REG-Starwood European Real Estate Finance Ltd SWEF: September 2022 NAV

Starwood European Real Estate FinanceAnnouncement

19/10/2022 07:15

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: September 2022 NAV

   19-Oct-2022 / 07:00 GMT/BST
   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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     Starwood European Real Estate Finance Limited (the “Company”) (Ticker:
                                    “SWEF”)

                       Net Asset Value, 30 September 2022

   This announcement contains price sensitive information.

   As at the close of business on  30 September 2022 the unaudited net  asset
   value (NAV) of the Company’s Ordinary Shares was 103.58p (31 August  2022:
   103.17p). Please refer to  the Reconciliation of  NAV per share  movements
   below for more information.

   Net Asset Value in total

    

   Loans advanced                                              £453.4m
   Cash and cash equivalents                                     £4.0m
   Borrowing facilities (including accrued interest)          (£42.0m)
   Financial liabilities at fair value through profit or loss  (£0.7m)
   Other net assets/(liabilities)                              (£0.5m)
   Net assets                                                  £414.2m

    

    

   Capital amounts drawn as  at 30 September 2022  and amounts committed  but
   undrawn as at                     30 September 2022 is shown below.

    

                                  Local Currency Sterling (2)
   Amounts drawn £m (1)                  £270.4m      £270.4m
   Amounts drawn €m (1)                  €203.0m      £178.4m
                                                      £448.8m
   Committed but undrawn Loans £m         £47.2m       £47.2m
   Committed but undrawn Loans €m          €4.3m        £3.8m
                                                       £51.0m

    

   (1) The balances shown corresponds to cash advanced.

   (2) Euro amounts drawn and commitments converted at the month end spot
   rate.

    

   The difference  between  amounts  drawn  in the  table  above  and  “Loans
   advanced” in the first table is accrued income.

    

    

   Reconciliation of NAV per share movements for the month ended 30 September
   2022:

    

    

                                                             September 2022
   NAV at the beginning of period                                    103.17
         Operating Income available to distribute (3)                  0.67
         Realised FX gains / (losses) not distributable (4)            0.00
         Unrealised FX gains / (losses) (5)                          (0.36)
         Impact of share buyback programme on September NAV             0.1
   NAV at the end of the period                                      103.58

    

    

   (3) Operating Income available to distribute comprises loan income
   recognised in the period less the cost of debt facilities utilised by the
   Group and operating costs incurred.  The Operating Income available to
   distribute also includes any realised foreign exchange gains or losses
   upon settlement of hedges, except those described in note 4. In the month
   to 30 September the balance includes circa £430,000 of realised FX gains.

   (4) On occasion, the Group may realise a gain or loss on the roll forward
   of a hedge if it becomes necessary to extend a capital hedge beyond the
   initial anticipated loan term.  If this situation arises the Group will
   separate the realised FX gain or loss from other realised FX gains or
   losses and not consider it available to distribute (or as a reduction in
   distributable profits). The FX gain or loss will only be considered part
   of distributable reserves when the rolled hedge matures or is settled and
   the final net gain or loss on the capital hedges can be determined.

    (5) Unrealised foreign exchange gain/losses relate to the net impact of
   changes in the valuation of foreign exchange hedges and the sterling
   equivalent value of Euro loan investments (using the applicable month end
   rate).  Mis-matches between the hedge valuations and the loan investments
   may occur depending on the shape of the forward FX curve and this causes
   some movement in the NAV.  These unrealised FX gains / losses are not
   considered part of distributable reserves.

    

    

    

   All figures herein are published  based on current information,  estimates
   and judgements.

    

                                   Enquiries:

    

   Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary

    

   Duke Le Prevost

   T: +44 203 5303 630

   E: starwood@apexfs.com

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   ISIN:           GG00B79WC100
   Category Code:  NAV
   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.:   195265
   EQS News ID:    1466401


    
   End of Announcement EQS News Service

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