EfTEN United Property Fund unaudited financial results for 1st quarter of 2025

Core Insights - EfTEN United Property Fund achieved a net profit of €703 thousand in Q1 2025, a significant increase from €94 thousand in Q1 2024, marking the first quarter based on a fully invested portfolio [1][2] - The Fund's revenues rose from €155 thousand in Q1 2024 to €768 thousand in Q1 2025, while costs remained largely stable [1][2] Financial Performance - The increase in income and profit was primarily driven by the strong financial results of Kristiine Shopping Centre and improved profitability from new development phases in the Uus-Järveküla residential area [2] - In Q1 2025, the Fund concluded 27 real rights agreements for terraced and semi-detached houses in Uus-Järveküla, with the developing company earning a profit of €781 thousand [3] - By the end of Q1 2025, nearly 75% of the total project volume (165 housing units) had been sold or reserved [3] Development Updates - A building permit was issued for the final phase of the Uus-Järveküla residential development, which includes 32 terraced houses, with financing secured from Coop Pank AS covering 100% of construction costs [4] - The Fund plans to make its largest distribution in history in Q2 2025, based on dividends from various real estate funds and accrued interests from loans granted to Invego Uus-Järveküla OÜ [5] Financial Position - As of March 31, 2025, total assets of the Fund amounted to €28.36 million, an increase from €27.89 million at the end of 2024 [10] - The net asset value attributable to shareholders was €28.18 million, up from €27.48 million at the end of 2024 [10]