REG-Starwood European Real Estate Finance Ltd SWEF: Portfolio Update
21/07/2023 07:15
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Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Portfolio Update
21-Jul-2023 / 07:02 GMT/BST
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Starwood European Real Estate Finance Limited
Quarterly Portfolio Update
Annualised dividend yield of 6.2 per cent, fully covered by income;
First capital redemption undertaken and more expected in 2023
Starwood European Real Estate Finance Limited (“SEREF” or the “Group”), a
leading investor managing and realising a diverse portfolio of high
quality senior and mezzanine real estate debt in the UK and Europe, is
pleased to present its factsheet for the quarter ended 30 June 2023.
Highlights
• Positive realisation progress - during the quarter:
◦ A total of £7.6 million, 2.0 per cent of the Group’s 31 March
2023 total funded loan portfolio, has been repaid across 6
investments
◦ This included the full repayment of a loan on the Logistics
Portfolio, Germany of €3.0 million and 5 partial repayments
◦ Proceeds were used in the quarter to fund the first return of
capital to shareholders of £10.0 million
• All assets are constantly monitored for changes in their risk profile
- during the quarter to 30 June 2023, the following changes to risk
classification were made:
◦ four assets moved from Stage 1 to Stage 2 indicating a change in
their credit risk since origination but no impairments in value
anticipated; and
◦ one asset moved from Stage 2 to Stage 3 and a small credit loss
of £1.7 million was recognised – this minor impairment represents
0.5% of the funded portfolio and is the result of the Group
prudently applying sensitivities to net proceeds from an agreed
asset sale which is subject to contract and is currently
progressing through exclusivity
• The average remaining loan term of the portfolio is 1.4 years
• Strong cash generation - the portfolio continues to support annual
dividend payments of 5.5 pence per Ordinary Share, paid quarterly, and
generates an annual dividend yield of 6.2 per cent on the share price
as at 30 June 2023
• Regular and Consistent Dividend - £219 million of dividends paid since
inception (including the dividend of 2p per share declared in March,
paid in April and the dividend of 1.375p per share declared in April,
paid in May)
• Inflation protection – 76.1 per cent of the portfolio is contracted at
floating interest rates (with floors)
• Robust portfolio - the loan book is performing broadly in line with
expectations with its defensive qualities reflected in the Group’s
continued NAV stability
• Significant equity cushion - the weighted average Loan to Value for
the portfolio is 56.0 per cent
John Whittle, Chairman of SEREF, said:
“Despite highly challenging market conditions which are reflected in low
equity valuations across the investment company sector, we are reassured
by our high quality real estate debt portfolio, which continues to provide
a regular and consistent dividend from a robust portfolio which offers
substantial protection against inflation. Our loan book is highly
defensive and continues to perform broadly in line with expectations.
“In accordance with the amendments to the Company’s articles of
incorporation approved by shareholders at the EGM on 27 January 2023, we
are seeking to return cash to shareholders in an orderly manner as soon as
reasonably practicable following the repayment of loans, while retaining
sufficient working capital for ongoing operations and the funding of
committed but currently unfunded loan commitments. We have made good
progress on this objective in the quarter under review, with proceeds from
loan repayments being used to fund the first return of capital to
shareholders of £10.0 million. We anticipate further capital returns in
the second half of the year, and we look forward to updating shareholders
in due course.”
The factsheet for the period is available at:
1 www.starwoodeuropeanfinance.com
Share Price / NAV at 30 June 2023
Share price (p) 88.6
NAV (p) 103.75
Discount 14.6%
Dividend yield (on share price) 6.2%
Market cap £342m
Key Portfolio Statistics at 30 June 2023
Number of investments 17
Percentage of currently invested portfolio in floating rate 76.1%
loans
Invested Loan Portfolio unlevered annualised total return (1) 8.1%
Portfolio levered annualised total return (2) 8.1%
Weighted average portfolio LTV – to Group first £ (3) 11.6%
Weighted average portfolio LTV – to Group last £ (3) 56.0%
Average loan term (based on current contractual maturity) 5.3 years
Average remaining loan term 1.4 years
Net Asset Value £400.4m
Amount drawn under Revolving Credit Facilities (including £0.0m
accrued interest)
Loans advanced (including accrued interest and net of £384.1m
impairment)
Cash £13.1m
Other net assets (including hedges) £3.2m
Remaining years to contractual Value of loans % of invested
maturity* (£m) portfolio
0 to 1 years £186.4 49.2%
1 to 2 years £87.6 23.1%
2 to 3 years £46.0 12.1%
3 to 5 years £59.2 15.6%
*excludes any permitted extensions. Note that borrowers may elect to
repay loans before contractual maturity.
Country % of invested assets
UK 63.9%
Spain 17.6%
Republic of Ireland 17.0%
Netherlands 1.5%
Sector % of invested assets
Hospitality 37.6%
Office 21.5%
Retail 11.9%
Residential 9.0%
Light Industrial 7.7%
Healthcare 6.6%
Life Sciences 5.1%
Other 0.6%
Loan type % of invested assets
Whole loans 67.4%
Mezzanine 32.6%
Currency % of invested assets*
Sterling 63.9%
Euro 36.1%
*the currency split refers to the underlying loan currency, however the
capital on all non-sterling exposure is hedged back to sterling.
(1) The unlevered annualised total return is calculated on amounts
outstanding at the reporting date, excluding undrawn commitments, and
assuming all drawn loans are outstanding for the full contractual term.
14 of the loans are floating rate (partially or in whole and all with
floors) and returns are based on an assumed profile for future interbank
rates, but the actual rate received may be higher or lower. Calculated
only on amounts funded at the reporting date and excluding committed
amounts (but including commitment fees) and excluding cash uninvested.
The calculation also excludes the origination fee payable to the
Investment Manager.
(2) The levered annualised total return is calculated as per the unlevered
return but takes into account the amount of net leverage in the Group and
the cost of that leverage at current SONIA/Euribor.
(3) LTV to Group last £ means the percentage which the total loan drawn
less any deductible lender controlled cash reserves and less any
amortisation received to date (when aggregated with any other indebtedness
ranking alongside and/or senior to it) bears to the market value
determined by the last formal lender valuation received by the reporting
date. LTV to first Group £ means the starting point of the loan to value
range of the loans drawn (when aggregated with any other indebtedness
ranking senior to it). For development projects the calculation includes
the total facility available and is calculated against the assumed market
value on completion of the relevant project.
Orderly Realisation and Return of Capital
On 31 October 2022, the Board announced the Company’s Proposed Orderly
Realisation and Return of Capital to Shareholders. A Circular relating the
Proposed Orderly Realisation, containing a Notice of Extraordinary General
Meeting (EGM) was published on 28 December 2022. The proposals were
approved by Shareholders at the EGM in January 2023 and the Company is now
seeking to return cash to Shareholders in an orderly manner as soon as
reasonably practicable following the repayment of loans, while retaining
sufficient working capital for ongoing operations and the funding of
committed but currently unfunded loan commitments.
In June 2023, the Company announced its first capital distribution,
returning circa £10 million to shareholders through the compulsory
redemption of 9,652,350 shares at a price of £1.0363 per share.
Dividend
On 21 July 2023, the Directors declared a dividend, to be paid in August,
in respect of the second quarter of 2023 of 1.375 pence per Ordinary
Share, equating to an annualised income of 5.5 pence per annum.
Portfolio Update
The Group continues to closely monitor its loan exposures, underlying
collateral performance and repayments. The Group has prudently assessed
key risk indicators impacting all investments and has increased the number
of loans classified as Stage 2 and moved one loan from a Stage 2
classification to a Stage 3 classification. This is outlined in detail
under the Credit Risk Analysis section of this factsheet. Despite
increased risk around higher interest rates and lower transaction volumes,
the portfolio has continued to perform well.
During Q2 2023, a total of £7.6 million, equivalent to 2.0 per cent of the
31 March 2023 total funded loan portfolio, has been repaid across six
investments. Repayments are originating from strategic underlying property
sales, regular quarterly loan amortisation or borrowers electing to
voluntarily pay down loan balances with surplus cash. The Group continues
to project near term repayments and two loans (Hotel & Residential UK and
Mixed Use Dublin) totalling approximately £61 million / 16 per cent of the
total funded loan portfolio are expected to fully repay in the coming
weeks following the receipt of refinance proceeds and contracted pre-sales
which are forecast to fully repay the loans. These repayments will be
used to provide a reserve of cash to fund committed to but as yet unfunded
loan commitments (see investment portfolio table below) of £47.3 million
and the remainder will be used in the second half of the year to fund
further returns of capital to Shareholders.
The Group’s exposure to development and heavy refurbishment projects will
reduce to zero upon final repayment of the Hotel & Residential UK loan
which is expected to occur during Q3 2023. Since last quarter, this
project has substantially completed and a number of pre-sold residential
units have achieved financial completion, which has significantly reduced
the Group’s loan basis.
Four asset classes represent 80 per cent of the total funded loan
portfolio as at 30 June 2023; these are Hospitality (38 per cent), Office
(21 per cent), Retail (12 per cent) and Residential (9 per cent).
The Hospitality exposure is diversified across six different loan
investments. Two (25 per cent of hospitality exposure) benefit from
State/Government licences in place at accretive rents with structural
amortisation continuing to decrease loan exposures on these assets. The
other trading hotel exposures either have been recently refurbished or
will be on a rolling basis from mid-2023. All trading assets continue to
have strong revenue performance driven by higher rates being achieved.
Sponsors are keenly focussed on costs to ensure that dilution of strong
top line perform due to higher costs is minimised. The weighted average
Loan to Value of the Hospitality exposure is 49 per cent.
The Office exposure (21 per cent) is spread across seven loan investments.
Occupancy across the leased office portfolio has held up well, with the
vast majority of the underlying tenants renewing leases and staying in
occupation. The Group’s office exposure is predominantly weighted (over 65
per cent) toward strong city centre locations which is widely documented
as being the most defensive, alongside buildings which have high quality,
ESG credentials. 66 per cent of the Group’s current office exposure is
against underlying office collateral that is either newly constructed or
has undergone recent refurbishment projects. The weighted average Loan to
Value of loans with office exposure is 63 per cent. The average age of
these independently instructed valuation reports is under one year and
hence there continues to be significant headroom to the Groups basis on
these loans. As a precaution however, two of the office loans have this
quarter been classified in the higher risk Stage 2 category due to slower
lease up of newly refurbished space than expected or a materially lower
valuation level upon receipt of a revised appraisal.
The Retail exposure (12 per cent) has continued to perform strongly from
an operational perspective, with occupancies across the shopping centre
exposures fully recovered to pre-pandemic levels and in the high eighties
or nineties per cent. The sponsor of the shopping centre loans has
launched a comprehensive sale process and bids have been received on the
assets. The Group is prudently reclassifying one of the retail loan
exposures to a Stage 3 loan given a tight bid level versus the Groups loan
level. This is further detailed in the Credit Risk Analysis section in
this factsheet. The weighted average Loan to Value of the Retail exposure
is 74 per cent.
Residential exposure (9 per cent) is predominantly related to the
successfully pre-sold residential for sale development project (Hotel &
Residential UK) that has now substantially complete with the loan
projected to be fully repaid during Q3 2023. The weighted average Loan to
Value of the Residential exposure is 38 per cent.
On a portfolio level we continue to benefit from material headroom in
underlying collateral value against the loan basis, with a current
weighted average LTV of 56.0 per cent. These metrics are based on
independent third party appraisals (with the exception of two loans that
have been marked against a lower sale process bid level). These appraisals
are typically updated annually for income producing assets and following
completion on newly constructed or refurbished assets. The weighted
average age of valuations is just under seven months for income producing
assets and just over one year including all loans.
Credit Risk Analysis
All loans within the portfolio are classified and measured at amortised
cost less impairment.
The Group follows a three-stage model for impairment based on changes in
credit quality since initial recognition as summarised below:
• A financial instrument that is not credit-impaired on initial
recognition is classified as Stage 1 and has its credit risk
continuously monitored by the Group. The expected credit loss (“ECL”)
is measured over a 12-month period of time.
• If a significant increase in credit risk since initial recognition is
identified, the financial instrument is moved to Stage 2 but is not
yet deemed to be credit-impaired. The ECL is measured on a lifetime
basis.
• If the financial instrument is credit-impaired it is then moved to
Stage 3. The ECL is measured on a lifetime basis.
The Group closely monitors all loans in the portfolio for any
deterioration in credit risk. As at the prior quarter end (31 March 2023),
all but two of the Group’s loan investments were categorised as Stage 1,
with two loans (£44.6 million / 11 per cent of total funded loan
portfolio) categorised as Stage 2 loans. As at the current quarter end,
the Group have prudently reassessed assigned classifications and has made
the following reclassifications
• Stage 2 loans – four loan investments have moved from a Stage 1
classification to Stage 2. In total five loans amounting to £100.1
million / 26 per cent of total funded loan portfolio are now
classified as Stage 2. The average Loan to Value of these exposures is
69 per cent. The average age of valuation report dates used in the
Loan to Value calculation is just under six months old. While these
loans are considered to be higher risk since initial recognition, no
loss has been recognised on a 12-month and lifetime expected credit
losses basis. Therefore, no impairment in the value of these loans has
been recognised. The reclassification of these loans has been driven
by various key risk assessment factors including the following;
◦ lower underlying property values following receipt of updated
formal appraisals by independent valuers or agreed and in
exclusivity sale values,
◦ sponsor business plans progressing slower than originally
underwritten meaning that trading performance has lagged
expectation and operating financial covenants under the facility
agreements have breached, and
◦ additional equity support is required to cover interest or
operating shortfalls as a result of slower lease up or operations
taking longer to ramp up.
The Stage 2 loans continue to benefit from headroom to the Group’s
investment basis. In all cases sponsors have defined business plans to
achieve stabilisation or optimise disposal processes. In most cases
sponsors are supporting the continued execution of business plans and
contractual loan payments by injecting additional equity. Additionally,
the Group has in some cases negotiated for borrowers to inject equity to
partially repay loans in exchange for selected temporary financial
covenant waivers to allow headroom for strong sponsors to progress
business plans. This will provide de-risking against the loan basis once
documented and cash injected.
• Stage 3 loan – one loan has been reclassified from Stage 2 to Stage 3.
This investment totals £14.6 million / 4 per cent of total funded loan
portfolio and its Loan to Value has been increased to 92 per cent.
This value is based on the projected net proceeds which are expected
to be available for loan repayment upon sale of the underlying loan
collateral. The sponsor has run a comprehensive competitive sale
process through a global advisory firm with oversight by the lenders
and the bidder has proven execution track record in the same asset
class and deal size and intends to close with all equity with no
reliance on debt. Given continued capital markets volatility,
materially lower transaction volumes and uncertainty regarding
interest rates, the Group has approved the sale and the buyer is in
exclusivity while undertaking standard purchaser due diligence.
While the current projected net sale proceeds on the stage 3 loan would
fully pay down the Group’s loan balance, the Group has applied
sensitivities to the expected net proceeds and, on that basis, has
accounted for a credit impairment of £1.7m / 0.5 per cent of total funded
loan portfolio. We note that despite the impairment, this loan investment
is projected to achieve local currency returns of over 1.4 times the
Group’s capital invested.
This assessment has been made based on information in our possession at
the date of reporting, our assessment of the risks of each loan and
certain estimates and judgements around future performance of the assets.
Partial repayments
During the quarter, despite lower transaction volumes across the markets
because of the cautionary approach being adopted by investors, borrowers
repaid the following loan obligations:
• €3.9 million, Hotel, Dublin (partial repayment of loan)
• €3.0 million, Logistics Portfolio, Germany (repayment of loan in full)
• €0.8 million, Office Portfolio, Spain (partial repayment of loan)
• €0.6 million, Mixed Portfolio, Europe (partial repayment of loan)
• €0.3 million, Three Shopping Centres, Spain (scheduled amortisation)
• €0.04 million, Mixed Use, Dublin (partial repayment of loan)
These repayments were used in the quarter to partially fund the first
return of capital to Shareholders (which amounted to £10.0 million).
Market commentary and outlook
In the previous quarter we saw inflation from energy costs beginning to
moderate as we passed the anniversary of the beginning of the war in
Ukraine. Some of these trends have continued over the quarter under
review particularly in the United States where June CPI was well received
by the markets down to 3 per cent which is the lowest rate since 2021 but
there are concerns of a longer period of high inflation especially in the
UK.
Eurozone preliminary data for June shows the consumer price inflation rate
decreased to 5.5 per cent in June 2023, down from 6.1 per cent in the
previous month and slightly below market expectations of 5.6 per cent.
The core rate, which excludes volatile items such as food and energy, was
slightly up from the previous month at 5.4 per cent but below the March
rate of 5.7 per cent and also slightly below market forecasts of 5.5 per
cent. Energy prices were down 5.6 per cent (versus down 1.8 per cent in
May). More concerningly, services inflation picked up to 5.4 per cent
from 5.0 per cent. However, more encouraging aspects to note are that the
Eurozone consumer price inflation is now at its lowest level since January
2022 having peaked at 10 per cent in October 2022 and recent data shows
factory gate prices in the region fell 1.5 per cent in the year to May,
the first outright decline since December 2020.
UK inflation has been higher persistently with concerns focussed around
the core inflation rate. Interest rate markets moved markedly higher on
the recent numbers. While the April data showed a reasonable decrease in
overall consumer price inflation which declined from 10.1 per cent in
March to 8.7 per cent, it was less of a decline than markets expected and
core consumer price inflation continued to increase to 6.8 per cent which
was the highest rate since March 1992. May numbers continued to miss
expectations with the overall consumer price inflation rate unchanged at
8.7 per cent versus an expectation of a fall to 8.5 per cent. However
June data swung the other way with a decline to 7.9 per cent versus
analyst expectations of 8.2 per cent and markets reacted quickly to the
surprise with asset prices rising across the board. The FTSE 100 rallied
by almost 2 per cent and the 10 year gilt yield fell from 4.34 per cent to
4.16 per cent on the day.
As expected, central banks continue to be hawkish on the persistence of
inflation. During the quarter, the Bank of England raised the UK base
rate twice including a larger than expected 50 basis points move in June
in reaction to the high inflation data. The Bank of England has now
raised rates from 0.1 per cent to 5 per cent in this tightening cycle over
a one and a half year period. The markets see more to come with the
expected peak in UK interest rates having risen from an expected peak of 5
per cent as at May, to as high as 6.5 per cent following the May inflation
numbers and Bank of England rate increases. Expectations of the next rate
rise have been tempered by the more positive June inflation and the market
now sees a 25 basis point rise more likely than a 50 basis point move.
In Europe there has also been two rate rises but with each being 25 basis
points taking the key Euro interest rate to 3.5 per cent and markets
expecting this to rise to a peak of 4 per cent. Christine Lagarde has
signalled that the ECB will remain vigilant commenting on “a more
persistent inflation process” meaning that rate-setters “cannot declare
victory yet”.
Higher interest rates expectations have fed directly into UK mortgage
rates with fast changing rate expectations leading to a flurry of press
reports on rising rates for residential mortgages. Headlines have
highlighted the large numbers of mortgage deals being pulled from the
market and in some cases leading UK banks repriced their headline mortgage
rates twice in one week. 2 year fixed rate residential mortgages have now
risen to above 6.5 per cent and the average rate for a five-year fixed
mortgage stands at just over 6 per cent. These increases have begun to
feed into house prices where average UK home prices according to the
Halifax declined 2.6 per cent in the year to June which is the largest
year on year decline since 2011.
Commercial real estate markets are looking for increased levels of
certainty in inflation and interest rate expectations and until the
outlook settles there is likely to be a decreased level of transaction
volumes. This can be seen in the reduced activity in the first quarter of
2023 where investment volumes were down 62 per cent as a whole in Europe.
Focussing on the office market where we commented last time on the
differences between the US and European markets, observers might be
surprised that volume decreases here are largely in line with the market
as a whole with a 64 per cent decrease in office transaction volume.
Looking at Central London office in particular the number of transactions
is similar to the same period last year but the average lot size is down
by 59 per cent which is in line with the reduction in overall transaction
volumes. As is typical in slower markets the activity has been focussed
on high quality assets and as such London office transactions in the first
quarter of 2023 have set the highest ever recorded average capital value
per square foot.
Operating asset classes showed lower declines in investment volumes with
hotel investment activity in the quarter versus the previous year being
the strongest of the sectors. Hotels recorded a flat level of
transactions reflecting strong underlying operating performance in the
sector. All of the top 25 European hotel markets have recorded higher
average room rates in the 12 months to end of May 2023 than they did in
2019.
One of the underperformers in transaction volumes for the quarter was
logistics where volumes were down 76 per cent, however this may be a
sector that picks up volume following a rapid repricing. Valuation
adjustment in the UK during 2022 has been very swift with the move having
been compounded by a high starting point due to strong performance in
recent years. As a result of the rapid correction we had seen some
evidence that yields were nudging off the recent highs. The fundamentals
of high demand combined with supply being unable to keep up are still
leading to a positive outlook for growing rental levels in this area which
will attract investor interest to the positive income dynamics.
The wait for stability in the inflation and interest rate markets has been
longer than many expected. This will continue to be a key driver for real
estate markets and until the outlook settles further market volumes are
likely to remain lower.
Investment Portfolio at 30 June 2023
As at 30 June 2023, the Group had 17 investments and commitments of £426.5
million as follows:
Sterling Sterling equivalent Sterling Total
equivalent balance unfunded commitment (Drawn and
(1) , (2) (1) Unfunded)
Hospitals, UK £25.0 m £25.0 m
Hotel & £49.9 m £49.9 m
Residential, UK
Office, London £20.5 m £20.5 m
Hotel, Scotland £42.6 m £42.6 m
Hotel, North £15.0 m £15.0 m
Berwick
Life Science, UK £19.5 m £7.1 m £26.6 m
Hotel and Office, £10.5 m £10.5 m
Northern Ireland
Hotels, United £32.0 m £18.6 m £50.6 m
Kingdom
Industrial Estate, £27.2 m £19.0 m £46.2 m
UK
Total Sterling £242.2 m £44.7 m £286.9 m
Loans
Three Shopping £28.7 m £28.7 m
Centres, Spain
Shopping Centre , £14.6 m £14.6 m
Spain
Hotel, Dublin £32.6 m £32.6 m
Office, Madrid, £15.9 m £0.9 m £16.8 m
Spain
Mixed Portfolio, £5.7 m £5.7 m
Europe
Mixed Use, Dublin £10.9 m £1.7 m £12.6 m
Office Portfolio, £7.6 m £7.6 m
Spain
Office Portfolio, £21.0 m £21.0 m
Ireland
Total Euro Loans £137.0 m £2.6 m £139.6 m
Total Portfolio £379.2 m £47.3 m £426.5 m
1. Euro balances translated to sterling at period end exchange rate.
2. Balances shown are funded balances before any impairments.
Loan to Value (LTV)
All assets securing the loans undergo third party valuations before each
investment closes and periodically thereafter at a time considered
appropriate by the lenders. The LTVs shown below are based on independent
third party appraisals with the exception of two loans that have been
marked against a lower sale process bid level. The current weighted
average age of the dates of these third party valuations for the whole
portfolio is just over one year while the current weighted average age of
the valuations for the income producing portfolio (i.e. excluding loans
for development or heavy refurbishment) is just over six months.
On the basis of the methodology and valuation processes previously
disclosed (see 30 June 2020 factsheet with the exception as noted above)
at 30 June 2023 the Group has an average last £ LTV of 56.0 per cent (31
March 2023: 58.3 per cent).
The table below shows the sensitivity of the loan to value calculation for
movements in the underlying property valuation and demonstrates that the
Group has considerable headroom within the currently reported last LTVs.
Change in Valuation Hospitality Office Retail Residential Other Total
-15% 58.1% 73.7% 87.5% 44.3% 68.8% 65.9%
-10% 54.9% 69.6% 82.6% 41.8% 65.0% 62.2%
-5% 52.0% 66.0% 78.3% 39.6% 61.6% 58.9%
0% 49.4% 62.7% 74.4% 37.7% 58.5% 56.0%
5% 47.0% 59.7% 70.8% 35.9% 55.7% 53.3%
10% 44.9% 57.0% 67.6% 34.2% 53.2% 50.9%
15% 42.9% 54.5% 64.7% 32.8% 50.9% 48.7%
Share Price performance
The Company's shares closed on 30 June 2023 at 88.6 pence, resulting in a
share price total return for the second quarter of 2023 of 0.1 per cent.
As at 30 June 2023, the discount to NAV stood at 14.6 per cent, with an
average discount to NAV of 15.0 per cent over the quarter.
Note: the 30 June 2023 discount to NAV is based off the current 30 June
2023 NAV as reported in this factsheet. All average discounts to NAV are
calculated as the latest cum-dividend NAV available in the market on a
given day, adjusted for any dividend payments from the ex-dividend date
onwards.
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited
as Company Secretary
Duke Le Prevost
+44 (0)20 3530 3630
Starwood Capital
Duncan MacPherson +44 (0) 20 7016 3655
Jefferies International Limited
Gaudi Le Roux
Harry Randall
+44 (0) 20 7029 8000
Ollie Nott
Buchanan +44 (0) 20 7466 5000
Helen Tarbet +44 (0) 7788 528 143
Henry Wilson
Hannah Ratcliff
Notes:
Starwood European Real Estate Finance Limited is an investment company
listed on the premium segment of 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
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The issuer is solely responsible for the content of this announcement.
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ISIN: GG00BQWPBM39
Category Code: PFU
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.: 259163
EQS News ID: 1684755
End of Announcement EQS News Service
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AnnouncementREG-Starwood European Real Estate Finance Ltd SWEF: Full Year Results for the Year Ended 31 December 2024
AnnouncementREG-Starwood European Real Estate Finance Ltd SWEF: February 2025 NAV
Announcement