EfTEN Kinnisvarafond news
EfTEN Real Estate Fund’s sales revenue increased by 14,5% in 2015
EfTEN Kinnisvarafond AS (EfTEN Real Estate Fund), the largest commercial real estate fund in the Baltics, recorded 16,499 million euros in sales revenue in 2015, showing a 14,5% increase compared to the previous year. Net profits in the previous year were 12,023 million euros.
EfTEN Real Estate Fund’s sales revenue increased by 14,5% and EBITDA increased by 13,2% in 2015. Significantly lower gain on revaluation of properties contributed in 21% decrease of net profit comparing to year 2014. Without the revaluation of assets, the fund’s net profit would have increased by 16% in a year. Consolidated gross profit margin was 91% in 2015 representing high property management efficiency of the fund. These volumes make EfTEN Real Estate Fund the largest commercial real estate fund in the Baltics.
According to fund manager Viljar Arakas, the financial results of the fund met the expectations of the management. „EfTEN Real Estate Fund made two new transactions in 2015. In Jelgava, Latvia we acquired a property, where will be established a DIY shop of known Latvian construction materials retailor DEPO. Second transaction was acquisition of business centre in Vilnius from SEB Group subsidiary Litectus UAB,“ Arakas said.
2015 marked the end of EfTEN Real Estate Fund’s investment period, following which the fund will continue to wield existing investments and exit smaller investments. The fund will focus on larger investments, which individual value of property exceeds 5 million euros. 77% of the fund’s assets are invested in Estonia, 20% in Latvia and 3% in Lithuania. The fund’s real estate portfolio covers all commercial real estate segments including retail space, office spaces, storage, hotel and production facilities and other investments.