Net Asset Value of EfTEN Real Estate Fund AS as of 30 June 2026
On 1 June 2026, EfTEN Real Estate Fund AS acquired a 100% holding in Magistral Kaubanduskeskus OÜ. The purchase price was based on an investment property valued at €31,690 thousand, and the fund expects a net yield of 8.1% on the investment. In June, the Magistrali shopping centre earned rental income of €213 thousand. At the end of June the centre had 165.5 m² of vacant lettable space, for which a lease has now been signed, meaning the centre is now fully let.
In June 2026, EfTEN Real Estate Fund AS earned consolidated rental income of €2,897 thousand, €229 thousand more than in May. The acquisition of the Magistrali shopping centre accounted for the majority of this increase, but rental income also rose owing to new leases signed in the Pärnu mnt 102, Ulonu and Evolution office buildings. The fund's office vacancy decreased to 9.0% in June (May: 9.6%). The fund's consolidated EBITDA was €2,465 thousand in June, €176 thousand more than in May.
In June, Colliers International carried out its regular revaluation of fund’s investment properties. As a result of the valuations, the fair value of the fund's property portfolio decreased marginally, by 0.17%, and the fund recognized a non-cash loss of €623 thousand from the decrease in value. The decreased stemmed this time primarily from lower rental levels in the office buildings.
Over the first six months of 2026, the fund earned total rental income of €16.43 million, 5.5% more than in the same period last year. Consolidated EBITDA was €13.8 million, up 7.1% year on year (on a like-for-like basis, 5.2%). The total vacancy of the fund's property portfolio was 2.3% at the end of June (31.12.2025: 3,2%).
Consolidated interest expenses for the first six months of this year were €3.17 million, €333 thousand less than in the same period of 2025. The weighted average interest rate on the fund's loans was 4.13% at the end of June (a year earlier: 3.95%).
As at 30.06.2026, the fund's net asset value (NAV) was €19.89 and its EPRA NRV €20.8124 per share, an increase of 0.4% over the month. Without the revaluation of investment properties, NAV would have increased by approximately 0.3 percentage points more.
Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee
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