REG-Starwood European Real Estate Finance Ltd SWEF: September 2024 NAV

Starwood European Real Estate FinanceAnnouncement

29/10/2024 07:15

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: September 2024 NAV

   29-Oct-2024 / 07:00 GMT/BST

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     Starwood European Real Estate Finance Limited (the “Company”) (Ticker:
                                    “SWEF”)

                       Net Asset Value, 30 September 2024

   This announcement contains price sensitive information.

   As at the close of business on  30 September 2024 the unaudited net  asset
   value (NAV) of the Company’s Ordinary Shares was 105.61p (31 August  2024:
   105.02p). The 30 September 2024 NAV shown here has been calculated  before
   taking into account the €12.9 million  provision made and announced on  21
   October 2024  related to  Office Portfolio,  Ireland and  the dividend  of
   1.375 pence per Share announced by the Company today both of which will be
   recognized in the October 2024 NAV. Please refer to the Reconciliation  of
   NAV per share movements below for more information.

   Net Asset Value in total:

    

   Loans advanced                                        £160.2m
   Cash and cash equivalents                              £44.6m
   Financial assets at fair value through profit or loss   £1.4m
   Other net assets/(liabilities)                        (£1.4m)
   Net assets                                            £204.8m

    

    

   The Cash and cash equivalents balance  in the table above includes a  cash
   reserve to cover undrawn loan commitments in the portfolio, totaling £23.0
   million, as set out in the table below.

    

   Capital amounts drawn as  at 30 September 2024  and amounts committed  but
   undrawn as at 30 September 2024 are shown below.

    

                         Local Currency                          Sterling (2)
   Amounts drawn £m (1)                                              £130.0m
                         £130.0m
   Amounts drawn €m (1)                                                £28.8m
                         €34.6m
        Total drawn                                                     
                                                £158.8m
   Committed but undrawn                                               £23.0m
   cash amounts £m (3)   £23.0m

    

   (1) The balances shown corresponds to cash advanced.

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

   (3) Excludes interest which may be capitalised.

    

   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
   2024:

    

                                                    September 2024 (pence)
   NAV at the beginning of period                                   105.02
   Operating Income available to distribute (4) (5)                   0.59
   Unrealised FX gains / (losses) (6)                                 0.00
   NAV at the end of the period                                     105.61

    

   (4)  Operating  Income  available  to  distribute  comprises  loan  income
   recognised in  the  period  less operating  costs  incurred.  It  includes
   realised  foreign  exchange  gains  and  losses  that  are  available   to
   distribute except  where  the realised  gains  and losses  relate  to  the
   settlement of hedges that were previously  rolled forward and the gain  or
   loss on that roll forward was classified as unavailable to distribute (see
   note 5 below). 

   (5) 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 transferred  to
   distributable income when the  rolled hedge matures or  is settled due  to
   the loan repayment, and the final net  gain or loss on the capital  hedges
   over the life of the loan can be determined.

   (6) 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). Mismatches between  the hedge valuations  and the loan  investments
   may occur depending  on the shape  of the  forward FX curve  and this  may
   cause 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:  1 starwood@apexgroup.com

    

   Jefferies International Limited

   Gaudi Le Roux

   Harry Randall

   Ollie Nott

   T: +44 020 7029 8000

    

   Notes: 

   Starwood European Real  Estate Finance  Limited is  an investment  company
   listed on 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:  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.:   355585
   EQS News ID:    2017373


    
   End of Announcement EQS News Service

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References

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