REG-Starwood European Real Estate Finance Ltd SWEF: Portfolio Update
24/01/2025 07:15
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Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Portfolio Update
24-Jan-2025 / 07:01 GMT/BST
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Starwood European Real Estate Finance Limited
Quarterly Portfolio Update
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, junior and mezzanine real estate debt in
the UK and Europe, presents its performance for the quarter ended 31
December 2024.
Highlights
• Orderly Realisation of the portfolio is progressing – 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. While no redemptions were made in the
quarter, a number of underlying loan investment repayments are
forecast to be made during 2025 which will facilitate further return
of cash to shareholders.
• All assets are constantly monitored for changes in their risk profile
– the current risk status of the investments is listed below:
◦ Four loan investments equivalent to 67 per cent of the funded
portfolio as of 31 December 2024 are classified in the lowest
risk profile, Stage 1.
◦ Two loan investments equivalent to 19 per cent of the funded
portfolio as of 31 December 2024 are classified as Stage 2.
◦ As announced on 21 October 2024, one loan (equivalent to 14 per
cent of the funded portfolio as of 31 December 2024) was
reclassified from Stage 2 to Stage 3 and an impairment provision
of €12.9 million was made against this loan investment.
• Impaired loan investment – since announcing a €12.9m impairment
provision against one loan in October 2024, no material changes to the
value of this loan are considered to have occurred.
• Cash balances – As of 31 December 2024 the Group held cash balances of
circa £45.7 million. These cash balances include a cash reserve of
£23.0 million to cover the Group’s unfunded loan commitments as at the
same date.
• Dividend – on 24 January 2025, the Directors announced a dividend, to
be paid in February 2025, in respect of the fourth 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 – the portfolio is expected to continue to
support the annual dividend payments of 5.5 pence per share, paid
quarterly.
• The weighted average remaining loan term of the portfolio is 1.2
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 64 per cent.
John Whittle, Chairman of SEREF, said:
“We are proud of the significant progress that has been made in our
orderly realisation strategy over the course of 2024, with the Company
having returned £210 million to Shareholders, equating to 50.5 per cent of
the Company’s NAV prior to the adoption of the orderly realisation
strategy.
During the quarter under review, the Company saw an impairment on one
investment, Office Portfolio, Ireland, equating to €12.9 million. However,
the remaining six investments continue to perform within our expectations
while the overall portfolio average duration has now reduced to 1.2 years.
Accordingly, we look forward to issuing additional updates on our progress
for the Company’s orderly realisation strategy over 2025.”
The factsheet for the period is available at:
1 www.starwoodeuropeanfinance.com
Share Price / NAV at 31 December 2024
Share price (p) 91.8p
NAV (p) 100.49p
Discount 8.6%
6.0%
Dividend yield (on share price)
Market cap £178m
Key Portfolio Statistics at 31 December 2024
Number of investments 7
Percentage of currently invested portfolio in floating rate 84.3%
loans
Invested Loan Portfolio unlevered annualised total return (1) 9.1%
Weighted average portfolio LTV – to Group first £ (2) 20.6%
Weighted average portfolio LTV – to Group last £ (2) 63.5%
Average remaining loan term* 1.2 years
Net Asset Value £194.9m
Loans advanced (including accrued interest and less impairment £149.5m
provision)
Cash £45.7m
Other net liabilities (including hedges) £0.3m
(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 (Loan to Value) 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. Loan to Value 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 £84.6 53.2%
1 to 2 years £74.5 46.8%
*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 81.7%
Republic of Ireland 13.7%
Spain 4.6%
Sector % of invested assets
Hospitality 39.2%
Office 17.6%
Light Industrial 17.1%
Healthcare 15.7%
Life Sciences 9.7%
Residential 0.7%
Loan type % of invested assets
Whole loans 66.0%
Junior & Mezzanine 34.0%
Currency % of invested assets*
Sterling 81.7%
Euro 18.3%
*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 an Extraordinary
General Meeting (the “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.
During 2023 and 2024 the Company returned circa £210.0m to Shareholders,
equating to 50.5 per cent of the Company’s NAV prior to the adoption of
the orderly realisation strategy. 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 31 December 2024 amounted to £23.0
million). This cash reserve is included in the £45.7 million of cash held
as at 31 December 2024.
The Company believes it holds sufficient cash to meet its commitments,
including unfunded loan commitments.
Dividend
On 24 January 2025, the Directors announced a dividend, to be paid in
February, in respect of the fourth 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
7 February 2025.
The unaudited year end 2024 financial statements of the Company show
modest income reserves which are lower than the announced dividends in
respect of the fourth quarter of 2024 as outlined above. However, given
the current level of cash flow generated by the portfolio, the Company
intends to maintain its annual dividend target of 5.5 pence per share.
Dividend payments can continue to be made by the Company (as a Guernsey
registered limited company) as long as it passes the solvency test (i.e.
it 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.
The Group’s exposure is spread across seven investments. The number of
investments is unchanged versus the position as of 30 September 2024, with
no material repayments made or falling due during the quarter to 31
December 2024. 99 per cent of the total funded loan portfolio as of 31
December 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) comprises two loan investments. One
loan (76 per cent of hospitality exposure) has two underlying key UK
gateway city hotel assets, both of which have completed comprehensive
refurbishment programmes during 2024. Both hotels have also rebranded to a
major internationally recognised hotel brand. As a result, both assets are
expected to trade strongly with the benefit of the new refurbished product
in their respective markets. The second hospitality loan (24 per cent of
hospitality exposure) comprises one hotel, which has also been recently
refurbished. Trading performance improved during 2024 following the
refurbishment project. Both hospitality loan sponsors are preparing to
refinance the Company’s loans during 2025. The weighted average Loan to
Value of the hospitality exposure is 57 per cent.
The Group’s office exposure (17 per cent) comprises two loan investments.
The weighted average Loan to Value of loans with office exposure is 95 per
cent. The value used to calculate the Loan to Value for the Stage 1 office
loan uses the latest independent lender instructed valuation. The value
used for the Stage 3 office loan (which was downgraded from a Stage 2
asset in October 2024) is the marked down value as per the loan impairment
recognised in October 2024. No material valuation changes are considered
to have occurred since that time. 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, there has been 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 is classified as a Stage 3 risk rated loan. As
outlined in previous factsheets, the underlying assets 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
continues to actively advise on this position to maximise recovery. No
material changes to the value of this loan are considered to have occurred
since October 2024 and therefore the loan risk classification and
impairment provision remain unchanged. This remains under frequent review
and the Company will provide updates as appropriate.
Light Industrial and Healthcare exposures comprise 17 per cent and 16 per
cent, 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 Loan to Value of these exposures is 59 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 of 31 December
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 of 31 December
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. Under each of
the existing Stage 2 loans, the underlying sponsors are progressing
strategies to repay the loans in full by refinancing with third party
lenders.
• Stage 3 loans – during October 2024, one loan (with a funded balance
amounting to £21.8 million as of 31 December 2024) was reclassified as
Stage 3. As of 31 December 2024, the balance of this loan represented
14 per cent of the total funded portfolio. As outlined above, a 50 per
cent impairment of the 30 September 2024 loan balance 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.
Market commentary and outlook
Over the last couple of years our quarterly commentary has often started
on the topic of the interest rate environment given its importance in
commercial real estate. A notable deviation in this area from the
beginning of last year is that expectations for interest rate decreases
have been missed and current bond yields are actually now higher in the
United States (“US”) and the United Kingdom (“UK”) than at the beginning
of 2024. In addition, current expectations of the pace of future interest
rate cuts over the next year are lower than at the beginning of 2024.
Central bank policy rates at the beginning of 2024 had hit peak levels
with a range of 5.50 per cent to 5.25 per cent for the US Federal Funds
rate and at 5.25 per cent for the Bank of England base rate. The European
Central Bank Deposit Facility Rate was 4.0 per cent. These levels are
post Global Financial Crisis highs which have not been seen since 2008 for
the UK and Europe and not since 2001 for the US. The higher interest rate
environment has been driven by inflation levels which had risen sharply in
the face of global supply chain challenges and energy price volatility
which were caused by a combination of the stresses of the recovery,
inactivity post COVID and global geopolitical events. Inflation had risen
in 2022 to the highest levels since the early 1980s.
By the beginning of 2024 the aggressive central bank rate hikes had
appeared to have done their job and inflation had materially decreased
towards more normal levels and it was clear the direction in interest
rates would be down. The market predicted base rate decreases of 1.5 per
cent or more for both the UK and US. While inflation had largely been
tempered throughout 2024, central banks in the US and the UK in particular
continued to be hawkish on managing inflation and in the end the Bank of
England only reduced the base rate by 0.50 per cent to 4.75 per cent and
the Federal Reserve by 1.0 per cent to a range of 4.50 percent to 4.25 per
cent. With a low growth rate and less inflationary pressure the European
Central Bank has been able to maintain a lower level and has made four
rate cuts totalling a 1 per cent decrease and leaving the deposit rate at
3.0 per cent.
There is also now a slower expectation of future rate cuts and the bond
market is also concerned by current political uncertainties including the
transition to a new Trump presidency and the implementation of the
economic policies of the new UK government. As a result, UK and US bond
rates are higher now that they were this time last year. US 10 Year
Treasury and UK Gilt yields are now at 4.7 per cent versus around 4 per
cent this time last year. Looking at the key benchmark for the base rate
used for financing real estate there is a more mixed picture with Sterling
rates higher than this time last year but Euro rates lower. The Sterling
and Euro 5-year swaps currently stand at 4.2 per cent and 2.3 per cent
versus 3.8 per cent and 2.6 per cent at the same time last year.
The market had anticipated that a stabilised interest rate environment
would lead to more stability in real estate valuations and a pickup of
real estate transactions volumes in 2024 versus 2023 which was a trough
year. After a period of yield expansion in 2022 and 2023 we saw a turn in
direction early in 2024 to yield compression in most asset classes outside
of Office. The more stable environment supported a pick up in transaction
volumes of 20 per cent in the UK with similar trends around European
markets. We saw some significantly larger transactions go through in
2024. These larger transactions were mostly for portfolios and there has
been very limited volume in high value single asset transactions. As
such, it is not surprising that despite the increase, volumes for the UK
are still 22 per cent lower than the 10 year average.
We commented at the beginning of last year that bank sentiment was
meaningfully better with a high degree of confidence in US CMBS bond
issuance (which acts as a bellwether for real estate finance sentiment
globally). The predictions of a high volume of transactions and
significant tightening in spreads did play out in that market. The 2024 US
CMBS transaction volume was in excess of $100 billion which was the third
highest year since the Great Financial Crisis (“GFC”) and over double the
2023 level. Hotel, Industrial and Multi-family residential were the
largest contributions to the volumes with a very low proportion of
Office. The spread on the highest rated “AAA” bonds for floating rate
single asset, single borrower CMBS declined from over 200 basis points in
late 2023 to mid-100s during 2024.
While 2024 was a low year for Office CMBS we have seen improving sentiment
during the year for the best quality office transactions. 2025 started
strongly for office financing with a jumbo Manhattan office CMBS for
Tishman Speyer and Harry Crown’s Spiral building at Hudson Yards that
closed in early January. The deal had a highly successful execution with
pricing consistent with the best CMBS in the market and a significant
over-subscription in spite of the notably large size of the deal which, at
$2.65 billion, is one of the largest CMBS across all asset classes in
recent years. There are indications that a number of further Office CMBS
are in the pipeline for early 2025 both in the US and the UK.
Banks have had a strong year globally. The STOXX Banks index which
includes the largest European banks is up 23.3 per cent in the year and US
banks were up more than 30 per cent. Higher rates have helped banks
increase net interest margins and contributed to the highest average
return on equity since the GFC. Higher for longer rates and structural
hedging by banks will help net interest margins hold up and the outlook
for mergers and acquisitions is healthy following a number of slower years
so 2025 is likely to be another good year for banks. Within commercial
real estate lending many banks saw faster than expected repayment rates
and lower volumes of available transactions and so they adjusted their
approach to new lending opportunities to maintain or grow their lending
books with lower pricing and increased loan sizes.
We saw strength of demand and a price tightening across all sources of
real estate lending during the course of the year. In addition to the
healthy bank and CMBS lending covered earlier, the corporate bond market
recovered in both issuance volumes and pricing and is now fully reopened
after a couple of difficult years. There is also good appetite from
insurance lenders and other alternative lenders. Overall, the credit side
of the real estate market starts the year in great shape and will provide
a support for real estate transactions in 2025.
Investment Portfolio at 31 December 2024
As at 31 December 2024, the Group had seven investments with total cash
commitments (funded and unfunded) of £182.1 million as shown below.
Sterling Sterling equivalent Sterling Total
equivalent balance unfunded commitment (Drawn and
(1), (2) (3) 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, £21.8 m £21.8 m
Ireland
Total Euro Loans £29.1 m £29.1 m
Total Portfolio £159.1 m £23.0 m £182.1 m
1. Euro balances translated to sterling at period end exchange rate.
2. These amounts are shown before any impairment provisions recognised.
3. 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 Loan to Values (LTV) 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 eleven months.
As of 31 December 2024, the Group has an average last £ Loan to Value of
63.5 per cent (30 September 2024: 62.9 per cent).
The Group’s last £ Loan to Value 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. Loan to Value 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 £ Loan
to Values.
Change in Valuation Hospitality Office Light Industrial & Other Total
Healthcare
-15% 67.0% 111.9% 69.1% 58.3% 74.7%
-10% 63.3% 105.7% 65.2% 55.1% 70.5%
-5% 59.9% 100.2% 61.8% 52.2% 66.8%
0% 56.9% 95.1% 58.7% 49.6% 63.5%
5% 54.2% 90.6% 55.9% 47.2% 60.4%
10% 51.8% 86.5% 53.4% 45.1% 57.7%
15% 49.5% 82.7% 51.0% 43.1% 55.2%
Share Price performance
The Company's shares closed on 31 December 2024 at 91.8 pence, resulting
in a share price total return for the fourth quarter of 2024 of -0.4 per
cent. As at 31 December 2024, the discount to NAV stood at 8.6 per cent,
with an average discount to NAV of 11.2 per cent over the quarter.
Note: the 31 December 2024 discount to NAV is based off the 31 December
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.: 372476
EQS News ID: 2073791
End of Announcement EQS News Service
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