Baltic Horizon Fund Completes Successful Capital Raise Through Private Placement
Northern Horizon Capital AS, the management company behind Baltic Horizon Fund, has announced that it successfully completed a private placement, raising EUR 6.29 million. This strategic move focused on attracting institutional investors from several selected regions in Europe, following a decision made during a previous general meeting.
Strong Demand Results in Increased Fund Units
The private placement sparked considerable interest within the investment community, with demand surpassing the number of available units. The newly issued units, totaling 23,927,085, represent under 20% of the fund's total existing units, indicating a strong desire for investment opportunities in Baltic Horizon Fund. The capital raised will mainly support investments in current real estate properties and contribute to the fund's financial stability through reduced leverage.
Management's Perspective
Tarmo Karotam, the Fund Manager of Baltic Horizon, shared his excitement about the overwhelming response to the private placement. He remarked, "We're thrilled with the strong interest from institutional and professional investors in the Baltic and Swedish markets. The funds we've secured will be crucial for meeting our properties' fit-out requirements and for further reducing our debt."
Details on New Units and Future Trading Plans
Each new unit will be priced at EUR 0.2631, a figure calculated based on the weighted average price of existing units traded on the Nasdaq Tallinn Stock Exchange over a specific 90-day period. After this issuance, the total units registered in the Estonian Register of Securities will increase from 119,635,429 to 143,562,514 units.
Plans for Upcoming Nasdaq Listing
Northern Horizon Capital AS is gearing up to list these new units on the Nasdaq Tallinn Stock Exchange, with trading expected to begin on a date that will be announced soon. This step is essential for the fund to improve its visibility and trading liquidity on public exchanges.
Introduction to Baltic Horizon Fund
Baltic Horizon Fund functions as a public closed-end real estate fund and is managed by Northern Horizon Capital AS, a licensed Alternative Investment Fund Manager. Both the fund and its management company are overseen by the Estonian Financial Supervision Authority, which ensures regulatory compliance and investor protection.
Getting in Touch
For further information, those interested can contact Tarmo Karotam, the Fund Manager, via email at tarmo.karotam@nh-cap.com.
Frequently Asked Questions
What does the private placement involve?
The private placement raised EUR 6.29 million primarily to engage institutional investors in Europe, aimed at boosting real estate investments and reducing the fund's debt levels.
How many new units were created during this placement?
A total of 23,927,085 new units were issued, accounting for less than 20% of the Baltic Horizon Fund's total existing units.
What will the raised funds be used for?
The proceeds from this placement will be allocated to existing property investments and will help lower the fund's indebtedness.
When can we expect the new units to be listed?
The new units are anticipated to be listed on the Nasdaq Tallinn Stock Exchange around mid-September 2024.
How can investors keep track of Baltic Horizon Fund developments?
Investors can sign up on the fund's website to receive updates about projects, plans, and other important news.
