EfTEN United Property Fund's H1 2025 results were based on a fully invested portfolio. In addition, the property development investment in the fund's subsidiary Invego Uus-Järveküla OÜ has reached the stage where the completed terraced and semi-detached houses are being handed over to customers. Supported by the signing of real-right agreements at the Uus-Järveküla development, the fund's half-year profit increased more than fourfold compared to the same period of the previous year, and the fund made the historically largest cash distribution to investors, amounting to approximately 7% of the fund's market price.
In the second quarter of 2025, EfTEN United Property Fund earned a net profit of EUR 976 thousand (Q2 2024: EUR 307 thousand). The fund's income increased from EUR 355 thousand to EUR 1,022 thousand year-on-year, while expenses remained largely unchanged (decreased by EUR 2 thousand year-on-year). The fund's assets as of 30.06.2025 are 27,742 thousand euros (31.12.2024: 27,478 thousand euros)
In the Uus-Järveküla residential district, the second stage (30 houses in total) and the third stage developments (17 houses) were completed. In addition, the construction of the last stage of the development (32 terraced houses) began, the completion of which is planned for the first quarter of 2026. As of the end of the first half of the year, 82% of the development volume of the residential district (165 terraced houses and semi-detached houses) had been sold or reserved by customers. There were five completed but unsold terraced houses remaining.
The profitability of EfTEN United Property Fund was also supported by the continued decrease in interest costs. As of the end of June, the weighted average loan interest rate of the fund's subsidiaries and subsidiaries of the underlying funds was 4.0%, which is 140 basis points lower than at the end of 2024. The rapid decrease in interest expenses was due to the decrease in EURIBOR as well as the more favourable bank loan agreement concluded in the Uus-Järveküla development.
In the second half of 2025, the fund plans to make additional cash distribution. This is based on the interest received from the owner loan from the Kristiine shopping centre, in which the fund has invested through the EfTEN Real Estate Fund 5. The number of visitors to the Kristiine shopping centre in the first six months of the year was similar to the same period a year ago, while the centre's tenants made 4% higher turnover from the sale of goods and services. Compared to the forecast made at the acquisition, the centre earned 3% more rental income and 5% more EBITDA in the first half of the year.
In addition to the distribution from the EfTEN Real Estate Fund 5, the EfTEN United Property Fund is looking for a potentially additional distribution from the interest on the owner loan of Invego Uus-Järveküla OÜ. As of the end of June the development company had repaid the entire balance of the bank loan while cash balance exceeded 2 million euros.
Statement of the comprehensive income
| 2nd quarter | 6 months | |||
| 2025 | 2024 | 2025 | 2024 | |
| € thousand | ||||
| INCOME | ||||
| Interest income | 143 | 159 | 297 | 310 |
| Distributed profit from underlying funds | 420 | 238 | 420 | 260 |
| Interest expenses | -1 | 0 | -6 | 0 |
| Other financial income | 0 | 0 | 4 | 5 |
| Net profit / loss from assets recognised in fair value through profit or loss | 460 | -42 | 1 075 | -65 |
| Investments in subsidiaries | 647 | 8 | 737 | -140 |
| Investments in funds | -187 | -50 | 338 | 75 |
| Total income | 1 022 | 355 | 1 790 | 510 |
| COSTS | ||||
| Operating expenses | ||||
| Management fee | -27 | -28 | -56 | -56 |
| Costs of administering the Fund | -10 | -10 | -17 | -16 |
| Other operating expenses | -9 | -10 | -38 | -37 |
| Total operating expenses | -46 | -48 | -111 | -109 |
| Profit / loss for the period | 976 | 307 | 1 679 | 401 |
| Total profit / loss for the period | 976 | 307 | 1 679 | 401 |
| Ordinary and diluted earnings / loss per share (EUR) | 0,39 | 0,12 | 0,68 | 0,16 |
Statement of financial position
| 30.06.2025 | 31.12.2024 | |
| € thousand | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 280 | 0 |
| Short-term deposits | 0 | 120 |
| Loans granted | 3 008 | 3 519 |
| Other receivables and accrued income | 323 | 1 039 |
| Total current assets | 3 611 | 4 678 |
| Non-current assets | ||
| Financial assets at fair value through profit or loss | 21 985 | 21 063 |
| Investments in subsidiaries | 1 891 | 1 154 |
| Real estate funds | 20 094 | 19 909 |
| Loans granted | 2 149 | 2 149 |
| Total non-current assets | 24 134 | 23 212 |
| TOTAL ASSETS | 27 745 | 27 890 |
| LIABILITIES | ||
| Bank overdraft | 0 | 400 |
| Current liabilities | 3 | 12 |
| Total liabilities, excluding net asset value of the fund attributable to shareholders | 3 | 412 |
| NET ASSET VALUE OF THE FUND | ||
| Net asset value of the fund attributable to shareholders | 27 742 | 27 478 |
| Total liabilities and net asset value of the fund attributable to shareholders | 27 745 | 27 890 |
The unaudited 2nd quarter and I half-year of 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
