Baltic Horizon Fund’s income decreased by 16.1% last year

Last year, the fund suffered almost 23 million. EUR net loss, when in 2022 he earned 3.9 million. EUR net profit.

According to the company, one of the reasons for the poor results was that the value of assets under management decreased by 21.9 million after the valuation. Eur.

“After selling the shares of UAB “BH Domus Pro”, which owns a retail park and an office building, and UAB “BH Duetto”, which owns two office buildings, the sale loss amounted to 4 million. Eur. The net result was also affected by higher financial expenses,” the fund says in its statement published on the Nasdaq exchange.

“Baltic Horizon Fund” announces that in 2024 is preparing to carry out several early redemptions of bond issues, thereby refinancing its obligations. A possible sale of the property is also under consideration.

“These actions are in line with our strategy to gradually reduce financial leverage (eng. leverage) level, in order to achieve the final goal – after all the planned refinancing actions in 2024. to achieve a ratio of approximately 50% or less,” the fund said in a statement.

“Baltic Horizon Fund” manages 12 real estate objects in the capitals of the Baltic countries, the total value of which reaches 250.4 million. Eur. Their total employment rate in 2023 in the second quarter it reached 87.2%. The fund sets the goal that by 2024 at the end of the year, the portfolio occupancy must be at least 90%.

“We believe the portfolio’s 90% occupancy target is achievable as many new tenants will be able to move in during 2024.” Most of the new leases will start generating rental income from 2024. of the second quarter,” the fund says.

In Vilnius, the fund owns the Europa shopping center, the North Star building, and Meraki.

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