Eastnine AB publishes Interim report for the first quarter 2018
Key events during the quarter:
- Net Asset Value (NAV) per share was SEK 109.6, or EUR 10.64, an increase of 0.7% during the quarter¹.
- Real Estate Direct increased in value by 0.8% and Real Estate funds by 2.5%, while Other decreased by 0.3%.
- Acquisition of commercial properties Alojas Biroji and Alojas Kvartals in Riga for a total cash consideration of EUR 29.6m.
- EUR 3.5m investment in EC Baltic Property Fund III.
- Divestment of non-core assets for EUR 38.7m in total, including all shares in Komercijalna Banka Skopje and EC Eastern Europe Small Cap Fund, and main part of EC Global Frontier Markets Fund.
- Strengthening of Eastnine’s Baltic team with Julius Niedvaras as Head of Eastnine Lithuania.
- 577,944 shares were repurchased at an average price of SEK 86.45 per share, totalling EUR 5.0m.
1 Adjusted for share buybacks
Key events after the quarter:
- The AGM approved an ordinary dividend of SEK 2.10 per share with semi-annual payments of SEK 1.05 each, and a long-term share based incentive plan for staff.
- The AGM elected new board members Johan Ljungberg and Peter Wågström to replace Lars O Grönstedt and Göran Bronner who declined re-election. Liselotte Hjorth was elected new Chairman.
- Divestment of the remaining holding in EC Global Frontier Markets Fund for EUR 3.7m.
- Eastnine has, after cancelling treasury shares, decided to continue with share buybacks. A new mandate starts on 17 May with repurchases up to NAV/share, and a maximum amount of SEK 30m until 30 June 2018.
For more information contact:
Kestutis Sasnauskas, CEO, +46 8 505 97 700
Lena Krauss, CFO, +46 73 988 44 66
Eastnine AB (publ) is a Swedish investment company with a net asset value of EUR 238.1m. The company is currently transitioning into a focused Baltic real estate company, with an aim to generate predictable cash flows by being a long-term provider of sustainable prime office space in the Baltic capitals. Eastnine is listed on Nasdaq Stockholm, Mid Cap.
This information is information that Eastnine AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 a.m. CET on 16 May 2018.