Financial Performance - EfTEN United Property Fund reported a net profit of 170 thousand euros in May and 1.32 million euros for the first five months of 2025, a decrease from 357 thousand euros during the same period last year [1] - The fund distributed 1.47 million euros to investors in May, equating to 57 euro cents per unit, leading to a 4.4% decrease in net asset value (NAV) to 11.02 euros per unit at the end of May [1] - Without the distribution, the NAV would have increased by 0.6% in May [1] Investment Highlights - The fund's largest investment, EfTEN Real Estate Fund 5, which EfTEN United Property Fund owns 36.5% of, earned a profit of 257 thousand euros in May, supported by the Kristiine shopping centre investment [2] - The vacancy rate of the Kristiine shopping centre was just 0.17% as of the end of May, with the equity value of EfTEN Kristiine OÜ increasing by 1.1% in a month [2] Development Projects - In the Uus-Järveküla development, one terraced house was handed over to clients in May, generating a profit of 7.7 thousand euros for the development company Invego Uus-Järveküla OÜ, in which the fund holds an 80% stake [3] - The fund earned 38.3 thousand euros in interest income from this investment, with the next development stage of 17 terraced houses planned for completion in July [3] - The signing of real right agreements for most of the 16 terraced houses already booked by clients began in June, with 5 finished terraced houses remaining unsold [3] - The final stage of development, consisting of 32 terraced houses, is expected to be completed in the first quarter of 2026 [3]

Core Insights - Greystone Housing Impact Investors LP announced a cash distribution of $0.30 per Beneficial Unit Certificate (BUC) to be paid on July 31, 2025, to BUC holders of record as of June 30, 2025 [1] - The CEO indicated that high interest rates and capitalization rates have led to a reduction in quarterly distributions, which now yield an annualized rate of 9.5% based on the net book value as of March 31, 2025 [2] - The Partnership's non-controlling investment in Vantage at Fair Oaks, a 288-unit multifamily property in Texas, has been publicly listed for sale, with the Partnership having contributed $12.0 million in equity [3] Distribution Details - The cash distribution of $0.30 per BUC will be effective for BUC holders recorded by the end of trading on June 30, 2025, with ex-distribution trading commencing on the same date [1] - The decision on distributions is based on a disciplined evaluation of the Partnership's operating results and financial condition [2] Investment Strategy - Greystone Housing Impact Investors LP focuses on acquiring mortgage revenue bonds to finance affordable housing properties, with a strategy to leverage investments and manage interest rate risks [4] - The Partnership aims to achieve growth by investing in additional mortgage revenue bonds and utilizing attractive financing structures available in the market [4]

Kennedy Wilson Overview - Kennedy Wilson manages a global investment portfolio with 39,000 multifamily units and 12 million sq ft of industrial space[5] - The company has a 36-year track record as a global real estate operator and investor[15] - Kennedy Wilson anticipates generating over $400 million from asset sales in 2025, with $125 million already repaid on the credit facility in Q2[12] Financial Performance - The estimated annual NOI from the stabilized portfolio is $473 million[13,18] - Investment Management Fees TTM are $103 million[13] - Fee-bearing capital is $8.7 billion as of Q1 2025[23,46] Portfolio Composition - Multifamily, Loans, and Industrial represent 72% of the stabilized portfolio[18] - The global multifamily portfolio totals approximately 39,000 units with an estimated annual NOI of $302 million and 95% occupancy[24,25] - Rental housing represents approximately 66% of AUM, totaling $12 billion[48,50] Investment Management Platform - The company targets 20%+ growth in investment management fees[12] - There is a $4.4 billion pipeline of fee-bearing capital from future fundings[47] - The credit platform has $9.1 billion in loan commitments[5,57]

Core Viewpoint - Heimar hf. has successfully completed the acquisition of Gróska ehf. and Gróðurhúsið ehf., enhancing its property portfolio and increasing the proportion of certified assets [1][2]. Company Overview - Gróska is an innovation hub located in Reykjavík, comprising approximately 24,800 square meters, including office space and a parking facility [2]. - Gróðurhúsið operates as a startup incubator and coworking space within Gróska [2]. Financial Details - The acquisition was settled through the issuance of 258 million new shares in Heimar, which have been listed on Nasdaq [3]. - Following the transaction, Omega ehf. will become the largest shareholder in Heimar with an approximate 12.5% stake [4]. Strategic Importance - The acquisition aligns with Heimar's strategy to focus on strong hubs with diverse services near residential areas and efficient transport links [5]. - The property is BREEAM certified, increasing Heimar's certified assets from 38.9% to 41.1% [2]. Community and Tenant Mix - Gróska hosts a diverse range of tenants, including notable companies such as CCP, NetApp, and the University of Iceland Science Park, contributing to a vibrant community [3]. - The building's design and location are expected to support long-term demand for office and commercial space [5]. Vision and Future Outlook - The CEO of Heimar emphasizes the importance of Gróska in the company's portfolio, highlighting its potential for continued development and innovation [5]. - The Chairman of the Board of Gróska expresses confidence in Heimar as the right owner to further the development of the innovation center [6].

Core Insights - NewGen plans to invest US$45 million in the UAE real estate market, focusing on properties near the Wynn Al Marjan Island integrated resort, marking a diversification from its traditional IVF business operations [1][2] - The investment is driven by Ras Al Khaimah's strong economic growth, political stability, and significant infrastructure developments, which are expected to enhance property values [2][5] - NewGen is also considering additional investments in Abu Dhabi's real estate market, which offers stability and long-term growth potential [2][3] Investment Strategy - The company has engaged UAE-based business development manager Samira Aissani to lead property acquisition initiatives, leveraging her extensive experience in UAE real estate [3] - NewGen is in advanced discussions for strategic plot acquisitions in Ras Al Khaimah and has established partnerships with prominent UAE developers [3][4] - A term sheet has been executed with Enclave Capital LLC to raise an additional US$45 million to support the UAE real estate expansion [4] Market Potential - The Wynn Al Marjan Island integrated resort, a multi-billion dollar development set to open in early 2027, is expected to drive demand for real estate in Ras Al Khaimah [2] - The region's strategic location, with 31% of the world's population within four hours' flying time, along with favorable investment policies, creates an ideal environment for real estate appreciation [2] - NewGen's CEO expressed confidence that the investment will deliver substantial returns and establish a strong foundation for future growth [5]

Group 1: Rental Income and Revenue Growth - In May, EfTEN Real Estate Fund AS reported consolidated rental income of EUR 2,643 thousand, an increase of EUR 33 thousand from April, driven by higher revenue in the logistics segment and contract-based rent increases in the elderly care segment [1] - For the first five months of 2025, the Fund earned EUR 12.9 million in rental income, reflecting a 1.3% increase compared to the same period last year [3] Group 2: Financial Performance Metrics - The Fund's consolidated EBITDA in May was EUR 2,229 thousand, up from EUR 2,183 thousand in April, with adjusted cash flow amounting to EUR 1,148 thousand, an increase of EUR 138 thousand compared to April [2] - Consolidated EBITDA for the year stands at EUR 10.6 million, which is 2.7% lower year-over-year, primarily due to utility costs related to vacant space in the office segment [3] - Consolidated interest expenses decreased by EUR 768 thousand compared to last year, with the weighted average interest rate falling to 4.09% in May [3] Group 3: Portfolio and Asset Valuation - The portfolio vacancy rate decreased to 4.0%, down 0.7 percentage points, mainly due to new lease agreements signed in the office building at Pärnu mnt 102 in Tallinn [2] - As of the end of May, the Fund's net asset value (NAV) per share was EUR 19.7782, and the EPRA NRV was EUR 20.6479, both increasing by 0.7% over the month [4]

Core Insights - Tulip Real Estate has acquired the Hilton London Syon Park for approximately £30 million, marking a significant expansion in the UK's luxury hotel market [2][6] - The hotel, located in a historic 200-acre estate, is a prime destination for affluent travelers and high-end Indian weddings, featuring 137 luxury rooms and a spa [3][4] - This acquisition represents Tulip's first Hilton-branded hotel in the UK and is part of a strategic joint venture with an experienced hospitality operator [11] Strategic Significance - The acquisition highlights Tulip Real Estate's ambition to strengthen its presence in the UK luxury hospitality sector, blending modern investments with a respect for British heritage [8] - The property was previously owned by American investment fund Lone Star and was part of a four-property portfolio [5][6] - Operational management will be handled by Countrywide Hotels, leveraging their expertise in high-end hospitality [7] Heritage and Refurbishment - Tulip Real Estate is committed to preserving and revitalizing historic properties, owning several landmark heritage hotels [7][10] - The company has a portfolio that includes properties like Warbrook House Heritage Hotel and Whately Hall Hotel, showcasing a blend of historic charm and modern luxury [10]

Core Acquisition Details - Heimar hf. has completed the acquisition of all shares in Tryggvagata ehf., with the sellers being MF2 hs. and Laxamýri ehf. The purchase price was settled through a combination of cash payment and assumption of debt [1] - Tryggvagata ehf. owns properties at Tryggvagata 14 and Tryggvagata 10 in downtown Reykjavík, with a total floor area of approximately 5,500 square meters. The acquisition includes a 106-room, four-star hotel and an adjacent office building [2] Property and Tenant Information - The properties are fully leased to Exeterhouse ehf., which operates Exeter Hotel, and Aton Jl. Exeter Hotel has established itself as a premier hotel in Reykjavík, known for its modern design and high-quality service, ensuring a strong occupancy rate [3] - The properties were constructed in 2018 and are located within Heimar's designated core operational areas, aligning with the company's strategic priorities [4] Strategic Importance - The CEO of Heimar, Halldór Benjamín Þorbergsson, emphasized that the acquisition of these centrally located properties is a significant step in the company's growth strategy, enhancing its property portfolio with premium leased assets [5] - Hjalti Gylfason, Chairman of the Board of Laxamýri ehf., expressed confidence in Heimar as a reliable real estate company, indicating that Exeterhouse ehf. will continue to operate the hotel under its current brand [6]

Core Insights - Proteus MHP has secured a $60 million equity commitment from GCM Grosvenor to enhance its operations in manufactured housing communities [1][2] - The partnership aims to create a programmatic joint venture that will provide over $150 million in buying power for acquiring and operating manufactured housing communities across the U.S. [2] - Proteus MHP, founded in 2022, currently owns and operates 21 communities and has three additional assets under contract, focusing on quality, attainable housing [3][4] Company Overview - Proteus MHP is a private real estate investment and operating firm dedicated to acquiring and improving manufactured housing communities [6] - The firm is led by co-founders Bowen Hsu and Marcus Consunji, who have over 30 years of combined real estate experience and have executed transactions exceeding $5 billion [3][6] - The operational platform of Proteus MHP integrates acquisitions, asset management, and property operations to enhance long-term value and resident satisfaction [4] Investment Strategy - GCM Grosvenor's Real Estate platform, managing over $6 billion in assets, focuses on middle-market opportunities through joint ventures and strategic partnerships [5] - The investment in Proteus MHP reflects GCM Grosvenor's strategy to partner with niche operators and scalable platforms to outperform in evolving market conditions [5] - The collaboration is expected to leverage strategic capital improvements and hands-on management to generate attractive, risk-adjusted returns [4][5]

Nasdaq OMX Copenhagen A/S Charlottenlund May 30, 2025 Announcement no. 277 Interim Report for the period January 1 – March 31, 2025 The Board of Directors has today reviewed and adopted the attached interim report for the period January 1 – March 31, 2025. The result before value adjustments and tax for the period January 1 – March 31, 2025, showed a profit of T.EUR 135.0. The result is considered as expected.The management assessed the property value in German properties at EUR 88.5 million as of March 31, ...