The net asset value (NAV) of EfTEN United Property Fund was 10.61 euros as of September 30, 2023 increasing by 1.1% over the month and recovering fully the August fall. The increase in NAV was related to the investment into the listed EfTEN Real Estate Fund AS, which shares closed almost 5% higher on the Nasdaq Tallinn stock exchange in September. If the fund's investment in the EfTEN Real Estate Fund AS shares is valued on the NAV basis, the NAV of EfTEN United Property Fund would have increased by 0.5% and 0.4% in September and August, respectively.

In the fund's residential development investment at Uus-Järveküla, client interest in semi-detached houses remains high. As of the end of October, only 4 of the planned 16 semi-detached houses in the residential area are still unreserved. The semi-detached houses are planned to be completed in the second phase of the residential area development during the last months of next year. As of today, the 86 terraced houses of the first stage of the development are in the final phase of construction and will be completed at the end of this year and the beginning of 2024. The construction of both stages falls at a period when the Estonian construction market is in decline and developers are in a better position to negotiate the construction contract as compared to the previous years.

A more detailed overview of EfTEN United Property Fund's portfolio can be found on the fund's website: https://eftenunitedpropertyfund.ee/en/fund-results-2/


Kristjan Tamla
Managing Director
Phone 655 9515
E-mail: kristjan.tamla@eften.ee