Eastnine: Soon to be a pure real estate owner

Eastnine: Soon to be a pure real estate owner - ABG

Property fund divested to at least book value Implies >EUR 40m investment headroom The last “other holding” could be divested in 2022

Cash flow injection of =EUR 24.4m in Q4 ’21 and Q1 ’22 Today, Eastnine communicated that it will receive at least the booked value of EUR 24.4m in conjunction with East Capital’s divestment of all properties in East Capital Baltic Property Fund II. One of four properties was divested in December, after which Eastnine recouped EUR 5.3m through fund redemption. Eastnine estimates that the divestment of the remaining three properties will take ~1 month, since it requires a process involving approval from the Estonian antitrust authority. As such, EAST should receive the payments for the remaining three properties in Q1 ‘22. Approaching EUR 700m property value target In line with the company’s strategy, all proceeds from the divestment will be invested in direct-owned real estate. Applying the net loan-to-value from Q3 ’21 (43%) implies that the divested EUR 24.4m could be used to invest or acquire new properties of at least ~EUR 43m. In comparison, this is above Eastnine’s historical acquisition price of ~EUR 35m. This allows the company to approach its EUR 700m property value target in 2023. Its property value as of Q3 ’21 was EUR 416m, and an office property in Vilnius worth EUR 40m was acquired on 23 December. An additional EUR 89m remains in “other holdings” Following this divestment, Melon Fashion Group (14.9% of Eastnine’s total assets in Q3’21, equivalent to EUR 89m) is the only remaining holding that is not direct-owned real estate. This Russian retail chain has grown through expanding its e-commerce business during the pandemic (sales +66% Q1-Q3’21) alongside improved profitability (EBITDA +98% Q1-Q3’21), and Eastnine’s total return for the retailer from Q1 to Q3’21 was 24% (22% in Q4’20 alone and negative in Q1-Q3’20 due to a weaker rouble). A potential IPO was marked as the most likely divestment scenario of the retail group in E ... Läs mer på Introduce

Eastnine: Soon to be a pure real estate owner - ABG

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Eastnine: Soon to be a pure real estate owner - ABG

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