Eastnine AB publishes Year-end Report 2017
Key events during the quarter:
- Net Asset Value (NAV) per share was SEK 103.9, or EUR 10.57, an increase of 7.9% from the third quarter¹.
- All segments increased in value; Real Estate direct by 6.9% following external valuations, Real Estate funds by 2.9%, and Other by 11.8% after strong performance by Melon Fashion Group (MFG) throughout the year.
- EUR 2.2m equity investment in 3Burės development. Divestments totalling EUR 13.1m refer to East Capital Baltic Property Fund II, EC Eastern Europe Small Cap Fund (prev. Deep Value) and EC Bering Ukraine Fund.
- Dividends from MFG and Baltic Property Fund II of EUR 1.6m in total.
- Strengthening of Eastnine’s Baltic team with recruitment of Meelis Šokman as Head of Estonian operations.
- 774,815 shares were repurchased for a total of EUR 6.1m.
1 Adjusted for share buybacks
Key events after the quarter:
- The Board will propose to the AGM an ordinary dividend for 2017 of SEK 2.10 per share, with semi-annual payments. The dividend corresponds to 2.0% of NAV/share and a year-on-year dividend growth of 133%, and translates into EUR 0.21 per share.
- Eastnine expands its portfolio to Riga by acquiring A Class office property Alojas Business Centre and two adjacent properties for EUR 29,6m, adding 11,600 sqm leasable area and annual rental income of EUR 2.4m.
- Holdings in EC Global Frontier Markets Fund and EC Eastern Europe Small Cap Fund were sold for a total of EUR 6.0m.
- 388,844 shares were repurchased 1 Jan – 15 Feb. Eastnine’s holding represents 9.1% of all shares in the company.
- The team was further strengthened with Julius Niedvaras as Head of Lithuanian operations.
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 242.5m. 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 owner of attractive commercial properties in prime locations 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 February 2018.