“The way EfTEN built up its listing process was excellent. They started to communicate publicly about their ambition to list the fund already a couple of years ago, kept true to their messages and the result couldn’t really be better: the public offering was oversubscribed more than 5 times and attracted more than 1800 investors,” said Kaarel Ots, the CEO of Nasdaq Tallinn. “It’s great to see companies like EfTEN tapping into the public market and I’m delighted to welcome them to the Baltic Main List!”
The listing of EfTEN Real Estate Fund III AS shares follows the company’s public offering of shares which ended on November 10, 2017. EfTEN Real Estate Fund III AS offered up to 337,272 new ordinary shares, of which 87 272 shares were offered to the fund manager (EfTEN Capital AS) and 250,000 new shares for all natural and legal persons in Estonia. The offering price of one share offered was 14 euros. In total, 1 502 930 shares were subscribed in the amount of 21 041 020 euros and 1 833 subscription orders were received. The 250,000-share batch that was offered publicly to all natural and legal persons in Estonia, was oversubscribed 5.7 times.
The proceeds of the issue will be used mainly for developing and constructing the new Hortes gardening plant in Tallinn, Estonia and for completing the reconstruction of DSV logistics center in Riga, Latvia.
"By listing the EfTEN Real Estate Fund III AS shares we fulfilled a promise we had made. When establishing the fund in 2015, we promised our investors to list the fund in the coming three years," said Viljar Arakas, Member of the Management Board of EfTEN Real Estate Fund III and CEO of EfTEN Capital. "The amount of the public offering was rather small which also caused the large oversubscription. The continuously increasing price level of the Baltic commercial real estate makes it harder to find new investment objects that would suit our conservative investment policy. That's the reason for raising as little capital as needed, not as much as possible."
EfTEN Real Estate Fund III AS (founded in 2015) is a public closed-end alternative investment fund which invests in cash flow generating commercial properties in the Baltic States. After the listing, the fund became evergreen (i.e. termless). Its dividend policy sets out that 80% of the free cash flow will be paid out to dividend.
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