Summary of the EfTEN United Property Fund webinar

On 10 February 2025, a webinar of EfTEN United Property Fund was held, where Kristjan Tamla, the managing director of EfTEN Capital AS, introduced the unaudited 2025 results of EfTEN United Property Fund and discussed the plans of the fund. 

Summary of the webinar: 

• The decline in EURIBOR has led to a decrease in the risk margins of the European and Scandinavian real estate sector companies. The risk margins of corporate bonds have fallen back to the level of 3-4 years ago; 

• In the Baltics, the availability of bank loans in the real estate sector is good and lending margins have decreased. There is little new equity in the sector, making it a so-called buyer’s market and major transactions are being made below book value; 

• EfTEN United Property Fund achieved a record profit of 1.623 million euros in 2024 and in the second half of the year the portfolio became fully invested; 

• The UNA retail park in Vilnius and the Kristiine shopping center in Tallinn through the EfTEN Real Estate Fund 5 were added to the portfolio as the largest investments; 

• In the fund’s Uus-Järveküla residential development, over 70% of the final volume of the development has been purchased or booked by clients. The development is planned to be completed at the end of 2025 or at the beginning of 2026; 

• The fund’s unit price has been under pressure on the Tallinn stock exchange due to the liquidation of a position of more than 3% by one investor. As of the end of January 2025, this investor owned less than 0.2% of the fund (less than 40 thousand euros based on the stock market price of the fund’s unit); 

• In 2025, the fund plans to distribute income to investors three times: in late spring when dividends from the underlying funds are received and twice in the second half of the year when interest on investments made in the form of loan capital is received. 

The EfTEN Capital AS would like to thank all participants. The recording of the webinar can be followed up here and the presentation is available at the fund’s web page here. 

Kristjan Tamla 

Managing Director 

Phone 655 9515 

E-mail: kristjan.tamla@eften.ee