EfTEN Real Estate Fund AS NAV Rises 0.9% in September as Occupancy Hits Three-Year High

EfTEN Real Estate Fund AS (OMXTSE:EFT1T) reported that its net asset value per share increased by 0.9% in September 2026 to €20.41. Consolidated rental income for the month grew to €2.94 million from €2.92 million in August, driven by quarterly investments in elderly care homes and new lease agreements at the Betooni 6 logistics centre. The fund's portfolio vacancy dropped to 2.2%, marking its lowest level in three years, while September EBITDA climbed to €2.57 million.

The monthly performance caps a strong nine-month period during which rental income reached €25.18 million, up 6.4% year on year. Higher earnings across properties such as the Magistral and Mustika shopping centres boosted nine-month adjusted cash flow by 15.6% to €11.02 million. This growth generated a potential gross dividend of 75.20 cents per share, representing a 12.8% increase compared with the previous year. Additionally, the fund strengthened its balance sheet by paying off a €4 million loan from Swedbank using proceeds from an August share issue, reducing its overall loan-to-value ratio from 42.2% to 41.0%.

Investors will be watching how rising interest rates affect borrowing costs, as the average weighted interest rate on group debt rose from 4.17% to 4.36% in September. Market participants will also monitor whether the fund can sustain its record-low vacancy rates and maintain cash flow expansion through the remainder of the year.