REG-Starwood European Real Estate Finance Ltd SWEF: Portfolio Update
24/07/2024 07:15
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Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Portfolio Update
24-Jul-2024 / 07:03 GMT/BST
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24 July 2024
Starwood European Real Estate Finance Limited
Quarterly Portfolio Update
£64 million repaid across four investments during the quarter
Sixth capital redemption totalling £80 million to be implemented in July
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 30 June 2024.
Highlights
• Further progress on portfolio realisation - during the quarter:
◦ A total of £64.1 million, over 28 per cent of the Group’s 31
March 2024 total funded loan portfolio, has been repaid across
four investments
◦ This included the full repayment of three loans ((i) Three
Shopping Centres, Spain, which had been classified as a Stage-2
loan, (ii) Hotel, Dublin and (iii) Hotel, Scotland) and one
partial repayment (Hotel and Office, Northern Ireland)
◦ The proceeds of these repayments, along with some of the
additional cash available at 30 June 2024, will be used to fund
the sixth return of capital to shareholders totalling £80.0
million which will take place in July 2024
• Dividend - on 24 July 2024, the Directors announced a dividend, to be
paid in August, in respect of the second quarter of 2024 of 1.375
pence per Ordinary Share (for shares still in issue following the
sixth redemption) 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
– no investments have been downgraded during the quarter and the
current risk status of the investments is listed below:
◦ Five loan investments equivalent to 69 per cent of the funded
portfolio are classified in the lowest risk profile, Stage-1
◦ Following the full repayment of Three Shopping Centres, Spain,
three loan investments equivalent to 31 per cent of the funded
portfolio are classified as Stage-2
◦ There are no loans classified as Stage-3.
• The weighted average remaining loan term of the portfolio is 1.5 years
• Inflation protection – 85 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:
“We are pleased with the ongoing positive progress in our orderly
realisation strategy with £64.1 million being realised in Q2 2024,
following £37.9 million in realisations in Q1 2024. These realisations
have enabled us to pledge to return £125.0 million to shareholders via
capital redemptions in 2024 to date of which £80.0 million will be paid
this month.
In particular, the full repayment of Three Shopping Centres, Spain in the
second quarter of 2024, means that the Group no longer has any exposure to
the retail sector.
The remaining portfolio loans continue to perform well and we remain on
track to meet our aim of paying out a dividend of 5.5 pence per share for
2024. We look forward to updating shareholders on further progress in our
orderly realisation strategy in due course.”
The factsheet for the period is available at:
1 www.starwoodeuropeanfinance.com
Share Price / NAV at 30 June 2024
Share price (p) 93.0
NAV (p) 104.92
Discount 11.4%
Dividend yield (on share price) 5.9%
Market cap £251m
Key Portfolio Statistics at 30 June 2024
Number of investments 8
Percentage of currently invested portfolio in floating rate 84.8%
loans
Invested Loan Portfolio unlevered annualised total return (1) 9.1%
Weighted average portfolio LTV – to Group first £ (2) 16.7%
Weighted average portfolio LTV – to Group last £ (2) 58.0%
Average remaining loan term * 1.5 years
Net Asset Value £283.5m
Loans advanced (including accrued interest) £166.9m
Cash £117.1m
Other net liabilities (including hedges) £0.5m
Remaining years to contractual Value of loans % of invested
maturity* (£m) portfolio
0 to 1 years £45.3 27.4%
1 to 2 years £46.3 28.1%
2 to 3 years £73.5 44.5%
*Remaining loan term to current contractual loan maturity excluding any
permitted extensions. Note that borrowers may elect to repay loans before
contractual maturity or may elect to exercise legal extension options,
which are typically one year of additional term subject to satisfaction of
credit related extension conditions. The Group, in limited circumstances,
may also elect to extend loans beyond current legal maturity dates if that
is deemed to be required to affect an orderly realisation of the loan.
Country % of invested assets
UK 82.6%
Republic of Ireland 12.9%
Spain 4.5%
Sector % of invested assets
Hospitality 39.5%
Office 18.7%
Light Industrial 16.5%
Healthcare 15.2%
Life Sciences 9.4%
Residential 0.7%
Loan type % of invested assets
Whole loans 67.4%
Mezzanine 32.6%
Currency % of invested assets*
Sterling 82.6%
Euro 17.4%
*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.
Seven 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, reviewed in
detail and approved 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.
There were no compulsory share redemptions in the second quarter of 2024.
On 24 July 2024 the Company announced the sixth capital redemption, which
will return, in July 2024, circa £80.0 million to shareholders through the
compulsory redemption of shares.
Liquidity and credit facilities
During 2023 the Company built up a cash reserve sufficient to cover its
unfunded commitments (which as at 30 June 2024 amounted to £24.1
million). This cash reserve is included in the £117.1 million of cash
held as at 30 June 2024.
The Company holds sufficient cash to meet its commitments and so did not
pursue extending its credit facilities earlier in the year in order to
reduce costs.
Dividend
On 24 July 2024, the Directors announced a dividend, to be paid in August,
in respect of the second quarter of 2024 of 1.375 pence per Ordinary Share
in line with the 2024 dividend target of 5.5 pence per Ordinary Share.
The dividend will be paid on Ordinary Shares in issue as at 2 August 2024
(i.e. post the sixth capital redemption which is being implemented in July
2024).
Portfolio Update
The Group continues to closely monitor and manage the credit quality of
its loan exposures and repayments. The portfolio has continued to perform
well, with total repayments of £64.1 million in the quarter to 30 June
2024, equivalent to 28 per cent of the 31 March 2024 total funded
portfolio. These repayments marked successful execution of underlying
borrower business plans to refinance or sell assets upon stabilisation.
The repayments during the quarter included final repayment of the Three
Shopping Centres, Spain loan which results in the Group’s exposure to
underlying retail assets reducing to zero.
On an aggregate portfolio level, the Group continues to benefit from
material headroom in underlying collateral value against the loan basis,
with a weighted average loan to value of 58 per cent. These metrics are
based on independent third party appraisals. These appraisals are
typically updated annually for income producing assets. The weighted
average age of valuations is just over ten months.
The Group’s remaining exposure is spread across eight investments. 99 per
cent of the total funded loan portfolio as of 30 June 2024 is spread
across five asset classes; Hospitality (40 per cent), Office (19 per
cent), Light Industrial (16 per cent), Healthcare (15 per cent) and Life
Sciences (9 per cent).
Hospitality exposure (40 per cent) is diversified across three loan
investments. This exposure has decreased from 50 per cent as of 31 March
2024 as a result of the full repayment of Hotel, Scotland and Hotel,
Dublin during the quarter. One loan (71 per cent of hospitality exposure)
has two underlying key UK gateway city hotel assets, both of which are
undergoing comprehensive refurbishment programmes due to complete during
2024. Both hotels are also rebranding to a major internationally
recognised hotel brand. The second largest hospitality loan (23 per cent
of hospitality exposure) has also been recently refurbished and is slowly
increasing operating performance metrics post refurbishment. One loan (6
per cent of hospitality exposure) benefits from a State/Government licence
in place at the property and has structured amortisation that continues to
decrease this loan exposure. This loan is expected to be fully repaid
before year end 2024. The weighted average loan to value of the
hospitality exposure is 56 per cent.
The Group’s office exposure (19 per cent) is spread across three loan
investments. The weighted average loan to value of loans with office
exposure is 73 per cent and the average age of these independently
instructed valuation reports is just over a year. The higher loan to value
of this sector exposure reflects the wider decrease in market sentiment
driven by post pandemic trends and higher interest rates. These factors
have resulted in reduced investor appetite for office exposure and a
decline in both transaction volumes and values. The largest office
investment is a mezzanine loan which represents 65 per cent of this bucket
and is classified as a Stage-2 risk rated loan. The underlying assets
comprise seven well located European city centre CBD buildings and are
well tenanted, albeit certain assets are expected to require capital
expenditure to upgrade to Grade-A quality to retain existing tenants upon
future lease expiry events. The loan remains in compliance of its
third-party senior loan facility and the Group’s mezzanine loan facility,
however given the persisting challenging market dynamics, the Group is
working closely with the sponsor, a very large institutional asset
manager, and a leading global valuation and advisory firm to identify
future capital expenditure needs, funding sources, exit values and the
business plan to exit.
Light Industrial and Healthcare exposures comprise 16 per cent and 15 per
cent each respectively, totalling 31 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. The weighted average loan to value of these exposures is 56 per
cent.
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 investments, however following the successful
repayment of one of the remaining Stage-2 loans during the quarter, there
has been an £11 million, equivalent to a 17.5 per cent decrease in the
Stage-2 category loans, as of 30 June 2024 compared to 31 March 2024.
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 30 June 2024, assigned classifications
are:
• Stage-1 loans – five loan investments totalling £113.3 million,
equivalent to 69 per cent of the funded portfolio are classified in
the lowest risk profile, Stage-1.
• Stage-2 loans – three loan investments totalling £51.8 million,
equivalent to 31 per cent of the funded portfolio are classified as
Stage-2. The average loan to value of these exposures is 67 per cent.
The weighted average age of valuation report dates used in the loan to
value calculation is one year. 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
expectations 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 of 30 June 2024, no loans were classified as
Stage-3.
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 a total of £64.1 million under the
following loan obligations:
• £42.6 million, Hotel Scotland (full repayment of loan)
• €13.3 million, Three Shopping Centres, Spain (full repayment of loan)
• €11.0 million, Hotel, Dublin (full repayment of loan)
• £0.9 million, Hotel and Office, Northern Ireland (partial repayment of
loan)
These repayments, along with available cash, will be used to fund the
sixth return of capital to Shareholders in July 2024 (which will amount to
circa £80.0 million).
Market commentary and outlook
During the second quarter of 2024 some central banks started cutting
interest rates. The Swedish National Bank (“SNB”) and the European
Central Bank (“ECB”) have led the way in Europe with cuts in May for the
SNB and June for the ECB. The Bank of England (“BOE”) decision at the
June meeting was finely balanced but, in the end, the BOE decided to wait
with the market expecting that the BOE would then almost definitely cut in
August. While the June headline rate of inflation does potentially
support a cut, the stubbornly higher level of services inflation has
resulted in the market showing that it is more likely than not that BOE
hold rates now in August. The pace of cuts is likely to be measured with
the BOE and ECB both flagging that they are not in a hurry to make cuts.
In the United States the Federal Reserve has also not yet moved but with
the June inflation data on the lower side, the expectation is now a solid
two cuts during 2024 with an increasing probability of a third cut being
priced in.
Long term interest rates and government bond yields are largely unchanged
over the quarter with UK 10 Year Gilt rates at 4.1 per cent versus 4.3 per
cent at the beginning of the quarter and 3.5 per cent at the beginning of
the year. German 10-year bonds are also slightly down at 2.4 per cent
versus 2.5 per cent at the beginning of the quarter up from 2.0 per cent
at the beginning of the year. Swap rates have also been steady with GBP
and EUR 5-year swaps currently standing at 3.9 per cent and 2.7 per cent
respectively with almost no movement over the quarter as a whole. A
notable exception to the steady data was for France where the recent
election led to a repricing of the spread between German and French
government bonds. Prior to the election being called spreads were circa
50 basis points but jumped to as high as 80 basis points during the
election process before settling back to a mid-point of 65 basis points at
the time of writing.
Last time we reported, 2023 had the lowest level of investment volume in
commercial real estate in Europe since the GFC with volumes half of the
levels of recent years. Lower volumes are persisting as 2024 advances but
we see a strong differentiation between asset classes in sentiment for
deal catalysts. For example, in the hospitality sector where owners have
more scope for asset management initiatives to create value, we have seen
a number of larger portfolio transactions in 2024 including Blackstone’s
acquisition of Village Hotels for approximately £800 million, Starwood’s
acquisition of the Radisson Edwardian portfolio in Central London for a
similar amount and Ares’ acquisition of 21 Novotel and Ibis hotels for
£400 million from Land Securities.
There has also been a pick-up in public market merger and acquisition
activity including the merger of Tritax Big Box REIT and UK Commercial
Property REIT to create a combined group with a portfolio of £6.3 billion
and TPG’s take private of Brussels listed Intervest with a €1.4 billion
portfolio of logistics and office. In contrast, some asset classes and
geographies are seeing significantly less activity. For example, during
the pre-COVID decade from 2010 to 2019 the value of office transactions as
a proportion of the entire real estate transaction markets was 40.4 per
cent, however in 2023 this declined to 22.8 per cent and we are seeing a
similar proportion in the data from the first quarter of 2024. In the
biggest markets of UK, Germany and France, it is France that has held the
highest proportion of office transactions with 35.7 per cent of the total
volume. Germany and the UK are maintaining similar levels close to the
average with 18.3 per cent and 22.2 per cent respectively. Spain and
Portugal are seeing the lowest share of office transactions with only 10.6
and 9.5 per cent of total country volume respectively.
We continue to see a relatively consistent level of appetite for the
credit side of the capital structure in both the public and private
markets. While only a small part of the European markets, the CMBS market
in the US is a bell-weather for overall commercial real estate lending
market sentiment. There has been USD 48 billion of total commercial real
estate backed ABS issuance in the first half of the year which is an
increase of 158 per cent versus the USD 18.6 billion at the same time last
year. Bond spreads had contracted strongly in the first few months of
2024 leading to more favourable conditions for issuers but have now
stabilised. With a higher level of supply, deals have been taking longer
to clear the market and investors have had more choices leading to
slightly more variation of pricing by deal but with overall spreads being
stable.
In Europe the unsecured corporate bond market for real estate companies
has seen a similar change in pricing dynamics and strong levels of new
issuance since the beginning of the year. We have seen many high-quality
issuers coming to market with high levels of order book coverage and
attractive pricing. Including recently, benchmark issuance sizes of €500
million plus for Logicor, Aroundtown and Grand City Properties, with the
latest 5 year Logicor bond being 4.4x covered and priced at the mid swap
rate plus 153 basis points.
In the private loan market we continue to see a good level of appetite
from a diverse set of lender types including domestic and international
banks, insurance companies, debt funds and other non-bank lenders leading
to a healthy competition particularly for acquisition financing but also
for the right refinancing opportunities. Beds, sheds and datacentres are
often cited as the preferred asset classes for lenders, but we have seen
that well-located, high-quality office assets also receives a good level
of competition. One such example is the £235 million refinancing of 280
Bishopsgate which closed last month. 280 Bishopsgate is a top ESG rated
office building located in the City of London near Liverpool Street
Station. A £200 million senior loan was provided by LBBW with a further
£35 million of mezzanine financing provided by Delancey making this one of
the largest single asset office financings of the year.
Investment Portfolio at 30 June 2024
As at 30 June 2024, the Group had 8 investments and commitments of £189.2
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, North £15.0 m £15.0 m
Berwick
Life Science, UK £15.5 m £4.0 m £19.5 m
Hotel and Office, £7.3 m £7.3 m
Northern Ireland
Hotels, United £46.3 m £1.1 m £47.4 m
Kingdom
Industrial Estate, £27.2 m £19.0 m £46.2 m
UK
Total Sterling £136.3 m £24.1 m £160.4 m
Loans
Office Portfolio, £7.5 m £7.5 m
Spain
Office Portfolio, £21.3 m £21.3 m
Ireland
Total Euro Loans £28.8 m £28.8 m
Total Portfolio £165.1 m £24.1 m £189.2 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. The weighted average age of the dates of these
valuations for the whole portfolio is just over ten months.
As of 30 June 2024 the Group has an average last £ LTV of 58.0 per cent
(31 March 2024: 57.9 per cent).
The Group’s last £ LTV 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, reviewed in
detail and approved 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.
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% 65.4% 85.5% 65.4% 56.4% 68.3%
-10% 61.8% 80.7% 61.7% 53.3% 64.5%
-5% 58.6% 76.5% 58.5% 50.5% 61.1%
0% 55.6% 72.7% 55.6% 48.0% 58.0%
5% 53.0% 69.2% 52.9% 45.7% 55.3%
10% 50.6% 66.1% 50.5% 43.6% 52.7%
15% 48.4% 63.2% 48.3% 41.7% 50.5%
Share Price performance
The Company's shares closed on 30 June 2024 at 93.0 pence, resulting in a
share price total return for the second quarter of 2024 of 2.4 per cent.
As at 30 June 2024, the discount to NAV stood at 11.4 per cent, with an
average discount to NAV of 10.5 per cent over the quarter.
Note: the 30 June 2024 discount to NAV is based off the current 30 June
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
Helen Tarbet +44 (0) 20 7466 5000
Henry Wilson +44 (0) 7788 528 143
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.: 336001
EQS News ID: 1952273
End of Announcement EQS News Service
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