Baltic Horizon Fund
Baltic Horizon Fund is a Nasdaq Tallinn-listed closed-end real estate fund that actively manages 11 commercial properties (retail, office, leisure) across Estonia, Latvia, and Lithuania, serving Baltic and Swedish institutional investors through a regulated AIFM structure.
- Company typePublic
- Founded2016
- HeadquartersTallinn, Estonia
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Baltic Horizon Fund does
Baltic Horizon Fund is a registered contractual public closed-end real estate fund, established in 2016 and listed on Nasdaq Tallinn (ticker NHCBHFFT) since 2017, focused on active management of commercial real estate in the Baltic States. The fund's portfolio comprises 11 properties totaling approximately 111,233 m² of leasable area with a gross asset value of EUR 222.0m as of Q1 2026, spanning retail shopping centers (Europa, Galerija Centrs, Postimaja, Pirita, Hipokrāta), office complexes (North Star, Lincona, S27, Upmalas Biroji, Vainodes 1), and leisure assets (Apollo Plaza). Several properties hold BREEAM In-Use sustainability certifications.
The fund is managed by Baltic Horizon Capital AS (formerly Northern Horizon Capital AS), a licensed Alternative Investment Fund Manager supervised by the Estonian Financial Supervision Authority. Revenue is generated from rental income (EUR 15.1m in 2025), service fee income from property management (EUR 4.9m in 2025), and periodic property disposals. Distribution occurs through Nasdaq Tallinn secondary trading, private placements to Baltic and Swedish institutional investors, and pre-emptive public offerings to existing unit holders (most recently EUR 12.3m raised in March 2026 at EUR 0.148 per unit).
In October 2025, ownership of the management company transferred to new private investors (Antanas Anskaitis, Antanas Danys, Tomas Milašauskas), and in April 2026 Edvinas Karbauskas succeeded long-tenured fund manager Tarmo Karotam. The fund is currently executing a turnaround program combining property disposals, bond prepayment (EUR 7.5m in February 2026), and equity issuance to fully repay remaining EUR 11.5m of bonds during 2026. 2025 results reflected a EUR 19.1m net loss driven by EUR 20.6m of portfolio valuation write-downs, and Q1 2026 occupancy stood at 83.8%.
Baltic Horizon Fund firmographics
Firmographics- Name
- Baltic Horizon Fund
- Legal name
- Baltic Horizon Fund
- Website
- https://baltichorizon.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Baltic Horizon Fund is a Nasdaq Tallinn-listed closed-end real estate fund that actively manages 11 commercial properties (retail, office, leisure) across Estonia, Latvia, and Lithuania, serving Baltic and Swedish institutional investors through a regulated AIFM structure.
- Ownership category
- akta.pro rank
Baltic Horizon Fund industry classification
Industry- Product category
- Commercial Real Estate Investment Fund
- NAICS
- Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investors, Nec (6799), Real Estate Agents & Managers (For Others) (6531)
- akta.pro primary industry
- Real Estate Funds — Core-Plus (FSANAEAG)
- akta.pro secondary industry
- SDG / Thematic Sustainable Investment Funds (FSANAJAN)
Keywords
Where Baltic Horizon Fund is headquartered
LocationHeadquarters
- HQ city
- Tallinn
- HQ country
- Estonia
- HQ region
- Europe
Offices1 record
Markets served
Baltic Horizon Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Others, Marketing or Sales
Revenue model
- Rental Income: The fund generates rental income from its commercial real estate portfolio including retail, office, and leisure properties across the Baltics. Rental income for 2025 was EUR 15.1 million with net rental income of EUR 11.7 million.
- Service Fee Income: The fund earns service fee income from property management services. For 2025, service fee income was EUR 4.9 million.
- Property Disposals: The fund generates revenue from property sales as part of its turnaround strategy. Three properties (Pirita Keskus, Hipokrata Keskus, North Star) are in advanced sale negotiations. The fund aims to repay remaining EUR 11.5 million in bonds during 2026 through property disposals.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Listed fund units traded on Nasdaq Tallinn |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Baltic Horizon Fund product offering
Product offeringCore offering
Baltic Horizon Fund is a registered contractual public closed-end real estate fund that actively manages a portfolio of commercial real estate properties across the Baltic States (Estonia, Latvia, Lithuania). The fund generates revenue through rental income, service fee income, and property disposals from its 11 properties spanning retail shopping centers, office buildings, and leisure facilities. Units are listed on Nasdaq Tallinn, providing investors with liquid, regulated exposure to Baltic commercial real estate.
Product overview
Baltic Horizon Fund is a registered contractual public closed-end real estate investment fund managed by Baltic Horizon Capital AS, a licensed Alternative Investment Fund Manager supervised by the Estonian Financial Supervision Authority. The fund operates as a single, unified product - an actively managed commercial real estate portfolio focused on the Baltic region (Estonia, Latvia, Lithuania). The fund's strategic focus is on Modern City Life properties - centrally located buildings that cater to modern ways of working and socializing. As of Q1 2026, the portfolio comprises 11 properties totaling approximately 111,233 m² of leasable area with a gross asset value of EUR 222.0 million. The portfolio includes three property types: retail (shopping centers such as Europa, Galerija Centrs, Postimaja, Pirita, Hipokrāta), office (North Star, Lincona, S27, Upmalas Biroji, Vainodes 1), and leisure (Apollo Plaza). The fund generates value through active property management, tenant acquisition and retention, and strategic property disposals to reduce leverage.
Differentiator
Problem solved
Functional benefit
Products and services
- Baltic Horizon Fund Units A registered contractual public closed-end real estate fund managed by Baltic Horizon Capital AS, focused on active management of commercial real estate in the Baltic region (Estonia, Latvia, Lithuania). The fund targets Modern City Life properties - centrally located buildings catering to modern ways of working and socializing. Units are available to institutional and retail investors via Nasdaq Tallinn and direct offerings.
- Commercial Property Leasing Leasing of office, retail, and leisure space across 11 properties in Estonia, Latvia, and Lithuania, totaling approximately 111,233 m² of leasable area. Tenants include retailers, office tenants, and leisure operators. The fund generates rental income and service fee income from these leasing arrangements.
Quantifiable outcome
- Portfolio occupancy rate of 83.8% as of Q1 2026
- +3 more outcomes
Companies that use Baltic Horizon Fund
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles2 records
Baltic Horizon Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Baltic Horizon Fund partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- Northern Horizon Capital AScoreNorthern Horizon Capital AS is the licensed AIFM and management company of Baltic Horizon Fund, supervised by Estonian FSA. The company underwent ownership transfer in October 2025 to new private investors.
- ColliersminorColliers serves as the property manager for Vainodes I property in Riga, managed by Mareks Voroņuks. Colliers provides commercial real estate management services for the fund's Latvian property.
Scale indicators13 records
Recent moves6 records
Expansion highlights3 records
Baltic Horizon Fund competitors and assessment
Company assessmentBroad incumbents
- Catena AB: Swedish-listed real estate company specialising in logistics and commercial properties across the Nordics. Comparable as a Nordic-Baltic-adjacent listed CRE vehicle with similar institutional investor base.
- Northern Horizon Capital (former group): Former parent/affiliated AIFM of Baltic Horizon Fund with broader Nordic-Baltic healthcare and real estate fund mandates. Comparable as a regional fund manager with similar AIFM licensing and Baltic investment focus.
- Atrium Ljungberg AB: Swedish-listed urban commercial real estate company focused on retail and office properties in Stockholm and Uppsala. Comparable as a Nordic listed commercial real estate vehicle with sustainability focus.
- Hufvudstaden AB: Swedish-listed prime commercial real estate company owning high-quality office and retail properties in central Stockholm and Gothenburg. Comparable as a Nordic prime CRE investor with public listing and institutional investor base.
- Castellum AB: One of the largest Swedish-listed commercial real estate companies with diversified office, logistics, and retail properties across the Nordics. Comparable as a Nordic listed CRE vehicle with scale advantages.
Direct peers
- Lords LB Baltic Fund III: Closed-end real estate fund investing in Baltic commercial properties, managed by Lords LB Asset Management. Comparable as a Baltic-focused CRE investment vehicle targeting institutional investors.
- Eastnine AB: Swedish-listed real estate company focused on prime office properties in the Baltic capitals (Vilnius, Riga, Tallinn). Directly comparable to Baltic Horizon's Baltic commercial real estate focus, with similar geographic concentration but an office-only strategy and a larger market cap.
- EfTEN Real Estate Fund III: Estonia-domiciled listed real estate fund investing in commercial properties across the Baltics. Closely comparable in terms of Baltic focus, listed fund structure, and diversified commercial real estate mandate (retail, office, logistics).
Regional players
- Trigon Property Development: Estonia-listed real estate developer and investor active in the Baltic commercial real estate market. Comparable as a publicly listed Baltic CRE vehicle, though more development-oriented than income-focused.
Others
- EPRA NAREIT Europe Index constituents (broader European listed REITs): The EPRA NAREIT Developed Europe index provides the broader benchmark of listed European REITs and commercial property companies. Comparable as the institutional reference set for listed European CRE vehicles and investor sentiment.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Baltic Horizon Fund social profiles
Digital presenceBaltic Horizon Fund compliance and trust
Trust signalCompliance3 records
Baltic Horizon Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Baltic Horizon Fund leadership team
Management profileNumber of profiles
Profiles5 records
Baltic Horizon Fund subsidiaries and ownership
Company hierarchySubsidiaries1 record
Baltic Horizon Fund funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Baltic Horizon Fund M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Baltic Horizon Fund
What does Baltic Horizon Fund do?
Baltic Horizon Fund is a registered contractual public closed-end real estate fund that actively manages a portfolio of commercial real estate properties across the Baltic States (Estonia, Latvia, Lithuania). The fund generates revenue through rental income, service fee income, and property disposals from its 11 properties spanning retail shopping centers, office buildings, and leisure facilities. Units are listed on Nasdaq Tallinn, providing investors with liquid, regulated exposure to Baltic commercial real estate.
Is Baltic Horizon Fund a public or private company?
Baltic Horizon Fund is a public company. It is classified as public and is currently operating.
When was Baltic Horizon Fund founded?
Baltic Horizon Fund was founded in 2016. It employs 11 to 50 people.
Where is Baltic Horizon Fund based?
Baltic Horizon Fund is headquartered in Tallinn, Estonia, in the Europe region.
How does Baltic Horizon Fund make money?
Three revenue lines are on record. Rental Income is the primary driver. The others are service Fee Income and property Disposals.
Who are Baltic Horizon Fund's main competitors?
Broad incumbents on record are Catena AB, Northern Horizon Capital (former group), Atrium Ljungberg AB, Hufvudstaden AB and Castellum AB. Direct peers are Lords LB Baltic Fund III, Eastnine AB and EfTEN Real Estate Fund III. Trigon Property Development is listed as a regional player. EPRA NAREIT Europe Index constituents (broader European listed REITs) is listed as an others.
Does Baltic Horizon Fund have an API?
No public API is recorded for Baltic Horizon Fund.
What industry is Baltic Horizon Fund in?
Baltic Horizon Fund's product category is Commercial Real Estate Investment Fund. Its primary akta.pro industry code is FSANAEAG, Real Estate Funds — Core-Plus, with a secondary code of FSANAJAN, SDG / Thematic Sustainable Investment Funds. Its NAICS code is 5259 and its SIC code is 6799.