E
fTEN Real Estate Fund AS invested a significant portion of its capital in the first quarter of 2025, primarily in elderly care homes. In February, EfTEN Hiiu OÜ acquired the property at Hiiu 42 in Tallinn for €4 million, with an additional €2.5 million allocated for reconstruction. The expected return on this investment is 8% per annum. By March's end, the real rights contract was concluded and the transaction finalized, including a long-term lease agreement with Hiiu Südamekodu OÜ.

    EfTEN Ermi OÜ commenced construction of Tartu Südamekodu's second phase in January 2025, adding 60 beds and a solar park to the existing care home. The project cost is approximately €1.3 million, with completion expected by July 2025. EfTEN Real Estate Fund AS will own four elderly care homes with nearly 800 beds upon completion of these projects.

    The Fund's subsidiary EfTEN Seljaku OÜ terminated its lease agreement with AS Hortes in March and signed a new one with Rikets Aianduskeskus OÜ, which will commence operations on April 1. The ICONFIT logistics building owned by EfTEN Paemurru OÜ was completed in April, generating rental income for the Fund starting from April 15.

    The consolidated sales revenue of EfTEN Real Estate Fund AS for Q1 2025 was €7.858 million, with net rental income totaling €7.211 million. The net rental income margin remained stable at 92%, indicating that costs related to property management and marketing accounted for 8% of revenue. The Fund's consolidated net profit for Q1 2025 was €4.167 million, driven in part by a decrease in interest expenses due to the decline in EURIBOR.