Press releases

Operational performance

Comparable gross rental income decreased, primarily due to the departure of Danone as the main tenant in the EOS Business Park in Bucharest, to EUR 0.86 million (Q1 2025: EUR 1.08 million). Comparable net rental income amounted to EUR 0.50 million (Q1 2025: EUR 0.81 million). A limited negative result of EUR 41,000 was achieved for the first quarter, compared to a negative result of EUR 299,000 due to one-off charges in the first quarter of 2025. The results correspond to the smaller portfolio size following the realized divestments in 2025. Financing costs decreased significantly compared to the same period last year, partly due to lower debt levels and lower interest expenses following realized divestments and repayments.

Intrinsic value and balance sheet

The Triple Net Asset Value (“NNNAV”) per share amounted to EUR 9.62 as at March 31, 2026, compared to EUR 9.66 at the end of 2025. The limited decrease is mainly related to currency effects and the limited negative quarterly result.

The proceeds from the sales received have largely been used for further debt reduction, such as the full repayment of loans from Slovenska Sporitelna in Slovakia, Patria Bank in Romania, and repayment of loans at the NV level. In addition, the financing structure was further strengthened by the successful refinancing of the HYPO NOE Landesbank loan. As a result, the maturity profile of the loans improved further and financing risk decreased further.

As of the end of March 2026, the portfolio consisted of assets with a real estate value of approximately EUR 51 million.

Outlook

For 2026, the Fund continues to focus on:

•       Execution of the monetisation programme regarding ‘non-core’ assets and preparing the remaining assets for sale;

•       further reduction of financing risks and debt levels.

Proceeds from future sales will primarily be used for further debt reduction and distributions to shareholders. During the Annual General Meeting of Shareholders, the Management Board will elaborate on the strategy for the Fund.