REG-Starwood European Real Estate Finance Ltd SWEF: Portfolio Update
25/04/2024 07:15
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Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Portfolio Update
25-Apr-2024 / 07:00 GMT/BST
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Starwood European Real Estate Finance Limited
Quarterly Portfolio Update
£37.9 million repaid across four investments
Fourth and fifth capital redemptions totalling £45.0 million undertaken in
February and March 2024
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 performance for the quarter ended 31 March 2024.
Highlights
• Further realisation progress - during the quarter:
◦ A total of £37.9 million, over 14 per cent of the Group’s 31
December 2023 total funded loan portfolio, has been repaid across
four investments
◦ This included the full settlement of one loan (Shopping Centre,
Spain which had been classified as a Stage 3 loan) and three
partial repayments
◦ The proceeds of these repayments, along with some of the cash
balance held at 31 December 2023, were used in the quarter to
fund the fourth and fifth returns of capital to shareholders
totalling £45.0 million
• Dividend - on 25 April 2024, the Directors announced a dividend, to be
paid in May, in respect of the first quarter of 2024 of 1.375 pence
per Ordinary Share in line with the 2024 dividend target of 5.5 pence
per Ordinary Share in total
• Strong cash generation – going forward the portfolio is expected to
continue to support annual dividend payments of 5.5 pence per Ordinary
Share, paid quarterly
• All assets are constantly monitored for changes in their risk profile
–the current status of the investments is listed below:
◦ Seven loan investments equivalent to 72 per cent of the funded
portfolio are classified in the lowest risk profile, Stage 1
◦ Four loan investments equivalent to 28 per cent of the funded
portfolio are classified as Stage 2
◦ Following the settlement of the Shopping Centre, Spain loan
during the quarter there are no loans classified as Stage 3.
€0.2 million of the €4.0 million provided for impairment against
this loan as at 31 December 2023 was released in March 2024
following the sale of the underlying loan asset.
• The average remaining loan term of the portfolio is 1.4 years
• Inflation protection – 89 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 in a challenging macro environment
• Significant equity cushion - the weighted average Loan to Value for
the portfolio is 58 per cent
John Whittle, Chairman of SEREF, said:
“2024 has started well in terms of our orderly realisation strategy, with
£37.9 million being realised from loan repayments during the quarter.
This has enabled us to return £45.0 million to shareholders via two
capital redemptions in 2024 to date.
Despite continued high interest rates, volatile economic conditions and
lower transaction volumes, the portfolio has continued to perform well.
Following the settlement of the Shopping Centre loan, Spain and the
partial repayment of the Three Shopping Centres, Spain loan, just 5 per
cent of the total funded loan portfolio is allocated to the Retail sector
as of 31 March 2024.
We are on track to meet our aim of paying out a 5.5 pence per share
dividend for 2024. We also expect to make further realisations in the
coming months and look forward to updating shareholders on these
realisations in due course.”
The factsheet for the period is available at:
1 www.starwoodeuropeanfinance.com
Share Price / NAV at 31 March 2024
Share price (p) 92.2p
NAV (p) 104.45
Discount 11.7%
Dividend yield (on share price) 6.0%
Market cap £249m
Key Portfolio Statistics at 31 March 2024
Number of investments 11
Percentage of currently invested portfolio in floating rate 88.9%
loans
Invested Loan Portfolio unlevered annualised total return (1) 8.4%
Weighted average portfolio LTV – to Group first £ (2) 13.0%
Weighted average portfolio LTV – to Group last £ (2) 57.9%
Average remaining loan term 1.4 years
Net Asset Value £282.2m
Loans advanced (including accrued interest) £228.1m
Cash £53.9m
Other net assets (including hedges) £0.2m
Remaining years to contractual Value of loans % of invested
maturity* (£m) portfolio
0 to 1 years £94.2 41.8%
1 to 2 years £61.4 27.3%
2 to 3 years £69.4 30.9%
*excludes any permitted extensions. Note that borrowers may elect to
repay loans before contractual maturity.
Country % of invested assets
UK 78.1%
Republic of Ireland 13.5%
Spain 8.4%
Sector % of invested assets
Hospitality 50.1%
Office 13.8%
Light Industrial 12.1%
Healthcare 11.1%
Life Sciences 6.9%
Retail 5.1%
Residential 0.9%
Loan type % of invested assets
Whole loans 76.2%
Mezzanine 23.8%
Currency % of invested assets*
Sterling 78.1%
Euro 21.9%
*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.
10 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 paid to the Investment
Manager.
(2) 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 to
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.
The redemptions announced and implemented in 2023 returned circa £85.0
million in total to shareholders. During the first quarter of 2024, the
Company announced and implemented its fourth and fifth capital
redemptions, returning, in total, circa £45.0 million to shareholders
through the compulsory redemption of 43,512,736 shares. Following the
fifth redemption, the Company has 270,178,206 shares in issue and the
total number of voting rights is 270,178,206.
Liquidity and credit facilities
During 2023 the Company built up a cash reserve sufficient to cover its
unfunded commitments (which as at 31 March 2024 amounted to £31.4
million). This cash reserve is included in the £53.9 million of cash held
as at 31 March 2024.
During the quarter the Lloyds £25.0 million revolving credit facility was
terminated. It had been due to mature in May 2024. The decision was taken
to terminate it early as the Company holds sufficient cash to meet its
commitments and there was no intention to use the facility before the end
of the availability period.
Dividend
On 25 April 2024, the Directors announced a dividend, to be paid in May,
in respect of the first quarter of 2024 of 1.375 pence per Ordinary Share
in line with the 2024 dividend target of 5.5 pence per Ordinary Share
Portfolio Update
The Group continues to closely monitor and manage the credit quality of
its loan exposures and repayments. Despite continued high interest rates,
volatile economic conditions and lower transaction volumes, the portfolio
has continued to perform well.
On an aggregate portfolio level we continue to benefit from material
headroom in underlying collateral value against the loan basis, with a
current weighted average loan to value of 58 per cent. These metrics are
based on independent third party appraisals (with the exception of one
loan that has been marked against lower recent comparable sale levels).
These appraisals are typically updated annually for income producing
assets. The current weighted average age of valuations is eight months.
Significant loan repayments totalling £37.9 million, equivalent to 14 per
cent of the 31 December 2023 total funded portfolio, were received during
the quarter to 31 March 2024. This included full settlement of the
Shopping Centre, Spain loan and 60 per cent of the Three Shopping Centres,
Spain loan. These repayments mark a significant 73 per cent reduction in
the Group’s exposure to the Retail sector, with just 5 per cent of the
total funded loan portfolio allocated to the Retail sector as of 31 March
2024.
The Group’s exposure is spread across eleven investments. 99 per cent of
the total funded loan portfolio as of 31 March 2024 is spread across six
asset classes; Hospitality (50 per cent), Office (14 per cent), Light
industrial (12 per cent), Healthcare (11 per cent), Life sciences (7 per
cent) and Retail (5 per cent).
Hospitality exposure (50 per cent) is diversified across five loan
investments. Two loans (12 per cent of hospitality exposure) benefit from
State/Government licences in place at the properties and also benefit from
significant amortisation that continues to decrease these loan exposures.
One loan (37 per cent of hospitality exposure) has two underlying key UK
gateway city hotel assets, both of which are undergoing comprehensive
refurbishment programmes which are due to complete during 2024. The
remaining two loans (51 per cent of hospitality exposure) have both been
recently refurbished. The Group expects its exposure to hospitality to
significantly reduce during 2024 from a combination of planned asset sales
and refinancings of stabilised, strong performing assets. The weighted
average loan to value of the hospitality exposure is 54 per cent.
The Group’s Office exposure (14 per cent) is spread across three loan
investments. The weighted average loan to value of loans with office
exposure is 75 per cent. The average age of these independently instructed
valuation reports is less than one year and there continues to be headroom
to the Group’s loan basis.
Light industrial and healthcare exposures comprise 12 per cent and 11 per
cent each respectively, totalling 23 per cent of the total funded
portfolio (across two investments) and provides good diversification into
asset classes that continue to have very strong occupational and investor
demand. Weighted average loan to value of these exposures is 57 per cent.
The Group’s Retail exposure has been materially reduced in the quarter to
31 March 2024 to £11.4 million remaining on one loan, equivalent to 5 per
cent of the total funded portfolio. This is a reduction of £31.1 million
or 73 per cent of Retail exposure versus the 31 December 2023 position.
This followed the sale of three of the shopping centres underlying two
Retail loans, with 100 per cent of net disposal proceeds being used to pay
down the loans. The remaining Retail exposure of £11.4 million is held
against one remaining shopping centre under the Three Shopping Centres,
Spain, senior loan. This asset is well occupied and 100 per cent of the
loan is forecast to be recovered when the asset is sold. The weighted
average loan to value of the remaining retail exposure is 75 per cent. The
value basis of this calculation is the lower of projected sale value
(benchmarked against the recent sales value realised) and most recent
third party independent appraisals.
The Group has no exposure to development and heavy refurbishment projects
(as at 31 March 2023 this exposure amounted to 11 per cent of total loan
commitments).
Credit Risk Analysis
All loans within the portfolio are classified and measured at amortised
cost less impairment.
During the quarter there have been no changes to the existing credit risk
levels for any of the loans in the portfolio, however following the
reduction during the quarter of the Retail sector exposure, there has been
a £31.4 million, 33 per cent decrease in the aggregate of the Stage 2 and
3 category loans as of 31 March 2024 compared to 31 December 2023.
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 of 31 March 2024, assigned
classifications are:
• Stage 1 loans – seven loan investments totalling £162.2 million,
equivalent to 72 per cent of the funded portfolio are classified in
the lowest risk profile, Stage 1.
• Stage 2 loans – four loan investments totalling £62.8 million,
equivalent to 28 per cent of the funded portfolio are classified as
Stage 2. The average loan to value of these exposures is 69 per cent.
The weighted average age of valuation report dates used in the loan to
value calculation is eight months old. While these loans are higher
risk than at initial recognition, no loss has been recognised on a
twelve-month and lifetime expected credit losses basis. Therefore, no
impairment in the value of these loans has been recognised. The
drivers for classifying these deals as Stage 2 are typically either
one or a combination of the below factors:
◦ lower underlying property values following receipt of updated
formal appraisals by independent valuers or agreed and in
exclusivity sale values;
◦ sponsor business plans progressing more slowly 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. The Group has a strategy for each of these deals which
targets full loan repayment over a defined period of time. Timing of
repayment will vary depending on the level of equity support from
sponsors. Typically, where sponsors are willing to inject additional
equity to partially pay down the loans and support their business plan
execution, then the Group will grant some temporary financial covenant
headroom. Otherwise, sponsors are running sale processes to sell assets
and repay their loans.
• Stage 3 loans – As at 31 March 2024, no loans were classified as Stage
3. The Shopping Centre, Spain, mezzanine loan, which had been
classified as Stage 3 as at 31 December 2023, was fully settled during
the quarter and €3.8 million of the previously recognised €4.0 million
impairment provision against this loan was realised. Despite the
impairment the loan investment achieved local currency returns of 1.3
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.
Repayments
During the quarter borrowers repaid at total of £37.9 million under the
following loan obligations:
• €12.2 million, Shopping Centre, Spain (settlement of loan in full)
• €19.5 million, Three Shopping Centres, Spain (partial repayment of
loan, including €0.3 million of scheduled amortisation)
• €12.0 million, Hotel, Dublin (partial repayment of loan)
• £0.6 million, Hotel and Office, Northern Ireland (partial repayment of
loan)
These repayments, along with some of the cash balance held as at 31
December 2023, were used in the quarter to fund the fourth and fifth
returns of capital to Shareholders (which amounted to circa £45.0
million).
Market commentary and outlook
Global inflation has moved back significantly from the highly elevated
levels seen in 2023 but remains above target levels. During the past few
weeks the optimism around the speed at which target inflation would be
reached and expectations for rapid central banks’ reductions in interest
rate policy have diminished.
Recent inflation numbers have been persistently higher than expectations
and target inflation levels. The overall decline since the peak in US
Inflation has been considerable, having moved from 9.1 per cent in June
2022 to 3.5 per cent in March 2024. In the United Kingdom similarly there
has been a significant reduction in inflation from 11.1 per cent in
November 2022 to 3.2 per cent in March 2024. In this first quarter,
economic data has generally pointed to a slower pace of stabilisation of
inflation.
Interest rate policy makers have maintained a resolute stance on finishing
the job on combatting this inflation with interest rate policy. Since the
beginning of the year the expectations of the number of interest rate cuts
the market expects in 2024 have reduced significantly. In the United
States the Federal Reserve dot plots predicted three cuts during 2024 and
the market had priced in six cuts at the beginning of the year but the
expectation now is that there will only be one or two cuts during 2024.
Similarly in the United Kingdom the market had priced in 1.04 percentage
points of cuts at the beginning of the year but the expectation now is
that there will only be 0.38 percentage points of cuts during 2024.
This has also fed into longer term interest rates which remain elevated
relative to the past few years and which have rebounded from recent trough
levels achieved at the end of 2023. Since the beginning of the year the
US 10 Year Treasury yields have moved up more than half way back to recent
peak levels. The US 10 Year Treasury rate has risen by 0.7 per cent to
4.6 per cent having started the year at 3.9 per cent which compared to a
peak of 5.0 per cent in October 2023. Similarly UK 10 Year Gilt rates are
4.3 per cent which is up from 3.5 per cent at the beginning of the year
and compared with a peak of 4.7 per cent in October of 2023. German 10
Year Bond rates follow the same directional trend but at lower rates and
with smaller movement. The German 10 Year Bond yields are 2.5 per cent
up from 2.0 per cent at the beginning of the year and compared with a peak
of 3.0 per cent in October 2023.
European commercial real estate is typically financed using 3 to 5-year
floating rate debt and the key benchmark for financing cost is the 5-year
swap. The GBP and EUR 5-year swaps currently stand at circa 4.1 per cent
and 2.7 per cent respectively, having started the year at 3.3 per cent and
2.3 per cent.
Over the last two years higher uncertainty over the levels of inflation
and interest rates has been one of the key factors leading to
significantly lower transaction volumes in commercial real estate and
according to CBRE research, 2023 had the lowest level of investment volume
since the GFC in Europe with volumes half of the levels of recent years.
With stickier inflation and a higher for longer expectation for interest
rates this slower trend is continuing.
A crowded set of geo-political considerations including the conflicts in
Ukraine and Gaza and other tensions in the Middle East combined could
continue to disrupt supply chains and commodity pricing that could create
increased volatility in the path of inflation and interest rates and lead
to investor hesitancy in real estate investments.
In contrast with the investment market we have seen a competitive market
in real estate credit for both acquisition and refinancings. Last quarter
we reported that the sentiment was meaningfully better than this time last
year with a high degree of confidence in capital markets. At that time
spread tightening in secondary trading had already showed a stronger
market appetite and the banks were expecting healthy volumes of new
issuance being cleared efficiently and with further price tightening also
on the cards.
While problem areas (such as lower quality offices and distressed thinly
capitalised developers) will still need to be worked through, that general
sentiment has played out as expected with a very strong start of the year
in capital markets. This has been seen across the board in bond markets
both in and outside of the real estate space. The Investment Grade and
High Yield markets are off to strong starts and in real estate
specifically the US CMBS market has seen USD 19.5 billion of CMBS issuance
in the first three months of the year which is an increase of 166 per cent
versus USD 7.3 billion at the same time last year. We have also seen the
predicted spread tightening with the Single Asset Single Borrower AAA
rated tranches having been issued as tight as 140 basis points over the
benchmark interest rate versus low 200s at the end of last year.
While CMBS and the unsecured bond markets play a smaller part in the
European commercial real estate market, the health of the public credit
markets have a knock on effect into general real estate finance sentiment
and we have seen a similar dynamic in the European loan markets. There
has been a larger number of active loan requests in the market and with
larger average loan sizes than we have seen over the last two years. The
market has been competitive both on pricing and risk relative to last
year. Many of the larger transactions are in the logistics and student
refinancing sectors but we are also seeing strong appetite for asset
classes across the board including demand for the right types of office
with a good example being the £280 million refinancing of the Blue Fin
building in London which closed in the first quarter.
There are some indicators that the second quarter may be more measured
than the first quarter. The VIX is the popular name for the Chicago Board
Options Exchange's CBOE Volatility Index, which is a popular measure of
the stock market's expectation of volatility based on S&P 500 index
options. The VIX has risen to 18.96 which is the highest level since
October 2023.We have also seen the Itraxx Crossover index which is a
benchmark for crossover corporate credit retrace from a recent low of 290
to 341. This is still down from a peak of 473 in October 2023 but the
recent change of direction is notable. Expectations for the pace of the
recovery in transaction volumes continue to move around as the interest
rate and geo-political outlook develops.
Investment Portfolio at 31 March 2024
As at 31 March 2024, the Group had 11 investments and commitments of
£256.4 million as follows:
Sterling Sterling equivalent Sterling Total
equivalent balance unfunded commitment (Drawn and
(1) (1), (2) Unfunded)
Hospitals, UK £25.0 m £25.0 m
Hotel, Scotland £42.6 m £42.6 m
Hotel, North £15.0 m £15.0 m
Berwick
Life Science, UK £15.5 m £4.0 m £19.5 m
Hotel and Office, £8.2 m £8.2 m
Northern Ireland
Hotels, United £42.3 m £8.4 m £50.7 m
Kingdom
Industrial Estate, £27.2 m £19.0 m £46.2 m
UK
Total Sterling £175.8 m £31.4 m £207.2 m
Loans
Three Shopping £11.4 m £11.4 m
Centres, Spain
Hotel, Dublin £9.4 m £9.4 m
Office Portfolio, £7.5 m £7.5 m
Spain
Office Portfolio, £20.9 m £20.9 m
Ireland
Total Euro Loans £49.2 m £49.2 m
Total Portfolio £225.0 m £31.4 m £256.4 m
1. Euro balances translated to sterling at period end exchange rate.
2. These amounts exclude interest which may be capitalised.
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 one loan which has been
marked against the lower of the projected sale value (benchmarked against
the recent sales value realised) and most recent third party independent
appraisal. The current weighted average age of the dates of these
valuations for the whole portfolio is just over eight months.
On the basis of the methodology and valuation processes previously
disclosed (see 30 September 2020 factsheet with the exceptions as noted
above) at 31 March 2024 the Group has an average last £ LTV of 57.9 per
cent (31 December 2023: 61.8 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 Light Industrial & Other Total
Healthcare
-15% 63.4% 88.1% 66.8% 67.7% 68.1%
-10% 59.9% 83.2% 63.1% 64.0% 64.3%
-5% 56.7% 78.8% 59.8% 60.6% 61.0%
0% 53.9% 74.9% 56.8% 57.6% 57.9%
5% 51.3% 71.3% 54.1% 54.8% 55.2%
10% 49.0% 68.1% 51.6% 52.3% 52.6%
15% 46.9% 65.1% 49.4% 50.1% 50.4%
Share Price performance
The Company's shares closed on 31 March 2024 at 92.2 pence, resulting in a
share price total return for the first quarter of 2024 of 4.1 per cent. As
at 31 March 2024, the discount to NAV stood at 11.7 per cent, with an
average discount to NAV of 12.1 per cent over the quarter.
Note: the 31 March 2024 discount to NAV is based off the current 31 March
2024 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
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: GG00BRC3R375
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.: 317753
EQS News ID: 1888779
End of Announcement EQS News Service
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