EfTEN Real Estate Fund AS Plans New Share Issuance to Expand
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Plans for New Share Issuance by EfTEN Real Estate Fund AS
The management board of EfTEN Real Estate Fund AS has put forward a proposal to the supervisory board for a new public offering of shares. This initiative aims to fund planned acquisitions, highlighting the fund's forward-looking approach in a recovering real estate market.
Details of the Share Offering
The share issuance is tentatively set to constitute about 10% of the fund's current equity capital, amounting to around 20 million euros. If the demand exceeds expectations, this could increase to 15%, totaling approximately 30 million euros. The pricing for the new shares will be based on the 60-day simple average closing price of the shares listed on the Nasdaq Tallinn stock exchange.
Geographical Scope of the Offering
While the primary focus is on Estonia, the management board is also contemplating extending the offering to investors in Latvia and Lithuania. This broader reach aims to maximize opportunities for capital infusion into the fund.
Market Conditions Favor Growth
According to the management board, the stagnant real estate market in the Baltic countries is poised for a turnaround, particularly with the recent decline in interest rates. However, foreign investment in the region remains minimal, presenting a unique opportunity for local funds like EfTEN to strategically expand their portfolios under favorable conditions.
Next Steps for the Public Offering
The successful execution of this public offering depends on two critical factors: the general meeting of shareholders must approve the capital increase, and the offering prospectus must be registered with the Financial Supervision Authority. Further announcements regarding the time, place, and agenda of the meeting will be made through the stock exchange system, along with detailed conditions for the public offering once the prospectus is registered.
Contact Information
For further inquiries, you may contact Viljar Arakas, a member of the Management Board, at Phone: 655 9515 or via email at viljar.arakas@eften.ee.
Frequently Asked Questions
What is the purpose of the new share issuance by EfTEN Real Estate Fund AS?
The new share issuance aims to finance planned acquisitions and expand the fund's real estate portfolio.
How much does the fund plan to raise through the share offering?
Initially, the fund plans to raise approximately 20 million euros, with the potential to increase to 30 million euros if demand allows.
Where will the new shares be available for purchase?
The shares will primarily be offered in Estonia, but there are considerations to extend the offering to Latvia and Lithuania.
What are the conditions for the share offering to proceed?
The offering will proceed only if the general meeting of shareholders approves the capital increase and the prospectus is registered with the Financial Supervision Authority.
Who can I contact for more information regarding the offering?
Questions can be directed to Viljar Arakas, member of the Management Board, via phone at 655 9515 or through email at viljar.arakas@eften.ee.
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