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Starwood European Real Estate Finance Ltd (SWEF)
SWEF: December 2023 NAV
25-Jan-2024 / 07:00 GMT/BST
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Starwood European Real Estate Finance Limited (the “Company”) (Ticker:
“SWEF”)
Net Asset Value, 31 December 2023
This announcement contains price sensitive information.
As at the close of business on 31 December 2023 the unaudited net asset
value (NAV) of the Company’s Ordinary Shares was 104.35p (30 November
2023: 104.27p). The 31 December 2023 NAV shown here has been calculated
before taking into account the dividend of 1.875 pence per Share announced
by the Company today. Please refer to the Reconciliation of NAV per share
movements below for more information.
Net Asset Value in total:
Loans advanced £264.1m
Cash and cash equivalents £63.8m
Financial assets at fair value through profit or loss £1.0m
Borrowing facilities (including accrued interest) £0.0m
Other net assets/(liabilities) (£1.6m)
Net assets £327.3m
The Cash and cash equivalents balance in the table above includes a cash
reserve to cover undrawn loan commitments in the portfolio, totaling £36.2
million, as set out in the table below.
Capital amounts drawn as at 31 December 2023 and amounts committed but
undrawn as at 31 December 2023 is shown below.
Local Currency Sterling (2)
Amounts drawn £m (1) £171.5m £171.5m
Amounts drawn €m (1) €105.3m £91.2m
£262.7m
Committed but undrawn cash amounts £m (3) £36.2m £36.2m
Committed but undrawn cash amounts €m (3) €0.0m £0.0m
£36.2m
(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 capitalized.
The difference between amounts drawn in the table above and “Loans
advanced” in the first table is accrued income and impairment provisions.
Reconciliation of NAV per share movements for the month ended 31 December
2023:
December 2023 (pence)
NAV at the beginning of period 104.27
Operating Income available to distribute (4) 0.90
Impairment provision on asset classified as (0.55)
Stage 3 (5)
Realised FX gains / (losses) not distributable (0.33)
(6)
Unrealised FX gains / (losses) (7) 0.06
NAV at the end of the period 104.35
(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 6.
(5) In December 2023 a loan classified as Stage 3 had an additional
impairment provision recognised.
(6) 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 December reconciliation of NAV above
shows the reversing of such an FX gain (of circa £1.0 million) following
the repayment of one such loan. The gain previously separated is now
included in the Operating Income available to distribute.
(7) 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: GG00BQRGMH31
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.: 299506
EQS News ID: 1822335
End of Announcement EQS News Service
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References
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