In response to COVID-19 outbreak, Northern Horizon Capital AS, the management company of Baltic Horizon Fund (the Fund) has taken assertive action to manage the risks arising from the pandemic and to protect the health and safety of the public, our tenants, employees and the operating partners. We are closely monitoring the developments surrounding the outbreak and diligently implementing the instructions of WHO and the national health authorities. Baltic Horizon Fund will keep all its stakeholders informed on the most important actions we have initiated and will aim to ensure that we do everything in our power to prevent further spread of the virus, ensure continuity of our business and minimize the risks to our investors.
We are witnessing significant shifts in the operating environment across the Baltic region and anticipate the disruptions to persist in the near term. All three Baltic countries have responded with different measures in order to slow down the spread of COVID-19 and announced financial support programs to help businesses deal with the losses incurred as a result of the pandemic.
Meanwhile, our grocery anchored neighborhood shopping centres are demonstrating increased footfalls and revenues. In offices, most of our tenants have switched to remote working models and have restricted business travel, but the properties remain open and fully operational. We maintain active dialogue with our tenants in light of the changing situation, but for now, all rental obligations remain in effect and income is being collected as per original lease contracts. Additional safety measures such as more frequent cleaning and disinfection of the premises, increased ventilation capacity and public awareness initiatives have been put in place in all of our properties to reduce the risks of contagion.
The following measures are also in place to further mitigate the risks and protect the long-term interests of Baltic Horizon Fund and its investors:
While it is too early to evaluate the full economic impact of the pandemic, it is likely that it will have negative overall effect on the Fund’s 2020 performance. Nonetheless, we believe that our diversified portfolio, leading operating partners, solid balance sheet and experienced team will get through this extraordinary times and protect the long-term value for the investors.
For additional information please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
www.baltichorizon.com
The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com