REG-Starwood European Real Estate Finance Ltd SWEF: Portfolio Update
05/08/2025 07:05
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Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Portfolio Update
05-Aug-2025 / 07:02 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 senior, junior and mezzanine real estate debt in the UK and
Europe, presents its performance for the quarter ended 30 June 2025.
Highlights
• Orderly realisation of the portfolio is progressing– to date the
Company has returned £256.0 million to Shareholders, equating to 61.9
per cent of the Company’s NAV as of 31 January 2023. The current rate
of realisation to date is expected to continue.
• All assets constantly monitored for changes in risk profile – the
current risk status of the investments is listed below:
◦ Three loan investments equivalent to 53 per cent of the funded
portfolio as of 30 June 2025 are classified in the lowest risk
profile, Stage 1.
◦ Two loan investments equivalent to 26 per cent of the funded
portfolio as of 30 June 2025 are classified as Stage 2.
◦ One loan investment equivalent to 21 per cent of the funded
portfolio (before impairment) as of 30 June 2025 is classified as
Stage 3. As of 30 June 2025, an additional impairment provision
of €7.3 million was made, bringing the total impairment provision
against this loan to €20.2 million. Post this impairment the
carrying value of this loan asset as of 30 June 2025 equated to
4.0 per cent of the Net Asset Value of the Group as of the same
date.
• Further impairment to loan investment – as announced on 1 August 2025,
since announcing a €12.9 million impairment provision against one loan
(Office Portfolio, Ireland) in October 2024, the Board has continued
to evaluate the alternative business plan scenarios available to the
Company in relation to this loan investment. Based on that evaluation,
and the continuing challenging Dublin office market dynamics, the
Board announced, on 1 August 2025, their decision to write down the
carrying value of the loan investment as of 30 June 2025 to €6.75
million by means of providing a further €7.3 million impairment
provision against it (which equates to circa 4.2 pence per share
impairment). The Board considers that there are a wide range of
possible outcomes whereby the loan asset may have varying degrees of
recoverability due to the various business plan scenarios being
evaluated. The Investment Adviser will continue to actively manage
the position to maximise the opportunity for value recovery and the
Board will continue to closely monitor the position and ongoing
developments. The Company looks forward to providing further updates
as appropriate.
• Cash balances – As of 30 June 2025 the Group held cash balances of
circa £48.6 million and had no unfunded cash loan commitments.
• Dividend – on 5 August 2025, the Directors announced a dividend, to be
paid in September 2025, in respect of the second quarter of 2025 of
1.375 pence per share in line with the 2025 full year dividend target
of 5.5 pence per share.
• Strong cash generation – the portfolio is expected to continue to
support the annual dividend payment of 5.5 pence per share, paid
quarterly.
• The weighted average remaining loan term of the portfolio is 0.5 years
- albeit the final loan is not due to repay until Q3 2026.
• Inflation protection – 77.7 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 69.9per cent.
John Whittle, Chairman of SEREF, said:
“Our realisation strategy continues to proceed at pace and in an orderly
fashion. To date the Company has realised 61.9 per cent of the Company’s
NAV as of 31 January 2023, and returned £256 million to Shareholders.
“Whilst the further writedown on Office Portfolio Ireland, reflective as
it is of challenging market conditions, is disappointing the Board are
considering the options available and the potential and likelihood of
recoverability.
“Our other investments continue to perform within our expectations and the
portfolio is also expected to continue to support the annual dividend of
5.5 pence per share. Accordingly, we look forward to issuing additional
updates on our progress for the Company’s orderly realisation strategy
during 2025.”
The factsheet for the period is available at:
1 www.starwoodeuropeanfinance.com
Share Price / NAV as of 30 June 2025
Share price (p) 87.5p
NAV (p) 97.41p
Discount 10.2%
6.3%
Dividend yield (on share price)
Market cap £130m
*The 30 June 2025 NAV shown here has been calculated after taking into
account the additional €7.3 million impairment provision announced on 1
August 2025 related to Office Portfolio, Ireland and before taking into
account the dividend of 1.375 pence per Share announced by the Company on
5 August 2025.
Key Portfolio Statistics as of 30 June 2025
Number of investments 6
Percentage of currently invested portfolio in floating rate 77.7%
loans
Invested Loan Portfolio unlevered annualised total return (1) 8.7%
Weighted average portfolio LTV – to Group first £ (2) 31.3%
Weighted average portfolio LTV – to Group last £ (2) 69.9%
Average remaining loan term* 0.5 years
Net Asset Value £144.2m
Loans advanced (including accrued interest and net of impairment £96.1m
provision)
Cash £48.6m
Other net liabilities (including hedges) £0.5m
(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.
Five 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 impairments 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 Funded loan balance % of funded portfolio
maturity* (£m)
0 to 1 years £84.8 75.7%
1 to 2 years £27.2 24.3%
*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 funded portfolio
UK 72.5%
Republic of Ireland 20.7%
Spain 6.8%
Sector % of funded portfolio
Office 26.3%
Light Industrial 24.3%
Healthcare 22.3%
Hospitality 13.4%
Life Sciences 12.6%
Residential 1.1%
Loan type % of funded portfolio
Whole loans 50.2%
Junior & Mezzanine 49.8%
Currency % of funded portfolio*
Sterling 72.5%
Euro 27.5%
*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 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.
Since then the Company has returned circa £256.0 million to Shareholders
(including £46.0 million in the first quarter of 2025), equating to 61.9
per cent of the Company’s NAV as of 31 January 2023. As of the date of
the issuance of this factsheet the Company had 148,039,803 shares in issue
and the total number of voting rights was 148,039,803.
Liquidity and credit facilities
The Company held £48.6 million of cash as of 30 June 2025 and, following
the cancellation of all remaining unfunded loan related cash commitments
during the quarter, no longer has any unfunded loan related cash
commitments.
The Company believes it holds sufficient cash to meet its ongoing
operational commitments.
Dividend
On 5 August 2025, the Directors announced a dividend, to be paid in
September, in respect of the second quarter of 2025 of 1.375 pence per
Ordinary Share in line with the 2025 dividend target of 5.5 pence per
Ordinary Share. The dividend will be paid on Ordinary Shares in issue as
of 15 August 2025.
The unaudited 30 June 2025 financial statements of the Company show
negative income reserves. 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 as of 30 June 2025 is spread across six investments.
99 per cent of the total funded loan portfolio as of 30 June 2025 is
spread across five asset classes; Office (26 per cent), Light Industrial
(24 per cent), Healthcare (22 per cent), Hospitality (13 per cent), and
Life Sciences (13 per cent). The Investment Manager and the Investment
Advisor continue to monitor potential impacts of US tariff and trade
negotiations on the portfolio. No material adverse impact has been
identified at this time.
Progress of the realisation of the remaining investments is being closely
monitored. Five of the six remaining investments generally have an
identified exit processes. Sponsors of these loans are either progressing
asset disposals or targeting a refinance in line with each loan’s
respective legal maturity. The exit plan and realisation timing for the
sixth investment, the Stage 3 loan, remains under review.
The Group’s office exposure (26 per cent) comprises two loan investments.
The weighted average Loan to Value of loans with office exposure is 99 per
cent. The elevated level of the office exposure Loan to Value is driven by
Office Portfolio, Ireland loan which is a risk rated Stage 3 loan. 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 impairments recognised in
October 2024 and June 2025. The higher Loan to Value of this sector
exposure reflects the wider decline in market sentiment driven by post
pandemic trends, higher interest rates and high costs attached to
upgrading older office stock.
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 Dublin 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 total impairment provision of €20.2 million
has been provided as of 30 June 2025 related to this investment
(equivalent to 75 per cent of the total loan value as of 30 June 2025
before impairment). The Board continue to evaluate various business plan
scenarios and the uncertainty related to those scenarios. The Board
considers that there are a wide range of possible outcomes whereby the
loan may have varying degrees of recoverability due to the various
business plan scenarios being evaluated. The Investment Adviser will
continue to actively manage the position to maximise the opportunity for
value recovery and the Board will continue to closely monitor the position
and ongoing developments. The Company looks forward to providing further
updates as appropriate.
The remaining total funded portfolio (excluding Residential (1 per cent))
is split across Light Industrial (24 per cent), Healthcare (22 per cent),
Hospitality (13 per cent), and Life Sciences (13 per cent). These sectors
provide good diversification. 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 of the date of this factsheet, assigned
classifications are:
• Stage 1 loans – three loan investments totalling £60 million,
equivalent to 53 per cent of the funded portfolio as of 30 June 2025
are classified in the lowest risk profile, Stage 1.
• Stage 2 loans – two loan investments totalling £29 million, equivalent
to 26 per cent of the funded portfolio as of 30 June 2025 are
classified as Stage 2. The average Loan to Value of these exposures
is 58 per cent. The weighted average age of valuation report dates
used in the Loan to Value calculation is just under 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 been 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 either refinancing with third
party lenders or disposing of assets.
• Stage 3 loans – during October 2024, one loan (with a funded balance
amounting to £23 million/€27 million as of 30 June 2025) was
reclassified as Stage 3. As of 30 June 2025, the balance of this loan
represented 21 per cent of the total funded portfolio. As outlined
above, an impairment of £17 million/€20 million has been provided for
related to this asset. The Board considers that there are a wide range
of possible outcomes whereby the loan asset may have varying degrees
of recoverability due to the various business plan scenarios being
evaluated. The Investment Adviser will continue to actively manage
the position to maximise the opportunity for value recovery and the
Board will continue to closely monitor the position and ongoing
developments. The Company looks forward to providing further updates
as appropriate.
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
The second quarter of 2025 kicked off with a bang for markets with Trump’s
“Liberation Day” tariff announcements. After the initial shock and
sell-off, markets regained composure and have been balanced between a
fairly stable performance in economic data and the backdrop of multiple
geopolitical pressures.
In equity markets the S&P 500 and Nasdaq both reached new all-time highs
in late June, buoyed by better-than-expected corporate earnings, the
prospect of rate cuts later in the year, and the prospect of a cooling of
trade-related tensions. In the United Kingdom the FTSE 100 also hit a new
all-time high topping 9,000 for the first time.
During the quarter interest rates across developed markets moved broadly
in line with expectations with a faster pace of Euro rate cuts versus the
United States continuing. In the United States, the Federal Reserve left
the interest rate unchanged during the quarter while, in Europe, the ECB
made two cuts of 25 basis points to its deposit rate resulting in a rate
of 2 per cent by quarter end and, in the United Kingdom, the Bank of
England cut its base rate by 25 basis points in the quarter to end the
quarter at 4.25 per cent. One of the considerations that has been holding
back further rate movement in the United States is balancing the
potentially inflationary impacts of a dynamically changing tariff policy.
This is a particularly difficult task given the Federal Reserve’s dual
mandate on employment and price stability. President Trump has declared
he would only appoint a Federal Reserve Chair committed to cutting rates
creating an extra variable into how markets can expect the Federal Reserve
to work once Jerome Powell’s term is up in 2026.
While there was some volatility in the short term, government bond yields
have also seen relatively small changes in the quarter with benchmark
10-year bond yields standing at 4.23 per cent, 4.48 per cent and 2.60 per
cent versus 4.25 per cent, 4.47 per cent and 2.73 per cent at the
beginning of the quarter for the United States, the United Kingdom and
Europe respectively. UK gilt yields have remained elevated compared to
other developed markets with stubborn inflation and growth concerns
compounded by a series of economic policy issues, including a backbench
rebellion over benefit reforms and the high-profile reversal on the winter
fuel allowance. Higher rates are likely one of the contributing factors
in why real estate volume growth in the United Kingdom is lagging the rest
of Europe. In the latest CBRE data we saw United Kingdom transaction
volumes down in Q1 2025 compared to Q1 2024 whereas Europe as a whole
showed a slight increase. Lower interest rates in Eurozone countries are
reducing overall debt costs and allowing for positive leverage meaning
that the all in cost of financing real estate is lower than the going in
investment yield now in many markets.
Credit markets also recovered well after Liberation Day. Primary issuance
across corporate credit and structured finance almost completely stopped
for a couple of weeks at the beginning of the quarter. However, the
recovery has been swift. In the US, the CMBS market rebounded to strong
volumes by late Q2, as investor appetite for structured credit remained
robust. Year to date non-agency CMBS issuance through June was $74.4
billion reflecting a 56 per cent increase over the same period in 2024.
In Europe there are signs that CMBS issuance is maintaining some of the
momentum it added over the past few quarters with a number of deals in the
market and the first deal launched since Liberation Day having priced in
June. The deal attracted healthy demand, with spreads tightening from
initial to final pricing, reflecting the market’s confidence in the
underlying high-quality, income-generating real estate and the credibility
of the sponsor.
In terms of sector dynamics for real estate, defence has emerged as a
notable beneficiary of the increased recognition of geopolitical risk and
the resultant pledges to expand defence spending. Germany’s Rheinmetall’s
potential plan to convert Volkswagen’s Osnabrück production plant into a
defence manufacturing facility is one example of this shift in strategic
industrial policy having an impact on this specific type of production
facility real estate. We are seeing other signs of the early stages of a
knock-on effect for real estate beginning to materialise, with increased
discussion of the demand for manufacturing space, logistics infrastructure
and defence research and development facilities.
While there is a general concern from some market participants that low
volumes are creating too few lending opportunities, real estate credit
remains an attractive risk-reward proposition. As capitalisation rates
have increased, debt yields have too and are higher than during much of
the post-GFC period. At the same time lending spreads still look
favourable versus historical levels despite improved liquidity conditions.
As the summer starts, markets are in good shape, but the holiday season
can bring more choppy conditions. Geopolitically, several sources of
potential instability loom large. The ongoing conflicts involving Ukraine,
Iran, Israel, and Gaza continue to simmer, and there is a significant risk
in US trade dynamics. Market participants might also be mindful of
seasonal illiquidity, as lighter trading desks and reduced volumes during
peak holiday weeks can amplify sharp moves.
Investment Portfolio as of 30 June 2025
As of 30 June 2025, the Group had six investments with total cash
commitments (funded and unfunded) of £112.0 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 £14.1 m £14.1 m
Industrial £27.2 m £27.2 m
Estate, UK
Total Sterling £81.3 m £0.0 m £81.3 m
Loans
Office Portfolio, £7.6 m £7.6 m
Spain
Office Portfolio, £23.1 m £23.1 m
Ireland
Total Euro Loans £30.7 m £0.0 m £30.7 m
Total Portfolio £112.0 m £0.0 m £112.0 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
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 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 announced loan impairments
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 under
a year.
As of 30 June 2025, the Group has an average last £ Loan to Value of 69.9
per cent (31 March 2025: 68.1 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 impairments. 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 Office Light Industrial Healthcare Other Total
-15% 116.3% 76.5% 62.4% 70.5% 82.2%
-10% 109.8% 72.3% 59.0% 66.5% 77.6%
-5% 104.0% 68.4% 55.9% 63.0% 73.6%
0% 98.8% 65.0% 53.1% 59.9% 69.9%
5% 94.1% 61.9% 50.5% 57.0% 66.6%
10% 89.9% 59.1% 48.2% 54.4% 63.5%
15% 85.9% 56.5% 46.1% 52.1% 60.8%
Share Price performance
The Company's shares closed on 30 June 2025 at 87.5 pence, resulting in a
share price total return for the second quarter of 2025 of 3.4 per cent.
As of 30 June 2025, the discount to NAV stood at 10.2 per cent, with an
average discount to NAV of 15.3 per cent over the quarter.
Note: the 30 June 2025 discount to NAV is based off the 30 June 2025 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 +44 (0) 20 7016 3655
Duncan MacPherson
Jefferies International Limited +44 (0) 20 7029 8000
Gaudi Le Roux
Harry Randall
Ollie Nott
Burson Buchanan +44 (0) 20 7466 5000
Helen Tarbet +44 (0) 7788 528 143
Henry Wilson
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: GG00BTZJM644
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.: 397904
EQS News ID: 2179250
End of Announcement EQS News Service
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