REG-Starwood European Real Estate Finance Ltd SWEF: December 2022 NAV

Starwood European Real Estate FinanceAnnouncement

19/01/2023 07:15

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: December 2022 NAV

   19-Jan-2023 / 07:00 GMT/BST
   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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     Starwood European Real Estate Finance Limited (the “Company”) (Ticker:
                                    “SWEF”)

                       Net Asset Value, 31 December 2022

   This announcement contains price sensitive information.

   As at the close of  business on 31 December  2022 the unaudited net  asset
   value (NAV)  of the  Company’s Ordinary  Shares was  105.20p (30  November
   2022: 104.03p).  Please  refer to  the  Reconciliation of  NAV  per  share
   movements below for more information.

   Net Asset Value in total

    

   Loans advanced                                          £432.5m
   Cash and cash equivalents                                 £3.6m
   Financial assets at fair value through profit or loss     £0.7m
   Borrowing facilities (including accrued interest)      (£19.2m)
   Other net assets/(liabilities)                          (£1.5m)
   Net assets                                              £416.1m

    

    

   Capital amounts drawn  as at 31  December 2022 and  amounts committed  but
   undrawn as at 31 December 2022 is shown below.

    

                                  Local Currency Sterling (2)
   Amounts drawn £m (1)                  £270.2m      £270.2m
   Amounts drawn €m (1)                  €175.6m      £155.7m
                                                      £425.9m
   Committed but undrawn Loans £m         £46.2m       £46.2m
   Committed but undrawn Loans €m          €3.1m        £2.8m
                                                       £49.0m

    

   (1) The balances shown corresponds to cash advanced.

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

    

   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  December
   2022:

    

    

                                                  December 2022 December 2022
                                                     (pence)       (pence)
   NAV at the beginning of period                                      104.03
   Operating Income from continuing loans (3)              0.64              
   Operating Income from early repaid loan (3)             0.34              
         Operating Income available to distribute                        0.98
   (3) - total
         Realised FX gains / (losses) not                                0.00
   distributable (4)
         Unrealised FX gains / (losses) (5)                              0.19
   NAV at the end of the period                                        105.20

    

    

   (3)  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. Included in loan income recognised  in
   December 2022  is circa  £1.3m (equivalent  to 0.34p  per share)  of  loan
   income related to Office and  Industrial Portfolio, Netherlands which  has
   been fully  repaid  in December  2022  and which  benefited    from  early
   repayment income protection. 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.

   (4) 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.

   (5) 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).  Mis-matches 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: starwood@apexfs.com

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   ISIN:           GG00B79WC100
   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.:   216734
   EQS News ID:    1538285


    
   End of Announcement EQS News Service

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