REG-Starwood European Real Estate Finance Ltd SWEF: Portfolio Update
29/10/2024 07:15
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Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Portfolio Update
29-Oct-2024 / 07:02 GMT/BST
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Starwood European Real Estate Finance Limited
Quarterly Portfolio Update
During the quarter the sixth capital redemption returned £80 million and
£7 million was received in full repayment of one investment.
In October, after quarter end, a €12.9 million impairment provided against
one loan investment.
Starwood European Real Estate Finance Limited (“SEREF”, the “Company” 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
September 2024.
Highlights
• £80.0 million returned to Shareholders - during the quarter:
◦ A total of £80.0 million was returned to Shareholders through the
compulsory redemption of a further 76,248,573 shares. As at the
date of the issuance of this factsheet the Company had
193,929,633 shares in issue and the total number of voting rights
was 193,929,633.
◦ To date, the Company has returned £210.0 million to shareholders
in Compulsory Redemptions in accordance with its orderly
realisation strategy adopted on 27 January 2023. This is
equivalent to 50.8 per cent of NAV as of 31 January 2023.
• Further progress on portfolio realisation - during the quarter a total
of £7.3 million, over 4 per cent of the Group’s 30 June 2024 total
funded loan portfolio, has been repaid on one investment (now fully
repaid). The remaining portfolio now consists of seven investments.
• Impairment – after the quarter end one investment was reclassified and
an impairment provision made:
◦ As announced on 21 October an impairment provision of €12.9
million, equating to 5.3 per cent of the Group’s 30 September
2024 net assets, has been provided, in October, against one
investment, Office Portfolio, Ireland. At the same time this
investment has been reclassified as a Stage 3 loan (previously
classified as Stage 2). See Credit Risk Analysis section below
for more information.
• All assets are constantly monitored for changes in their risk profile
– the current risk status of the investments is listed below:
◦ Following the repayment of one loan during the quarter four loan
investments equivalent to 67 per cent of the funded portfolio as
at 30 September 2024 are classified in the lowest risk profile,
Stage 1.
◦ Following the reclassification of one asset from Stage 2 to Stage
3, two loan investments equivalent to 19 per cent of the funded
portfolio as at 30 September 2024 are classified as Stage 2.
◦ One loan (equivalent to 14 per cent of the funded portfolio as at
30 September 2024) has been reclassified from Stage 2 to Stage 3
in October and an impairment provision has been made against this
loan investment as detailed above.
• Dividend – on 29 October 2024, the Directors announced a dividend, to
be paid in November, in respect of the third quarter of 2024 of 1.375
pence per share in line with the 2024 dividend target of 5.5 pence per
share.
• Strong cash generation – going forward the portfolio is expected to
continue to support annual dividend payments of 5.5 pence per share,
paid quarterly.
• The weighted average remaining loan term of the portfolio is 1.4
years.
• Inflation protection – 84 per cent of the portfolio is contracted at
floating interest rates (with floors).
• Significant equity cushion - the weighted average Loan to Value for
the portfolio is 63 per cent.
John Whittle, Chairman of SEREF, said:
“The third quarter marked further positive progress in our orderly
realisation strategy, with a sixth capital redemption of £80 million
implemented during the quarter. This milestone means that the Company has
now returned £210 million to Shareholders, equating to 50.8 per cent of
the Company’s NAV prior to the adoption of the orderly realisation
strategy. Further, we have registered a successful full repayment of one
loan investment of £7.3 million during the quarter, equating to 4 per cent
of our 30 June 2024 total funded portfolio. Current cash levels remain
healthy at £44.6 million.
After the quarter end, the Company saw an impairment on one investment,
Office Portfolio, Ireland, equating to €12.9 million. As a result of new
operational updates received in October 2024, the Board has impaired the
investment’s valuation but, as previously guided, there are a range of
possible outcomes whereby the loan may have a lesser or greater degree of
recovery. The Investment Adviser is actively advising on the position to
maximise the opportunity for a positive value recovery scenario.
The remaining portfolio continues to perform to expectations. We remain on
track to meet our aim of paying a dividend of 5.5 pence per share for
2024. We look forward to providing Shareholders with further updates on
progress in due course.”
The factsheet for the period is available at:
1 www.starwoodeuropeanfinance.com
Share Price / NAV at 30 September 2024
Share price (p) 93.6
NAV (p)* 105.61
Discount 11.4%
5.9%
Dividend yield (on share price)
Market cap £182m
*The 30 September 2024 NAV shown here has been calculated before taking
into account the €12.9 million provision related to Office Portfolio,
Ireland and the dividend of 1.375 pence per share, both of which were
announced by the Company in October 2024 and will be reflected in the
October 2024 NAV.
Key Portfolio Statistics at 30 September 2024
Number of investments 7
Percentage of currently invested portfolio in floating rate 84.3%
loans
Invested Loan Portfolio unlevered annualised total return (1) 9.0%
Weighted average portfolio LTV – to Group first £ (2) 20.6%
Weighted average portfolio LTV – to Group last £ (2) 62.9%
Average remaining loan term * 1.4 years
Net Asset Value £204.8m
Loans advanced (including accrued interest) £160.2m
Cash £44.6m
Other net assets (including hedges) £0.0m
(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.
Six 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 its value determined by
the last independent third party appraisals for loans classified as Stage
1 and Stage 2 and on the marked down value per the recently announced loan
impairment for the loan classified as Stage 3 in October 2024. 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).
Remaining years to contractual maturity* Funded loan balance % of invested
(£m) portfolio
0 to 1 years £55.5 34.9%
1 to 2 years £56.0 35.3%
2 to 3 years £47.3 29.8%
*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 81.8%
Republic of Ireland 13.6%
Spain 4.6%
Sector % of invested assets
Hospitality 39.3%
Office 17.4%
Light Industrial 17.1%
Healthcare 15.7%
Life Sciences 9.8%
Residential 0.7%
Loan type % of invested assets
Whole loans 66.1%
Mezzanine 33.9%
Currency % of invested assets*
Sterling 81.8%
Euro 18.2%
*The currency split refers to the underlying loan currency, however the
capital on all non-sterling exposure is hedged back to sterling.
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.
Three redemptions were announced and implemented in 2023 returning 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.
During the third quarter of 2024 the Company announced the sixth capital
redemption, which returned, circa £80.0 million to Shareholders in July
2024 through the compulsory redemption of a further 76,248,573 Ordinary
Shares. As at the date of the issuance of this factsheet the Company had
193,929,633 shares in issue and the total number of voting rights was
193,929,633.
Liquidity and credit facilities
During 2023 the Company built up a cash reserve sufficient to cover its
unfunded commitments (which at 30 September 2024 amounted to £23.0
million). This cash reserve is included in the £44.6 million of cash held
as at 30 September 2024.
The Company holds sufficient cash to meet its commitments, including
unfunded loan commitments.
Dividend
On 29 October 2024, the Directors announced a dividend, to be paid in
November, in respect of the third 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
8 November 2024.
Following the impairment recognised in October, the year end 2024
financial statements of the Company will show modest income reserves which
will be lower than the targeted quarterly dividends. However, given the
current level of cash flow generated by its’ portfolio, the Company
intends to maintain its annual dividend target of 5.5 pence per share.
Dividend payments may be made by the Company (as a Guernsey registered
limited company) as long as it passes the solvency test (i.e. is able to
pay its debts as they come due).
Portfolio Update
The Group continues to closely monitor and manage the credit quality of
its loan exposures and repayments. A repayment of £7.3 million, which
related to the full repayment of one loan investment, was received in the
quarter to 30 September 2024, equivalent to over four per cent of the 30
June 2024 total funded portfolio. This repayment marked a successful
execution of an underlying borrower business plan to sell one of their
assets. The Group’s loan was fully repaid and the sponsor now holds the
remainder of the portfolio unlevered.
Following new operational information received from the borrower
subsequent to 30 September 2024 under the Office Portfolio, Ireland loan,
together with a detailed analysis of scenarios and potential future
outcomes, the Group impaired 50 per cent, equivalent to €12.9 million, of
this loan in October.
The Group’s exposure is spread across seven investments. 99 per cent of
the total funded loan portfolio as of 30 September 2024 is spread across
five asset classes; Hospitality (39 per cent), Office (17 per cent), Light
Industrial (17 per cent), Healthcare (16 per cent) and Life Sciences (10
per cent).
Hospitality exposure (39 per cent) is diversified across two loan
investments. One loan (76 per cent of hospitality exposure) has two
underlying key UK gateway city hotel assets, both of which are undergoing
refurbishment programmes. One hotel recently completed its refurbishment
and the second is due to complete in the fourth quarter of 2024. Both
hotels are rebranding to a major internationally recognised hotel brand.
The second hospitality loan (24 per cent of hospitality exposure) has also
been recently refurbished and is slowly increasing operating performance
metrics post refurbishment. The weighted average loan to value of the
hospitality exposure is 57 per cent.
The Group’s office exposure (17 per cent) is spread across two loan
investments. The weighted average loan to value of loans with office
exposure is 95 per cent. The value used to calculate the LTV for the Stage
1 loan uses the latest independent lender instructed valuation. The value
used for the October 2024 reclassified Stage 3 office loan is the marked
down value as per the recently announced loan impairment. 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. We note however, a more
positive recent outlook for real estate given interest rates have begun to
reduce.
The largest office investment is a mezzanine loan which represents 74 per
cent of this exposure and in October has been reclassified as a Stage 3
risk rated loan (previously Stage 2). As outlined in previous factsheets,
the underlying assets now comprise seven well located European city centre
CBD buildings and have historically been 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. A 50
per cent loan impairment provision related to this asset was announced on
21 October 2024 as a result of new operational information received from
the borrower. Following an analysis of potential future scenarios and
outcomes, the Board decided to make this provision. As noted in the
announcement, the potential outcomes could recover a greater or lesser
amount of the loan. The Investment Adviser is actively advising on this
position to maximise recovery and the Company will provide updates as
appropriate.
Light Industrial and Healthcare exposures comprise 17 per cent and 16 per
cent each respectively, totalling 33 per cent of the total funded
portfolio (across two investments) and provide good diversification into
asset classes that continue to have very strong occupational and investor
demand. The weighted average LTV of these exposures is 57 per cent.
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 date of this factsheet, assigned
classifications are:
• Stage 1 loans – four loan investments totalling £106.8 million,
equivalent to 67 per cent of the funded portfolio as at 30 September
2024 are classified in the lowest risk profile, Stage 1.
• Stage 2 loans – two loan investments totalling £30.5 million,
equivalent to 19 per cent of the funded portfolio as at 30 September
2024 are classified as Stage 2. The average loan to value of these
exposures is 54 per cent. The weighted average age of valuation report
dates used in the loan to value calculation is just over 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 – during October 2024, one loan (with a funded balance
amounting to £21.5 million as at 30 September 2024) has been
reclassified as Stage 3. As at 30 September 2024 the balance of this
loan represented 14 per cent of the total funded portfolio. As
outlined above a 50 per cent impairment has been provided for as per
the Company’s announcement dated 21 October 2024. The position is
being monitored and managed closely, and updates will be provided as
appropriate and when practically available.
This assessment has been made based on information in our possession at
the date of publishing this factsheet, 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 £7.3 million under the
following loan obligations:
• £7.3 million, Hotel and Office, Northern Ireland (full repayment of
loan)
Market commentary and outlook
The interest rate cutting cycle has now commenced with almost all major
central banks having now started to cut rates. The Federal Reserve
started with a solid 50 basis point cut in September. Since then, the
markets have been very sensitive to each piece of market data and every
twist in geopolitical events meaning the expectations around the pace of
future rate movements has been volatile.
In the Eurozone the expectations are a little clearer than in the rest of
the major markets as the market expects relatively weaker growth and lower
inflation. Rates have been cut by 75 basis points in total with 25 basis
points cuts in each of June, September and October and are expected to
drop by a further 1.25 per cent to 2 per cent by the end of 2025.
The anticipation of the budget at the end of October looms over the UK
market at present. The new Labour government is looking to walk the fine
line of setting up a pro-growth economy while maintaining public services
at the same time as holding to pre-election promises on tax and fiscal
discipline. While markets expect a continued higher terminal interest
rate in the UK with more concern about inflationary pressure lingering
compared to the Eurozone, the September consumer price index data did
create some surprise with the main rate significantly inside the target
rate at 1.7 per cent and the services inflation number dropping from 5.6
percent to 4.9 percent.
Government bond yields were largely unchanged again in the third quarter
with UK 10 year Gilt rates at 4.2 per cent versus 4.3 per cent at the
beginning of the quarter and 3.6 per cent at the beginning of the year.
German 10 year bonds are down at 2.2 per cent versus 2.6 per cent at the
beginning of the quarter but flat on the year. Swap rates generally
declined during July and August but then picked up from the lows during
September. UK and Euro 5-year swaps currently stand at 3.8 per cent and
2.2 per cent having declined 0.2 per cent and 0.6 per cent respectively
and having reached trough levels of 3.4 per cent and 2.1 per cent
respectively earlier in the quarter. The recent volatility has been
driven by a combination of market data and increased geo-political
tensions. A number of factors are likely to maintain a level of
volatility over the coming weeks including the heightened tensions in the
Middle East, the upcoming UK budget and the US presidential election.
European investment volumes in commercial real estate remain low at around
half of the 2021 levels and are lower year to date than in 2023. In the
Eurozone we have begun to see some improvement with increased volumes each
quarter this year. After the global financial crisis and the Brexit vote
private capital led the early stages of a market pick-up in activity. We
are seeing the same again with private high net worth capital, which is
typically less debt sensitive, and private equity, which tends to be
nimble, leading the way. Looking at the largest sectors by asset class
there is a marked difference between cross-border and domestic capital.
The largest sectors by volume for cross border transactions are Logistics,
Retail, Hotel, Living and with Office being the last of the top five
areas. For domestic capital the order is almost exactly the opposite with
Office topping the list and Logistics last.
In the European debt capital markets after almost closing entirely from
the second quarter of 2022 until the end of 2023, the European unsecured
corporate bond market for real estate companies has continued its quarter
on quarter increase in volumes with an increasing number of issuers across
all asset classes seeking to access the market. Quarter three volumes
were €8 billion versus €4 billion and €6 billion for the first and second
quarter respectively. The total first 3 quarters volume of €18 billion
compares to a pre 2022 average of €46 billion a year.
The level of appetite for private commercial real estate loans has further
stepped up a level over the summer period. We had commented last time on
the diverse set of lenders that are competing including domestic and
international banks, insurance companies, debt funds and other non-bank
lenders. With the low level of transactions in the market a number of
lenders are seeing faster levels of repayments than they can replenish
their books. This has led to some lenders working harder to both retain
existing loan positions and competing for new acquisition financing and
the right refinancing opportunities.
Interest rate margins have been decreasing as a result of this competition
and combined with lower swap rates this means that interest coverage
ratios (ICRs) have been improving. For a generic Euro loan the 5 year
swap rate is down one per cent and the margin down a half of a per cent
from the peak and so the total interest cost is down by over a quarter.
Low ICRs had become the key constraints on the amount of leverage over the
past couple of years and with this constraint easing we are seeing a
reversion from the depressed loan to value ratios of the last couple of
years to more normalised levels. The market is open for most asset
classes including prime office. The largest part of the liquidity,
however, is focussed on more vanilla lending and there are fewer options
for more active business plans particularly in the office sector.
Encouragingly for the transaction market, many lenders are reporting a
higher proportion of acquisition financing requests in their pipelines.
One debt advisory firm recently told us that they had seen volumes drop
from the typical relatively equal split between acquisition and
refinancing to only 6 per cent of their business being acquisition
financing in 2023. That proportion had grown to 20 per cent so far this
year and the look forward pipeline continues to revert towards more
acquisitions. If this leading indicator from lenders’ pipelines plays out
then the next quarters should see a more healthy level of more
transactional activity in the real estate market.
Investment Portfolio at 30 September 2024
As at 30 September 2024, the Group had 7 investments with total cash
commitments (funded and unfunded) of £181.8 million as shown below.
Sterling Sterling equivalent Sterling Total
equivalent balance unfunded commitment (Drawn and
drawn (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
Hotels, United £47.3 m £47.3 m
Kingdom
Industrial £27.2 m £19.0 m £46.2 m
Estate, UK
Total Sterling £130.0 m £23.0 m £153.0 m
Loans
Office Portfolio, £7.3 m £7.3 m
Spain
Office Portfolio, £21.5 m £21.5 m
Ireland
Total Euro Loans £28.8 m £28.8 m
Total Portfolio £158.8 m £23.0 m £181.8 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 for loans classified as Stage 1 and Stage 2 and on
the marked down value as per the recently announced loan impairment for
the loan classified as Stage 3 in October 2024. The weighted average age
of the dates of these valuations for the whole portfolio is just over
eight months.
As of 30 September 2024, the Group has an average last £ LTV of 62.9 per
cent (30 June 2024: 58.0 per cent).
The Group’s £ 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 or, in the case of the Stage 3 asset classified as
Stage 3 in October 2024, the marked down value per the recently announced
loan impairment. 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% 67.0% 111.6% 67.4% 58.3% 74.0%
-10% 63.3% 105.4% 63.7% 55.0% 69.9%
-5% 59.9% 99.8% 60.3% 52.1% 66.2%
0% 56.9% 94.9% 57.3% 49.5% 62.9%
5% 54.2% 90.3% 54.6% 47.2% 59.9%
10% 51.8% 86.2% 52.1% 45.0% 57.2%
15% 49.5% 82.5% 49.8% 43.1% 54.7%
Share Price performance
The Company's shares closed on 30 September 2024 at 93.6 pence, resulting
in a share price total return for the third quarter of 2024 of 2.1 per
cent. As at 30 September 2024, the discount to NAV stood at 11.4 per cent,
with an average discount to NAV of 11.9 per cent over the quarter.
Note: the 30 September 2024 discount to NAV is based off the 30 September
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
Burson Buchanan
Helen Tarbet +44 (0) 20 7466 5000
Henry Wilson +44 (0) 7788 528 143
Samuel Adams
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 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: 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.: 355587
EQS News ID: 2017391
End of Announcement EQS News Service
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