Key Takeaways
- • EfTEN United Property Fund's NAV reached €11.35 per unit as of March 31, 2026, reflecting a monthly increase of 0.6%, with Q1 2026 net profit of €703 thousand compared to €93 thousand in the same period last year.
- • The fund's largest holding, EfTEN Real Estate Fund 5, increased 0.7% in March, achieving 100% occupancy at its Vilnius office property (formerly Danske Bank) following the addition of a new tenant.
- • Development company Uus-Järveküla OÜ, a significant fund investment, recorded record monthly profit of €553 thousand in March from the delivery of 18 semi-detached and terraced houses, with 7 additional units planned for April-May delivery and 32 units in final phase construction.
- • Uus-Järveküla OÜ obtained building permits in April for final-phase development with construction pricing at approximately €1,850 per square meter (including VAT) and planned completion in Q1 2026, requiring bank financing to be secured in April.
- • If EfTEN Real Estate Fund AS shares were valued at net asset value rather than fair value, the fund's NAV would reach €11.48 per unit with a monthly increase of 1.3%.
Summary
EfTEN United Property Fund demonstrated solid performance in the first quarter of 2026, with net asset value per unit standing at €11.35 as of March 31, marking a monthly gain of 0.6%. The fund generated net profit of €178 thousand in March alone and €703 thousand across the quarter, representing a significant improvement from €93 thousand in the comparable 2025 period. This represents approximately 656% year-over-year growth in quarterly profitability.
The fund's largest investment, EfTEN Real Estate Fund 5, contributed to performance gains with a 0.7% monthly increase in March. A notable operational achievement was the restoration of 100% occupancy at the fund's office building in Vilnius (the former Danske Bank property), accomplished through the addition of a new tenant during the month. This metric improvement reflects strengthening commercial real estate fundamentals in the Baltic market.
Uus-Järveküla OÜ, a residential development company in which the fund maintains a substantial investment, drove outsized March returns. The company delivered 18 semi-detached and terraced houses during the month through real-right agreements, generating a record profit of €553 thousand from that phase. This elevated profit level contributed meaningfully to the fund's March net earnings. The development trajectory continues into the second quarter, with delivery of seven additional terraced and semi-detached houses scheduled for April-May.
The final phase of the Uus-Järveküla development received building permits in April, clearing regulatory hurdles for construction of 32 additional terraced houses. The construction contract specifies pricing at approximately €1,850 per square meter (VAT inclusive), with anticipated completion targeted for Q1 2026. To finance this final phase, Uus-Järveküla OÜ plans to execute a bank loan agreement during April 2026.
Under an alternative valuation methodology using net asset value for EfTEN Real Estate Fund AS equity positions rather than fair value accounting, the fund's reported NAV would reach €11.48 per unit with a monthly appreciation of 1.3%, suggesting underlying asset value dynamics exceed the conservatively reported figure.
The fund's largest investment, EfTEN Real Estate Fund 5, contributed to performance gains with a 0.7% monthly increase in March. A notable operational achievement was the restoration of 100% occupancy at the fund's office building in Vilnius (the former Danske Bank property), accomplished through the addition of a new tenant during the month. This metric improvement reflects strengthening commercial real estate fundamentals in the Baltic market.
Uus-Järveküla OÜ, a residential development company in which the fund maintains a substantial investment, drove outsized March returns. The company delivered 18 semi-detached and terraced houses during the month through real-right agreements, generating a record profit of €553 thousand from that phase. This elevated profit level contributed meaningfully to the fund's March net earnings. The development trajectory continues into the second quarter, with delivery of seven additional terraced and semi-detached houses scheduled for April-May.
The final phase of the Uus-Järveküla development received building permits in April, clearing regulatory hurdles for construction of 32 additional terraced houses. The construction contract specifies pricing at approximately €1,850 per square meter (VAT inclusive), with anticipated completion targeted for Q1 2026. To finance this final phase, Uus-Järveküla OÜ plans to execute a bank loan agreement during April 2026.
Under an alternative valuation methodology using net asset value for EfTEN Real Estate Fund AS equity positions rather than fair value accounting, the fund's reported NAV would reach €11.48 per unit with a monthly appreciation of 1.3%, suggesting underlying asset value dynamics exceed the conservatively reported figure.
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