REG-Starwood European Real Estate Finance Ltd SWEF: August 2023 NAV

Starwood European Real Estate FinanceAnnouncement

19/09/2023 07:15

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: August 2023 NAV

   19-Sep-2023 / 07:00 GMT/BST

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     Starwood European Real Estate Finance Limited (the “Company”) (Ticker:
                                    “SWEF”)

                        Net Asset Value, 31 August 2023

   This announcement contains price sensitive information.

   As at the  close of business  on 31  August 2023 the  unaudited net  asset
   value (NAV) of the  Company’s Ordinary Shares was  103.72p (31 July  2023:
   103.12p). Please refer to  the Reconciliation of  NAV per share  movements
   below for more information.

   Net Asset Value in total:

    

   Loans advanced                                        £312.5m
   Cash and cash equivalents                              £54.2m
   Financial assets at fair value through profit or loss   £3.7m
   Borrowing facilities (including accrued interest)       £0.0m
   Other net assets/(liabilities)                        (£0.3m)
   Net assets                                            £370.1m

    

    

   The Cash and cash equivalents balance  in the table above includes a  cash
   reserve to cover undrawn loan commitments in the portfolio, totaling £44.9
   million, as set out in the table below.

    

   Capital amounts  drawn as  at 31  August 2023  and amounts  committed  but
   undrawn as at 31 August 2023 is shown below.

    

                                             Local Currency Sterling (2)
   Amounts drawn £m (1)                             £191.8m      £191.8m
   Amounts drawn €m (1)                             €138.0m      £118.0m
                                                                 £309.8m
   Committed but undrawn cash amounts £m (3)         £44.0m       £44.0m
   Committed but undrawn cash amounts €m (3)          €1.1m        £0.9m
                                                                  £44.9m

    

   (1) The balances shown corresponds to cash advanced.

   (2) Euro amounts drawn and future cash commitments converted at the month
   end spot rate.

   (3) These amounts exclude interest to be capitalised.

    

   The difference  between  amounts  drawn  in the  table  above  and  “Loans
   advanced” in the first table is accrued income.

    

    

   Reconciliation of NAV per  share movements for the  month ended 31  August
   2023:

    

    

                                                          August 2023 (pence)
   NAV at the beginning of period                                      103.12
         Operating Income available to distribute (4)                    0.68
         Realised FX gains / (losses) not distributable                (0.07)
   (5)
         Unrealised FX gains / (losses) (6)                            (0.01)
   NAV at the end of the period                                        103.72

    

   (4)  Operating  Income  available  to  distribute  comprises  loan  income
   recognised in the period less the cost of debt facilities utilised by  the
   Group and  operating costs  incurred. The  Operating Income  available  to
   distribute also includes  any realised  foreign exchange  gains or  losses
   upon settlement of hedges, except those described in note 4.

   (5) On occasion, the Group may realise a gain or loss on the roll  forward
   of a hedge if it  becomes necessary to extend  a capital hedge beyond  the
   initial anticipated loan term.   If this situation  arises the Group  will
   separate the realised  FX gain  or loss from  other realised  FX gains  or
   losses and not consider  it available to distribute  or as a reduction  in
   distributable profits. The FX gain or loss will only be considered part of
   distributable reserves or as a reduction in distributable profits when the
   rolled hedge matures or is settled and  the final net gain or loss on  the
   capital hedges can be determined.  The August reconciliation of NAV  above
   shows the reversing  of such  an FX gain  (of circa  £242k) following  the
   repayment of one such loan.  The gain previously separated is now included
   in the Operating Income available to distribute.

   (6) Unrealised foreign exchange  gain/losses relate to  the net impact  of
   changes in  the valuation  of  foreign exchange  hedges and  the  sterling
   equivalent value of Euro loan investments (using the applicable month  end
   rate).  Mismatches between the hedge  valuations and the loan  investments
   may occur depending on the shape of  the forward FX curve and this  causes
   some movement in  the NAV.   These unrealised FX  gains /  losses are  not
   considered part of distributable reserves.

    

    

   All figures herein are published  based on current information,  estimates
   and judgements.

    

                                   Enquiries:

    

   Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary

    

   Duke Le Prevost

   T: +44 203 5303 630

   E:  1 starwood@apexgroup.com

    

   Jefferies International Limited

   Gaudi Le Roux

   Harry Randall

   Ollie Nott

   T: +44 020 7029 8000

    

   Notes: 

   Starwood European Real  Estate Finance  Limited is  an investment  company
   listed on the main market of the London Stock Exchange with an  investment
   objective to conduct an orderly realisation of the assets of the Company. 
    2 www.starwoodeuropeanfinance.com.

    

   The Group's  assets  are managed  by  Starwood European  Finance  Partners
   Limited, an  indirect  wholly-owned  subsidiary of  the  Starwood  Capital
   Group.

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GG00BPGJYV48
   Category Code:  NAV
   TIDM:           SWEF
   LEI Code:       5493004YMVUQ9Z7JGZ50
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   272207
   EQS News ID:    1728755


    
   End of Announcement EQS News Service

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References

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