Northern Horizon Capital AS, the management company of Baltic Horizon Fund, raised EUR 6.29 million in private placement. The private placement, mainly targeting institutional investors in select European countries, took place under the resolution taken by the general meeting of investors announced on 6 August 2024 and was closed on 12 September 2024.
The transaction received strong interest from investors, with total orders exceeding the maximum supply permitted in accordance with the resolution adopted during the general meeting of Baltic Horizon Fund’s investors held on 6 August 2024. The new units to be issued represent less than 20% of the number of Baltic Horizon Fund units already admitted to trading over a period of 12 months. Therefore, Northern Horizon Capital AS intends to issue 23,927,085 new units corresponding to a gross value of EUR 6.29 million. The proceeds will be used for investments into existing real estate properties and/or to deleverage Baltic Horizon Fund´s portfolio.
“We are very pleased with the high interest in the private placement of new Baltic Horizon fund units. The new capital for this fund was raised mainly from several Baltic and Swedish professional and institutional investors. We are aiming to use the proceeds for the fitout needs of our properties and to further reduce the debt of the fund,” commented Tarmo Karotam, Fund manager of Baltic Horizon.
The new units will be issued at EUR 0.2631, which is calculated according to the procedure adopted at the general meeting referred above and will be equal to the weighted average price of units on the Nasdaq Tallinn Stock Exchange over the 90-day period between 8 June 2024 and 5 September 2024.
After the issuance of new units, the total number of Baltic Horizon Fund units registered in the Estonian Register of Securities will increase from 119,635,429 to 143,562,514.
Northern Horizon Capital AS intends to list the new units on the Nasdaq Tallinn Stock Exchange, with the first trading day expected to be on or around 20 September 2024.
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
www.baltichorizon.com
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. Both the Fund and the Management Company are supervised by the Estonian Financial Supervision Authority.
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