REG-Starwood European Real Estate Finance Ltd SWEF: October 2024 NAV

Starwood European Real Estate FinanceAnnouncement

20/11/2024 07:15

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: October 2024 NAV

   20-Nov-2024 / 07:00 GMT/BST

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

                        Net Asset Value, 31 October 2024

   This announcement contains price sensitive information.

   As at the close  of business on  31 October 2024  the unaudited net  asset
   value (NAV)  of the  Company’s Ordinary  Shares was  99.38p (30  September
   2024: 105.61p). Please  refer  to  the Reconciliation  of  NAV  per  share
   movements below for more information.

   Net Asset Value in total:

    

   Loans advanced                                        £149.2m
   Cash and cash equivalents                              £46.5m
   Financial assets at fair value through profit or loss   £0.6m
   Other net assets/(liabilities)                        (£3.6m)
   Net assets                                            £192.7m

    

    

   The Cash and cash equivalents balance  in the table above includes a  cash
   reserve to cover undrawn loan commitments in the portfolio, totaling £23.0
   million, as set out in the table below.

    

   Capital amounts drawn  as at  31 October  2024 and  amounts committed  but
   undrawn as at 31 October 2024 are shown below.

    

                      Local Currency                             Sterling (2)
   Amounts drawn £m                     £130.0m                      £130.0m
   (1)
   Amounts drawn €m                                                    £29.2m
   (1)                         €34.7m
      Total drawn                                                       
                                                £159.2m
   Committed but
   undrawn cash                          £23.0m                        £23.0m
   amounts £m (3)

    

   (1) The balances shown corresponds to cash advanced.

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

   (3) Excludes interest which may be capitalised.

    

   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  October
   2024:

    

                                                         October 2024 (pence)
   NAV at the beginning of period                                      105.61
   Operating Income available to distribute (4)                          0.66
   Impairment provision on asset classified as Stage 3                 (5.59)
   (5)
   Realised FX gains / (losses) not distributable (6)                    0.25
   Unrealised FX gains / (losses) (7)                                  (0.17)
   Dividend declared                                                   (1.38)
   NAV at the end of the period                                         99.38

    

   (4)  Operating  Income  available  to  distribute  comprises  loan  income
   recognised in  the period  less operating  costs incurred  and before  any
   impairment is taken  into account. It  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 6 below). 

   (5) In October 2024 a loan which had been classified as a Stage 2 loan was
   reclassified as a Stage 3 loan and a provision was recognised against that
   loan.

   (6) 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.

   (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  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: +44 203 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 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:           GG00BPLZ2K28
   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.:   360094
   EQS News ID:    2033509


    
   End of Announcement EQS News Service

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References

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