Press releases

Higher result for Arcona Property Fund N.V. in the third quarter

9 November 2023

Arcona Property Fund N.V. (the Fund), a listed fund specialized in commercial real estate in Central Europe, achieved a result after tax of EUR 491,000 in the third quarter of this year. The intrinsic value per share amounted to EUR 11.72 as of September 30, 2023. After the distribution of gross EUR 0.1765 per share in October, the net asset value per share now amounts to EUR 11.55.


In the period to September 2023, the Fund generated gross and net rental income of EUR 4,938,000 and EUR 3,466,000 respectively. This corresponds to a 10.5% increase in year-to- date net rental income compared to the same period last year. Financial expenses increased by 48.5% in the first nine months compared to the corresponding period last year. This increase is largely due to the strong increase in EURIBOR/PRIBOR interest rates. The loan- to-value ratio is 40.0% as of September 30.


The Fund achieved a pre-tax profit of EUR 601,000 in the third quarter, a substantial increase compared to the EUR 370,000 profit in the second quarter. The increase was driven by the improvement in the operational result and the positive sales result of parts of the Bulgarian Boyana Residence project. The profit after tax for the third quarter amounted to EUR 491,000, 66% higher than the second quarter.


The result before tax, adjusted for indirect results, amounted to EUR 196,000 in the third quarter, an increase of 37.1% compared to the second quarter.


As of September 30, 2023, the occupancy rate was 86.7%, up from 84.9% at the end of June 2023. This improvement is mainly due to the new lease agreements for the modern Maris office building in the center of Szczecin , Poland.



The Fund will continue its disposal programme for non-core holdings in Slovakia and Bulgaria to generate capital for the reverse bookbuilding process. This move is part of an intended strategy to monetize a portion of the Fund's assets, aiming to return substantial amounts to shareholders and offer an exit opportunity for those who wish to withdraw from

the Fund. This process will be submitted for approval to the shareholders during an extraordinary general meeting on December 20, 2023.

Higher result for Arcona Property Fund N.V. in the third quarter
9 November 2023
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The dividend policy of the Fund is to aim to pay out ca. 35% of the annual operational profit as dividend. This annual distribution may be replaced or supplemented by specific share buyback programmes as approved by shareholders in a General Meeting.

Arcona Property Fund counts the following substantial companies amongst its tenants: