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

Starwood European Real Estate FinanceAnnouncement

21/07/2023 07:15

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

   21-Jul-2023 / 07:00 GMT/BST

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

                         Net Asset Value, 30 June 2023

   This announcement contains price sensitive information.

   As at the close of business on 30 June 2023 the unaudited net asset  value
   (NAV) of the Company’s Ordinary Shares was 103.75p (31 May 2023: 103.63p).
   The 30 June  2023 NAV shown  here has been  calculated before taking  into
   account the dividend  of 1.375 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                                        £384.1m
   Cash and cash equivalents                              £13.1m
   Financial assets at fair value through profit or loss   £2.9m
   Borrowing facilities (including accrued interest)       £0.0m
   Other net assets/(liabilities)                          £0.3m
   Net assets                                            £400.4m

    

    

   Capital amounts drawn as at 30 June 2023 and amounts committed but undrawn
   as at 30 June 2023 is shown below.

    

                                  Local Currency Sterling (2)
   Amounts drawn £m (1)                  £242.2m      £242.2m
   Amounts drawn €m (1)                  €159.6m      £137.0m
                                                      £379.2m
   Committed but undrawn Loans £m         £44.7m       £44.7m
   Committed but undrawn Loans €m          €3.1m        £2.6m
                                                       £47.3m

    

   (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 and impairment provision.

    

    

   Reconciliation of NAV  per share  movements for  the month  ended 30  June
   2023:

    

    

                                                            June 2023 (pence)
   NAV at the beginning of period                                      103.63
         Operating Income before impairment provision -                  0.64
   available to distribute (3)
         Impairment provision on asset classified as Stage             (0.45)
   3 (4)
         Realised FX gains / (losses) not distributable (5)              0.00
         Unrealised FX gains / (losses) (6)                            (0.07)
   NAV at the end of the period                                        103.75

    

   (3) Operating Income before impairment provision - 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  before impairment  provision -  available to  distribute
   also  includes  any  realised  foreign  exchange  gains  or  losses   upon
   settlement of hedges, except those described in note 5.

   (4) In  June  2023  a loan  which  had  been classified  as  Stage  2  was
   reclassified to Stage 3  and an impairment  provision recognised.  See  Q2
   2023 factsheet for further information.

   (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.

    (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:           GG00BQWPBM39
   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.:   259160
   EQS News ID:    1684749


    
   End of Announcement EQS News Service

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References

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