Tallinn, Estonia – Baltic Horizon Fund, a real estate fund listed on the Nasdaq Tallinn Stock Exchange, is seeking to raise approximately €25 million from its existing investors, even after reporting a €20 million loss. The fund, which focuses on commercial real estate in the Baltic states, announced the offering on Monday, February 18, 2026, coinciding with an investor conference webinar to discuss its fourth-quarter 2025 results.
The public offering is exclusively available to current unit holders of the fund. Baltic Horizon Capital AS, the fund’s management company, intends to issue up to 169,147,000 units at a price of €0.1478 per unit, according to a statement released by the company. This move comes as the fund navigates a challenging economic climate and seeks to bolster its capital base.
Existing investors will be granted the opportunity to purchase new units in proportion to their current holdings, multiplied by a coefficient of 1.1782. For example, an investor holding 1,000 fund units would be eligible to acquire up to a maximum of 1,178 new units. Baltic Horizon Capital AS has assured investors that any units not subscribed for by existing shareholders will not be allocated to new investors.
Strategic Focus and Recent Performance
Baltic Horizon Fund positions itself as a key player in the Baltic commercial real estate market, with a strategic focus on “Modern City Life” – centrally located buildings designed for contemporary operate and social environments. The fund’s website details its investment approach and portfolio.
Though, recent financial performance has been less than stellar. As of February 18, 2026, data from Yahoo Finance shows the fund’s share price at €0.1599, representing a 4.17% increase on the day but significant declines over longer periods. The fund has experienced a -31.93% decline in value over the past six months and a substantial -41.85% drop over the past year. Over a five-year period, the fund has seen an even more dramatic decrease of -86.48% and a -87.78% decline. These figures highlight the challenges the fund has faced in recent years.
Details of the New Units Offering
The offering aims to provide the fund with fresh capital to pursue its investment strategy and address recent losses. The funds raised will likely be used to acquire new properties, renovate existing ones, and manage operational expenses. The specific allocation of funds will be discussed during the investor conference webinar scheduled for 09:00 EET on February 18, 2026.
The decision to limit the offering to existing investors is a common practice for closed-end funds, allowing them to maintain a stable shareholder base and avoid the complexities of a broader public offering. It also allows the fund to avoid dilution of ownership for long-term investors.
Investor Webinar and Key Dates
Baltic Horizon will host an Investor Conference Webinar today, February 18, 2026, at 09:00 Eastern European Time (EET) to present the results for Q4 2025 and provide further details on the new units offering. Investors are encouraged to participate in the webinar to gain a deeper understanding of the fund’s performance and future prospects.
The offering period and subscription process details will be communicated directly to eligible investors by Baltic Horizon Capital AS. The fund’s management has emphasized that the units not subscribed for by existing investors will not be offered to the public, reinforcing the exclusive nature of this capital raise.
Fund Structure and Management
Baltic Horizon Fund is a regulated closed-end contractual investment fund registered in Estonia. It is managed by Baltic Horizon Capital AS, formerly known as Northern Horizon Capital AS, and both entities are supervised by the Estonian Financial Supervision and Resolution Authority. Swedbank AS serves as the fund’s depositary. According to Yahoo Finance, the fund has two full-time employees and its fiscal year ends in December.
The fund’s units are listed on the Nasdaq Tallinn Stock Exchange, and Swedish Depository Receipts (SDRs) are also listed on the Nasdaq Stockholm Stock Exchange, providing investors with multiple avenues for participation. The fund’s registered office is located at Roseni 7, 10111 Tallinn, Estonia.
Disclaimer: This article provides information for general knowledge and informational purposes only, and does not constitute investment advice. Investing in financial markets involves risk, and investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
Investors will be looking for clarity on the fund’s strategy for turning around its recent performance during the webinar. The next key date for investors will be the close of the subscription period for the new units, after which the fund will announce the final amount of capital raised.
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