   

The Management Board of EfTEN Real Estate Fund AS (registry code 12864036; seat Tallinn, A. Lauteri 5) calls the extraordinary general meeting of shareholders on 16 October 2024 at 15:00.

EfTEN Härgmäe OÜ, a 100% subsidiary of EfTEN Real Estate Fund AS, signed on 19.09.2024 a contract under the law of obligations with Conus Assets OÜ for the acquisition of properties located at Härgmäe st 8 and Piimamehe st 7 in Tallinn, on which a newly constructed business and logistics building is located. The total sale price of the properties is 8,800,000 euros, plus VAT. Of that 500,000 euros has been paid at the conclusion of the contract under the law of obligation and the remaining part is paid at the conclusion of the real rights contract. The acquisition of the properties is financed from the fund's equity capital, which was received from the sale of the Tähesaju property and from the loan agreement which will be signed with Swedbank AS. The transaction is scheduled to close by the end of October.

EfTEN Tähesaju tee OÜ finalized the transaction by which the company sold the property located at Tähesaju 5 in the Tähesaju retail park in Lasnamäe, Tallinn to the AS Kinnisvara Info.
Earlier, (i.e. 15.08.2024), the fund announced about the sale contract under law of obligations of the property. The preconditions for the closing of the transaction set forth in the sale contract under law of obligations of the property have been fulfilled, including the possession of the property has been transferred to the AS Kinnisvara Info.
EfTEN Tähesaju OÜ, the subsidiary of EfTEN Real Estate Fund AS sold the property for 4,675 thousand euros, i.e. 7% below the book value. The fund will receive a total of 2 million euros from the transaction, which will be used for new investments. Despite the unstable payment behavior of the tenant of the Tähesaju property, the fund earned ca 300 thousand euros in net cash flow from the investment since it was made in 2018.

EfTEN Real Estate Fund AS earned 2,577 thousand euros consolidated rental income in August, which is 4 thousand euros more compared to July. The fund's consolidated EBITDA in August was 2,165 thousand euros, which is 54 thousand euros lower than the previous month. The decrease in consolidated EBITDA was due to a provision related to the sale of the Tähesaju Hortese property. In August, the fund’s subsidiary received a prepayment of 200 thousand euros in connection with the conclusion of a conditional sales agreement for the property. The formal sales contract for the Tähesaju Hortese property is planned to be signed in mid-September.