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

Starwood European Real Estate FinanceAnnouncement

18/11/2022 07:15

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

   18-Nov-2022 / 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 October 2022

   This announcement contains price sensitive information.

   As at the close  of business on  31 October 2022  the unaudited net  asset
   value (NAV) of  the Company’s  Ordinary Shares was  103.35p (30  September
   2022: 103.58p).  Please  refer to  the  Reconciliation of  NAV  per  share
   movements below for more information.

   Net Asset Value in total

    

   Loans advanced                                          £438.0m
   Cash and cash equivalents                                 £4.3m
   Financial assets at fair value through profit or loss     £4.1m
   Borrowing facilities (including accrued interest)      (£32.7m)
   Other net assets/(liabilities)                          (£4.9m)
   Net assets                                              £408.8m

    

    

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

    

                                  Local Currency Sterling (2)
   Amounts drawn £m (1)                  £270.6m      £270.6m
   Amounts drawn €m (1)                  €189.5m      £163.3m
                                                      £433.9m
   Committed but undrawn Loans £m         £47.0m       £47.0m
   Committed but undrawn Loans €m          €3.7m        £3.2m
                                                       £50.2m

    

   (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  October
   2022:

    

    

                                                                October 2022
   NAV at the beginning of period                                     103.58
         Operating Income available to distribute (3)                   0.62
         Realised FX gains / (losses) not distributable (4)             0.00
         Unrealised FX gains / (losses) (5)                             0.38
         Dividend declared                                            (1.38)
         Impact of share buyback programme on October NAV               0.15
   NAV at the end of the period                                       103.35

    

    

   (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.  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. In the month
   to 31 October the balance includes circa £240,000 of realised FX gains.

   (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.:   201701
   EQS News ID:    1490831


    
   End of Announcement EQS News Service

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