Secondary public offering of Baltic Horizon Fund units ended on 22 October 2020 16:00 (EEST). In total, 6,247,904 units were subscribed which corresponds to gross amount of EUR 7.2 million.
“We are satisfied with the results, considering the current difficult environment for fund raising due to COVID-19. Nearly 500 new retail investors were onboarded from the Baltic States during subscription period and it was the first time we introduced Baltic Horizon to Lithuanian retail investors as long term real estate investment opportunity. With the new equity raised, we can pursue our investment plans with the continuous focus on regular quarterly dividends”, commented Tarmo Karotam, Fund manager of Baltic Horizon Fund.
Aare Tammemäe, partner of Redgate Capital AS: “Baltic Horizon Fund units subscription results were satisfactory, considering the tough environment where many institutional investors had uncertainty about the future economic developments overall. Also, passing the new law on Estonian pension fund system reform made it more difficult for the pension funds to look at local instruments.”
Northern Horizon Capital AS, the management company of Baltic Horizon Fund has decided to allocate each investor all units they subscribed for.
As a result of the offering the total number of Baltic Horizon Fund units will be increased by 6,247,904 units and after the new units have been registered with the Estonian Register of Securities, the total number of units will be 119,635,429.
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Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.
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This announcement contains information that Northern Horizon Capital AS is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above distributors, at 13:10 EET on 23 October 2020.
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