REG-Starwood European Real Estate Finance Ltd SWEF: November 2025 NAV

Starwood European Real Estate FinanceAnnouncement

11/12/2025 07:02

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: November 2025 NAV

   11-Dec-2025 / 07:00 GMT/BST

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

                       Net Asset Value, 30 November 2025

   This announcement contains price sensitive information.

   As at the close of  business on 30 November  2025 the unaudited net  asset
   value (NAV) of the Company’s Ordinary Shares was 96.74p (31 October  2025:
   95.63p). Please refer to  the Reconciliation  of NAV  per share  movements
   below for more information.

    

   Net Asset Value in total:

    

   Loans advanced                                         £12.4m
   Cash and cash equivalents                              £40.5m
   Financial assets at fair value through profit or loss   £0.1m
   Other net assets/(liabilities)                        (£0.6m)
   Net assets                                             £52.4m

    

   Capital amounts drawn as at 30 November 2025 are shown below.

    

                        Local Currency                   Sterling (2)
   Amounts drawn €m (1)                   €36.0m               £31.5m
       Total drawn                                             £31.5m

    

   (1) The balances shown corresponds to cash advanced.

   (2) Euro amounts drawn 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 provisions.

    

   Reconciliation of NAV per share movements for the month ended 30 November
   2025:

    

                                                        November 2025 (pence)
   NAV at the beginning of period                                       95.63
   Operating Income available to distribute (3)                          1.04
   Net impairment provision on asset classified as                       0.09
   Stage 3 (4)
   Realised FX gains / (losses) not distributable (5)                  (0.09)
   Unrealised FX gains / (losses) (6)                                    0.07
   NAV at the end of the period                                         96.74

    

   (3)  Operating  Income  available  to  distribute  comprises  loan  income
   recognised in  the period  less operating  costs incurred  and before  any
   impairment is taken into account.  Included in the loan income  recognised
   in November 2025  is circa £0.6m  (equivalent to 1.03p  per share of  loan
   income) related  to  Industrial  Estate,  UK which  was  fully  repaid  in
   November in advance of its  contractual maturity date and which  benefited
   from the  earlier than  forecast  recognition of  interest and  fees.  The
   Operating Income available  to distribute also  includes realised  foreign
   exchange gains and losses  that are available  to distribute except  where
   the realised gains and losses relate to the settlement of hedges that were
   previously rolled forward and  the gain or loss  on that roll forward  was
   classified as unavailable to distribute (see note 5 below). 

   (4) In  November 2025  a loan  classified  as Stage  3 had  an  additional
   impairment provision recognised against it and  was net off by a  reversal
   of impairment loss made in 2024.

   (5) On occasion, the Group may realise  a gain or loss on a capital  hedge
   before the loan matures.  When this situation  arises the Group  separates
   the realised FX gain or  loss from other realised  FX gains or losses  and
   considers  it  unavailable  to  distribute  or  not  as  a  reduction   in
   distributable profits. The  FX gain or  loss will only  be transferred  to
   distributable income when the loan is  settled, and the final net gain  or
   loss on the capital hedges over the life of the loan can be determined.

   (6) Unrealised foreign exchange gains/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  may
   cause 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 20 3530 3630

   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 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  3 EQS Group.
   The issuer is solely responsible for the content of this announcement.

   View original content:  4 EQS News

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   ISIN:          GG00BW5S7K10
   Category Code: NAV
   TIDM:          SWEF
   LEI Code:      5493004YMVUQ9Z7JGZ50
   Sequence No.:  410992
   EQS News ID:   2243602


    
   End of Announcement EQS News Service

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References

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