Eften Real Estate Fund AS Considers New Public Offering Of Shares

(MENAFN- GlobeNewsWire - Nasdaq) The management board of EfTEN Real Estate Fund AS presented to the supervisory board a proposal for issuing new shares, the purpose of which is to finance new planned acquisitions. The volume of the issue is initially planned to be 10% of the fund's current equity capital (approximately 20 million euros), which in case of oversubscription can be upsized to 15% of the fund's equity capital (approximately 30 million euros). The fund is considering issuing new shares at a price that corresponds to the 60-day simple average closing price of the fund's shares on the Nasdaq Tallinn stock exchange. In addition to offering shares in Estonia, offering shares in Latvia and Lithuania is also being considered. The new shares are planned to be listed on the Nasdaq Tallinn stock exchange.

The management board of the fund sees that the real estate market of the Baltic countries, which has been stagnant for several years, is about to turn the corner supported by falling interest rates. At the same time, the interest of foreign investors in the Baltics' real estate market is still essentially non-existent, and no new foreign capital is entering at the moment. In such a situation, the board of the fund sees good opportunities to grow the fund's real estate portfolio under favorable conditions.

The precondition for the public offering is the adoption of the decision to increase the share capital by the general meeting of shareholders and the registration of the offering prospectus with the Financial Supervision Authority. The fund will additionally announce the time, place and agenda of the general meeting through the stock exchange system. The exact conditions of the public offering will also be additionally published through the stock exchange system upon registration of the prospectus.

Viljar Arakas
Member of the Management Board
Phone 655 9515
E-mail: ...

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