Eften United Property Fund

What Eften United Property Fund does

EfTEN United Property Fund is a contractual public closed-end alternative investment fund (AIF) established on June 22, 2021 and domiciled in Estonia. It is the first fund in the Baltic states to offer retail investors access to a diversified portfolio of commercial and residential real estate across Estonia, Latvia, and Lithuania, with a minimum subscription of 10 EUR per month. The fund is managed by EfTEN Capital AS (registry code 11505542, headquartered at A. Lauteri 5, Tallinn) and listed on the Nasdaq Tallinn Baltic Fund List (ticker: EFCUPFFT, ISIN: EE3500001609) since May 31, 2022. Fund units are distributed through four major Estonian banks (LHV, Swedbank, SEB, Luminor) and the Nasdaq Tallinn exchange, with the fund also accessible via pension investment accounts (PIK).

The fund operates a fund-of-funds structure with direct property overlays. As of May 2026, the fund's net asset value stood at 29.0 million EUR with 11.66 EUR per unit, of which approximately 47.1% is allocated to EfTEN Real Estate Fund 5 (36.5% ownership stake, providing exposure to Baltic commercial assets including UNA retail park and Saltoniskiu office building in Vilnius), 14% to EfTEN Kinnisvarafond (18 commercial properties across the Baltics), 5.1% to EfTEN Residential Fund (over 450 apartments in Tallinn, Vilnius, Kaunas, and Riga), and the balance in direct property investments including the Uus-Järveküla residential development (80% owned, 149 terraced houses) and the Menulio 7 office building in Vilnius. Capital deployment reached approximately 90% as of May 2026.

The fund's revenue is generated through rental income from direct property investments and pass-through dividends from underlying EfTEN funds, with 100% of received dividends distributed to unit holders 1-4 times per year. EfTEN Capital AS charges a 1.5% annual management fee on direct property NAV only, with no fees on investments into other EfTEN funds, no fees on uninvested capital, no subscription fee, and no performance fee. The fund has 4,500+ investors as of May 2022 and reported net profit of 812 thousand EUR over the first five months of 2026, with total return including distributions of 34.9% since inception.

Name

Eften United Property Fund

Legal name

EfTEN United Property Fund

Website

https://eftenunitedpropertyfund.ee

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

EfTEN United Property Fund is an Estonian publicly listed closed-end fund that enables retail investors to access a diversified portfolio of Baltic commercial and residential real estate starting from 10 EUR per month, with units traded on Nasdaq Tallinn.

Ownership category

akta.pro rank

Product category

Real Estate Investment Fund

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investors, Nec (6799)

akta.pro primary industry

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)

akta.pro secondary industries

Real Estate Funds — Core-Plus (FSANAEAG), Real Assets Fund of Funds (Real Estate / Infrastructure / Natural Resources FoF) (FSAHAKAG)

Keywords

• Real estate fund
• Retail investment
• Commercial property portfolio
• Baltic real estate
• Alternative investment fund

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Management fee on direct property investments: The fund charges a 1.5% per annum management fee on the net asset value of direct property investments. No management fee is charged on investments made into other EfTEN funds or on uninvested capital (bank deposits). This is the primary revenue stream for the fund manager EfTEN Capital AS.
2. No performance or subscription fees: The fund explicitly states it has no success (performance) fee and no subscription fee. Account managers (banks) may apply their own transaction charges. This fee structure differentiates the fund from traditional alternatives and is designed to attract retail investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

EfTEN United Property Fund is a contractual public closed-end alternative investment fund (AIF) that enables retail investors in Estonia to invest in Baltic commercial and residential real estate starting from €10 per month. The fund invests directly in properties and through other EfTEN-managed funds (EfTEN Real Estate Fund 5, EfTEN Kinnisvarafond, EfTEN Kinnisvarafond II, EfTEN Residential Fund) across Estonia, Latvia and Lithuania, distributing received dividends to unit holders 1-4 times per year.

Product overview

EfTEN United Property Fund is a single-core-product offering: a contractual public closed-end alternative investment fund (AIF) that provides retail investors access to Baltic commercial and residential real estate. The fund operates as a fund-of-funds structure, investing primarily through other EfTEN-managed funds (EfTEN Real Estate Fund 5 at 47.1%, EfTEN Kinnisvarafond at 14%, EfTEN Residential Fund at 5.1%) and making direct property investments (Menulio 7 office building Vilnius at 11.3%, Uus-Järveküla residential development at 7.8%). The fund is listed on Nasdaq Tallinn since May 31, 2022 (ticker: EFCUPFFT, ISIN: EE3500001609), charges a 1.5% annual management fee on NAV with 0% on EfTEN fund investments, and distributes dividends 1-4 times annually.

Differentiator

Problem solved

Functional benefit

Products and services

• EfTEN United Property Fund Contractual public closed-end alternative investment fund (AIF) offering Estonian retail investors access to a diversified portfolio of Baltic commercial and residential real estate, accessible from €10 per month and tradeable on Nasdaq Tallinn (ticker EFCUPFFT). Fund charges 1.5% annual management fee on direct property NAV with no subscription or performance fees, and distributes received dividends 1-4 times per year.

Quantifiable outcome

• 34.9% total return (including distributions) since inception (June 2021 to May 2026)
• +5 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• Invego Uus-Järveküla OÜcoreStrategic or Co-development Partner · 5 May 2025Invego Uus-Järveküla OÜ is the developer of the Uus-Järveküla residential development project in Tallinn, Estonia. EfTEN United Property Fund holds an 80% ownership stake in the development company. The fund acts as the financial partner, providing financing for the construction of the residential area consisting of 149 terraced houses and 16 pair houses (ca. 18,000 sqm net sellable area). As of May 2025, approximately 80% of the development had been sold or booked by clients. The project is expected to be completed by Q1 2026.
• EfTEN Real Estate Fund 5coreStrategic or Co-development Partner · 29 August 2024EfTEN Real Estate Fund 5 is an institutional real estate fund managed by EfTEN Capital AS, targeting commercial real estate investments in the Baltic countries with properties valued over 15 million EUR. EfTEN United Property Fund holds a 36.5% stake and is the fund's largest investment (47.1% of fund assets as of May 2026). The fund follows green investing principles. Investments include UNA retail park in Vilnius (anchor tenants: Kesko Senukai and Rimi), Saltoniskiu office building, and Kristiine shopping centre. In Q1 2026, EfTEN Real Estate Fund 5 generated 727 thousand EUR profit and distributed 419 thousand EUR to the fund.
• PricewaterhouseCoopers AS (Aktsiaselts PricewaterhouseCoopers)minorOthersAktsiaselts PricewaterhouseCoopers (register code 10142876, Pärnu mnt 15, Tallinn) serves as the independent auditor for EfTEN United Property Fund. PwC provides audit services for the fund's annual and interim financial statements.
• Swedbank ASminorOthersSwedbank AS (register code 10060701, Liivalaia 8, Tallinn) serves as the depository (depositoorium) for EfTEN United Property Fund. The depository is responsible for safekeeping of the fund's assets and oversight of the fund manager's activities.
• Colliers International Advisors OÜminorOthersColliers International Advisors OÜ (register code 11330404, Lõõtsa 2a, Tallinn) is the independent real estate appraiser for EfTEN United Property Fund. Colliers values the fund's real estate assets, providing objective market valuations that support NAV calculations.
• EfTEN Kinnisvarafond AScoreStrategic or Co-development PartnerEfTEN Kinnisvarafond AS is the first real estate fund managed by EfTEN Capital AS (established 2009). EfTEN United Property Fund holds shares in this fund, representing approximately 14% of fund assets (as of May 2026). The portfolio consists of 18 commercial properties across Estonia, Latvia, and Lithuania. The fund pays dividends which are fully passed through to EfTEN United Property Fund investors.
• EfTEN Kinnisvarafond II ASminorStrategic or Co-development PartnerEfTEN Kinnisvarafond II AS is a second commercial real estate fund managed by EfTEN Capital. EfTEN United Property Fund holds shares representing approximately 3.4% of fund assets (as of May 2026). The portfolio includes 6 commercial properties in Estonia, Latvia and Lithuania.
• EfTEN Residential FundminorStrategic or Co-development PartnerEfTEN Residential Fund invests in rental apartment buildings in Estonia, Latvia and Lithuania. EfTEN United Property Fund holds approximately 5.1% stake (as of May 2026). The fund holds stakes in four rental buildings with more than 450 apartments in Tallinn, Vilnius, Kaunas, and Riga. As of May 2026, 96% of apartments were rented out.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Klépierre SA: European retail-focused REIT listed in Paris, operating shopping centers across continental Europe. Comparable as a listed real estate investment vehicle with retail property exposure (matching UNA retail park holdings) but at much larger scale and different geography.
• Aroundtown SA: Major European commercial real estate company listed in Frankfurt, with a pan-European office and hotel portfolio. Comparable as a broad real estate investment vehicle but operates at much larger scale and outside the Baltics.
• Vonovia SE: Europe's largest residential REIT listed in Germany, with a portfolio spanning Germany, Austria, Sweden, and the Netherlands. Comparable as a listed real estate investment vehicle but operates at vastly larger scale and is not focused on Baltic markets.

Direct peers

• East Capital Real Estate IV: Swedish-based asset manager's Baltic real estate fund investing in commercial real estate across Estonia, Latvia, and Lithuania. Directly comparable in asset class, geography, and strategy.
• Capitalica Asset Management: Lithuanian real estate fund manager running Baltic commercial real estate funds (Capitalica Baltic Real Estate Fund I and II). Comparable in geography (Baltic states), asset class (commercial real estate), and retail/institutional access model.
• Baltic Horizon Fund: Previously a Nasdaq Tallinn-listed Baltic real estate fund with a comparable closed-end fund-of-funds strategy targeting commercial properties in the Baltics. It is the closest direct peer in structure (listed Baltic real estate fund) and asset class despite delisting/merger activity.
• EfTEN Kinnisvarafond: EfTEN Capital's flagship Baltic commercial real estate fund (est. 2009) with NAV of 111-116M EUR and 18 commercial properties across Estonia, Latvia, and Lithuania. It is both a comparable investment vehicle and an underlying fund holding of EfTEN United Property Fund (14% of assets).
• EfTEN Real Estate Fund 5: Sibling institutional Baltic commercial real estate fund managed by EfTEN Capital AS, focused on Baltic properties above 15M EUR with green investing principles. It is the largest underlying investment of EfTEN United Property Fund (36.5% stake) and the most directly comparable peer in terms of asset class and geography.

Regional players

• Lords LB Asset Management: Lithuanian asset manager operating Baltic private equity and real estate funds. Comparable in regional focus and real estate exposure, but with broader PE mandate and primary Lithuanian orientation.
• Trigon Property Development: Baltic-listed real estate developer focused on commercial and residential developments in Estonia, Latvia, and Lithuania. Comparable in geographic focus and asset class, though operating as an active developer rather than a passive fund vehicle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eften United Property Fund