Key Takeaways
- • EfTEN Real Estate Fund AS acquired a 100% stake in Magistral Kaubanduskeskus OÜ for €31.69 million on June 1, 2026, with an expected net yield of 8.1%; the shopping centre achieved full occupancy by month-end following the signing of a lease for 165.5 m² of vacant space.
- • Consolidated rental income reached €2.897 million in June 2026, up €229 thousand from May, driven primarily by the Magistral acquisition and new leases across office properties (Pärnu mnt 102, Ulonu, and Evolution buildings); office vacancy improved to 9.0% from 9.6%.
- • First-half 2026 consolidated rental income totaled €16.43 million, a 5.5% increase year-over-year, with consolidated EBITDA of €13.8 million (up 7.1% year-on-year); overall portfolio vacancy declined to 2.3% at end-June versus 3.2% at year-end 2025.
- • Colliers International's June property revaluation resulted in a non-cash loss of €623 thousand (0.17% decline in fair value), primarily attributable to lower rental levels in office buildings across the portfolio.
- • Consolidated interest expenses for the first six months decreased to €3.17 million, €333 thousand lower than the prior-year period, reflecting improved debt management despite a weighted average interest rate of 4%.
Summary
EfTEN Real Estate Fund AS expanded its portfolio in early June 2026 with the acquisition of Magistral Kaubanduskeskus OÜ, a shopping centre investment valued at €31.69 million. The transaction, completed on June 1, delivered immediate operational impact, with the centre generating €213 thousand in rental income during its first month under fund ownership. The acquisition addressed a key occupancy metric: the centre entered the fund's portfolio with 165.5 m² of vacant lettable space, but by month-end a lease had been signed bringing the property to full occupancy.
The Magistral acquisition materially boosted the fund's June financial performance. Consolidated rental income reached €2.897 million, representing a €229 thousand increase from May, with the shopping centre accounting for the majority of gains. Contributing to the improvement were also new lease signings at the fund's office properties, including Pärnu mnt 102, Ulonu, and Evolution buildings. These leasing gains reflected broader momentum in the office segment, where portfolio vacancy tightened from 9.6% in May to 9.0% in June. Consolidated EBITDA expanded to €2.465 million, up €176 thousand sequentially.
Over the first half of 2026, the fund's operational trajectory remained positive. Total rental income reached €16.43 million, a 5.5% year-over-year increase, while consolidated EBITDA advanced to €13.8 million, up 7.1% on a reported basis and 5.2% on a like-for-like basis excluding the Magistral contribution. Portfolio-wide vacancy improved significantly to 2.3% at end-June from 3.2% at year-end 2025, indicating strengthening market conditions across asset classes. However, Colliers International's June revaluation identified headwinds: the fair value of the fund's investment properties declined 0.17%, resulting in a non-cash loss of €623 thousand. The decline was attributed primarily to downward rental pressure in office buildings, offsetting gains from stronger shopping centre performance.
On the liability side, consolidated interest expenses for the first six months totaled €3.17 million, down €333 thousand from the prior-year period, demonstrating improved financial management. The fund's weighted average interest rate on loans remained at 4%, providing some insulation from broader rate volatility in the Nordic credit markets.
The Magistral acquisition materially boosted the fund's June financial performance. Consolidated rental income reached €2.897 million, representing a €229 thousand increase from May, with the shopping centre accounting for the majority of gains. Contributing to the improvement were also new lease signings at the fund's office properties, including Pärnu mnt 102, Ulonu, and Evolution buildings. These leasing gains reflected broader momentum in the office segment, where portfolio vacancy tightened from 9.6% in May to 9.0% in June. Consolidated EBITDA expanded to €2.465 million, up €176 thousand sequentially.
Over the first half of 2026, the fund's operational trajectory remained positive. Total rental income reached €16.43 million, a 5.5% year-over-year increase, while consolidated EBITDA advanced to €13.8 million, up 7.1% on a reported basis and 5.2% on a like-for-like basis excluding the Magistral contribution. Portfolio-wide vacancy improved significantly to 2.3% at end-June from 3.2% at year-end 2025, indicating strengthening market conditions across asset classes. However, Colliers International's June revaluation identified headwinds: the fair value of the fund's investment properties declined 0.17%, resulting in a non-cash loss of €623 thousand. The decline was attributed primarily to downward rental pressure in office buildings, offsetting gains from stronger shopping centre performance.
On the liability side, consolidated interest expenses for the first six months totaled €3.17 million, down €333 thousand from the prior-year period, demonstrating improved financial management. The fund's weighted average interest rate on loans remained at 4%, providing some insulation from broader rate volatility in the Nordic credit markets.
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