Economia
EfTEN United Property Fund unaudited financial results for 1st quarter of 2024
EfTEN United Property Fund (hereinafter the Fund) earned 94 thousand euros in net profit in the first quarter of 2024 (2023 first quarter: 34 thousand euros in net loss). The fund's revenues increased from 56 thousand euros to 155 thousand euros during the year, and expenses decreased from 90 thousand euros to 61 thousand euros.
In the first quarter of 2024, EfTEN United Property Fund operated in an environment of stabilizing real estate market and euro interest rates. Although transaction activity in the residential and especially commercial real estate market remains relatively low, certain signs of stabilization and recovery were noticeable at the beginning of the year. For example, the sales of the fund's Uus-Järveküla residential development project accelerated somewhat. In the stabilizing real estate market environment, the goal of the fund is to invest most of the free capital in cash-flow commercial real estate and to distribute income to investors twice in 2024.
The assets of EfTEN United Property Fund are 26,354 thousand euros as of 31.03.2024 (31.12.2023: 26,259 thousand euros), of which long-term investments make up 69.2% as of the end of March 2024 (31.12.2023: 68.6%).
In January 2024, EfTEN United Property Fund increased its investment in the EfTEN Residential Fund by 250 thousand euros in connection with the development project of rental apartments in Vilnius. The Vilnius rental building is expected to be completed and to start generating cash flow for the fund in the summer of 2024. EfTEN United Property Fund is planning the last investment in the Vilnius residential rental building in May 2024. After that, no new investments in residential rental buildings are planned.
In the residential district of Uus-Järveküla, approximately 50 parts of terraced houses were handed over to customers in the first quarter of 2023. In addition, the construction works of the II stage started, where 16 semi-detached houses and 14 of terraced houses will be completed by the beginning of 2025. Of these, only 2 semi-detached houses and 4 terraced houses have not been booked by customers.
The unaudited 1 quarter 2024 report of the EfTEN United Property Fund is attached to the release and can be found on the Fund's website: https://eftenunitedpropertyfund.ee/en/reports-documents/
Kristjan Tamla
Managing Director
Phone 655 9515
E-mail: kristjan.tamla@eften.ee
Attachment
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