Tallinn, Estonia, 2017-11-13 10:25 CET (GLOBE NEWSWIRE) --
The financial results of EfTEN Real Estate Fund III met management expectations on October 2017. Fund’s sales income was 609 thousand euros (September: 610 thousand euros) and EBITDA 457 thousand euros (September: 484 thousand euros). EBITDA decreased due to capital raising costs. On October, the subsidiary of Fund (EfTEN Tänassilma OÜ) sold part of it’s property (transport land) to Republic of Estonia for 40 thousand euros, getting extraordinary profit.
During 10 month 2017, EfTEN Real Estate Fund III is gained EBITDA for 4,68 million euros, of which interest expense and loan annuity payments are covered in the amount of 2,3 million euros. Considering the dividend policy of EfTEN Real Estate Fund III, the gross dividends from that amount would be 1,9 million euros (LY 9 months: 1,3 million euros), which is equal to 66 cents per share, based on the total shares of the Fund before ongoing IPO.
The Fund’s Net Asset Value per share (NAV) as of 31.10.2017 is 14,15 euros. NAV is increased, compared to the end of September, by 1,1%.
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