EfTEN United Property Fund (hereinafter the "Fund") fully invested its available capital in December 2024. As a result, the Fund's performance in the first quarter of 2025 was, for the first time, based on a fully invested portfolio.
EfTEN United Property Fund earned 703 thousand euros in net profit in the first quarter of 2025 (2024 first quarter: 94 thousand euros). The fund's revenues increased from 155 thousand euros to 768 thousand euros during the year, while costs remained largely unchanged.
The growth in the Fund's income and profit (compared to the same period last year) was primarily driven by the strong financial results of Kristiine Shopping Centre, in which the Fund invested through EfTEN Real Estate Fund 5. Additionally, the Fund's Q1 financial performance was supported by the accelerated sales pace and improved profitability of new development phases in the Uus-Järveküla residential area.
In the first quarter of 2025, 27 real rights agreements were concluded for terraced and semi-detached houses in the Uus-Järveküla residential area. The developing company, Invego Uus-Järveküla OÜ, earned a profit of €781 thousand during the quarter. By the end of Q1, nearly three-quarters of the projects final volume (165 terraced and semi-detached housing units) had been sold or reserved by clients.
In early April, Rae municipality issued a building permit to Invego Uus-Järveküla OÜ for the final phase of the residential development, which will include the construction of 32 terraced houses. The development company also signed a financing agreement with Coop Pank AS for the final development phase. Under the agreement, the bank will finance 100% of the construction costs, and allow the owners to withdraw capital.
In the second quarter of 2025, the Fund plans to make its first distribution of the year, which will be the largest in the fund's history. The distribution is based on dividends received from EfTEN Real Estate Fund AS and EfTEN Kinnisvarafond II AS, income from the EfTEN Real Estate Fund 5 and EfTEN Residential Fund, as well as accrued interests from the shareholder loan granted to Invego Uus-Järveküla OÜ.
Statement of the comprehensive income
| 1st quarter | ||
| 2025 | 2024 | |
| € thousand | ||
| INCOME | ||
| Interest income | 151 | 106 |
| Dividend income | 22 | 23 |
| Interest expenses | ||
| Other financial income | 5 | 0 |
| Net profit / loss from assets recognised in fair value through profit or loss | -23 | -73 |
| Investments in subsidiaries | -148 | 28 |
| Investments in funds | 125 | -101 |
| Total income | 155 | 56 |
| COSTS | ||
| Operating expenses | ||
| Management fee | -28 | -27 |
| Costs of administering the Fund | -6 | -12 |
| Other operating expenses | -27 | -51 |
| Total operating expenses | -61 | -90 |
| Profit / loss for the period | 94 | -34 |
| Total profit / loss for the period | 94 | -34 |
| Ordinary and diluted earnings / loss per share (EUR) | 0,04 | -0,01 |
Statement of financial position
| 31.03.2025 | 31.12.2024 | |
| € thousand | ||
| ASSETS | ||
| Current assets | ||
| Short-term deposits | 0 | 120 |
| Loans granted | 3 519 | 3 519 |
| Other receivables and accrued income | 1 188 | 1 039 |
| Total current assets | 4 707 | 4 678 |
| Non-current assets | ||
| Financial assets at fair value through profit or loss | 21 504 | 21 063 |
| Investments in subsidiaries | 1 243 | 1 154 |
| Real estate funds | 20 261 | 19 909 |
| Loans granted | 2 149 | 2 149 |
| Total non-current assets | 23 653 | 23 212 |
| TOTAL ASSETS | 28 360 | 27 890 |
| LIABILITIES | ||
| Bank overdraft | 166 | 400 |
| Current liabilities | 13 | 12 |
| Total liabilities, excluding net asset value of the fund attributable to shareholders | 179 | 412 |
| NET ASSET VALUE OF THE FUND | ||
| Net asset value of the fund attributable to shareholders | 28 181 | 27 478 |
| Total liabilities and net asset value of the fund attributable to shareholders | 28 360 | 27 890 |
The unaudited 1st quarter 2025 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
