Baltic Horizon is replacing its long-time manager Tarmo Karotam, who will step down at the end of April after around two decades with the platform. The change follows a prolonged downturn: over the past three years, cumulative losses approached €60 million, while the unit price fell by nearly 90%.
The fund invests in commercial real estate across the Baltic capitals, focusing on shopping centres and office buildings.
Data card — Baltic Horizon Fund
Portfolio: 11 properties in Baltic capitals
Portfolio value: ~€210–230 million
NAV: ~€78 million
NAV per unit: ~€0.54–0.55
Rental income (2025): ~€15 million
NOI: ~€11.7 million
Vacancy: ~13–14%
Debt: ~€135 million
The fund’s exposure is concentrated in two segments — retail and office real estate — within a single region, the Baltic capitals.
Both segments have been under sustained pressure since 2020. Retail assets face weaker footfall and changing consumption patterns, while office properties are affected by hybrid work and rising vacancy levels. At the same time, higher interest rates have reduced property valuations and increased financing costs.
This combination has limited the fund’s ability to offset losses across segments or geographies.
What changes
In this context, the management change signals a potential strategic reset rather than a standalone personnel move, as the fund navigates a structurally different environment for Baltic commercial real estate.
Sources:
Baltic Horizon Fund — official announcements and financial reports (2025–2026)
Nasdaq Baltic — issuer disclosures (Baltic Horizon)