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EfTEN Real Estate Fund AS — EfTEN United Property Fund — Investor Presentation (February 2025)

14 slides from EfTEN Real Estate Fund AS's investor presentation, Feb 10, 2025

  1. Slide 1: EfTEN United Property Fund Webinar

    EfTEN United Property Fund Webinar 10.02.2025 Kristjan Tamla

  2. Slide 2: Disclaimer

    Disclaimer This material has been prepared by EfTEN Capital AS, the largest real estate fund manager in the Baltics, to introduce the EfTEN United Property Fund. In our opinion, the material is based on information obtained from reliable sources. However, it is not possible to guarantee that the inf

  3. Slide 3: Euro Property Market – interest cost is down, real estate sector risks near lows

    -1% 0% 1% 2% 3% 4% 5% 6% 01.02.2007 01.11.2007 01.08.2008 Allikas: ICE, ECB 01.05.2009 01.02.2010 01.11.2010 01.08.2011 3m EURIBOR rates 01.05.2012 01.02.2013 01.11.2013 01.08.2014 01.05.2015 01.02.2016 01.11.2016 01.08.2017 01.05.2018 01.02.2019 01.11.2019 01.08.2020 01.05.2021 01.02.2022 01.11.202

  4. Slide 4: Nordic Property Market – risks reassessed, transaction activity picking up

    Nordic Property Market – risks have been reassessed, and transaction activity is gradually picking up Allikas: Colliers

  5. Slide 5: Share price development

    Share price development Prices on listed market One large investor has been liquidating the position Listed property sector stocks (31.05.2022=100) % of EfTEN United Property Fund share capital 105 3,5% 100 3,0% 95 90 2,5% 85 2,0% 80 75 1,5% 70 65 1,0% 60 0,5% 05.2022 07.2022 09.2022 11.2022 01.2023

  6. Slide 6: EfTEN United Property Fund - 2024 main events

    EfTEN United Property Fund - 2024 main events Distributions – 402k EUR (2,1% of market cap) Investments – 7,9mio EUR • 260k EUR – May 2024 • 4,8mio EUR – UNA retail Park, Vilnius (through EfTEN Real Estate • 142k EUR – Nov 2024 Fund 5) • 2,5mio EUR – Kristiine keskus, Tallinn (through EfTEN Real Est

  7. Slide 7: EfTEN United Property Fund – fully invested

    EfTEN United Property Fund – fully invested Index-like portfolio: 51 underlying properties EfTEN Kinnisvarafond II Hotels + State + EfTEN Elderly care 4% EfTEN Special Residential Residential rental 5% 3% Latvia Fund Opportunities Fund 5% 5% 0% Logistics 5% Office 33% Office, Vilnius Estonia Menulio

  8. Slide 8: Main underlying properties

    EfTEN United Property Fund Main underlying properties Former Danske office, Vilnius UNA Retail Park, Vilnius Kristiine shopping centre, Tallinn Bought: Dec 2021 Bought: Aug 2024 Bought: Dec 2024 • A class office at Vilnius main business • Retail park in growing resi district • 3-4 largest shopping c

  9. Slide 9: Uus-Järveküla residential development – largest terraced house district in Estonia

    Uus-Järveküla residential development – largest terraced house residential district in Estonia I stage: units: 86 finish: q1/2024 sales+bookings: 80 II stage: units: 14+16=30 finish: q1/2025 sales+bookings: 30 III stage: units: 17 finish: summer 2025 sales+bookings: 9 IV stage: units: 32 finish: q4/

  10. Slide 10: Main underlying properties, total properties

    EfTEN United Property Fund Main underlying properties, total properties 51 % of NAV UNA Retail Park, Vilnius 19,4% Former Danske office building, Vilnius 17,2% Uus-Järveküla development, Rae 16,9% Menulio 7 office building, Vilnius 11,7% Kristiine shopping centre, Tallinn 11,3% Rewo rental apartment

  11. Slide 11: Outlook 2025

    EfTEN United Property Fund Outlook 2025 • Next expected distributions • May/June – from EREF, EKF II, Residential, Menulio • Sept/Oct – interest income EREF 5 • Nov/Dec - interest income, potential refinancing in EREF 5 • Investments • Fund fully invested • 200k EUR to be invested in EfTEN Special O

  12. Slide 12: Summary

    Summary • Interest costs have decreased, and property sector credit risk is again back near the lows of the current decade • Transaction activity is gradually picking up • Bank financing in the Baltics is abundant and “cheap”, but lack of new equity is holding back larger transactions • EfTEN United

  13. Slide 13: Core Team

    EfTEN United Property Fund Core Team Mr. Viljar Arakas Mr. Tõnu Uustalu Mr. Kristjan Tamla Mr. Viktors Savins Mr. Laurynas Žilys EfTEN Capital, CEO EfTEN Capital, EfTEN Capital, Head of Retail EfTEN Latvia Country Manager EfTEN Lithuania Country Manager Head of Investments EfTEN Capital co-founder a

  14. Slide 14: Thank you!

    Thank you! EFTEN PROPERTY UND.

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