REG-Starwood European Real Estate Finance Ltd SWEF: Update on Office Portfolio, Ireland

Starwood European Real Estate FinanceAnnouncement

01/08/2025 07:00

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: Update on Office Portfolio, Ireland

   01-Aug-2025 / 07:00 GMT/BST

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   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF  ARTICLE
   7 OF  THE MARKET  ABUSE REGULATION  EU 596/2014  AS IT  FORMS PART  OF  UK
   DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

    

   NOT FOR RELEASE, PUBLICATION OR  DISTRIBUTION, DIRECTLY OR INDIRECTLY,  IN
   WHOLE OR IN  PART, TO  US PERSONS  OR INTO  OR WITHIN  THE UNITED  STATES,
   AUSTRALIA, CANADA OR  JAPAN, OR ANY  OTHER JURISDICTION WHERE,  OR TO  ANY
   OTHER PERSON  TO  WHOM,  TO  DO SO  WOULD  BE  UNLAWFUL.  THE  INFORMATION
   CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL  OR
   ISSUE, OR ANY  SOLICITATION OF  ANY OFFER  TO PURCHASE,  SUBSCRIBE FOR  OR
   OTHERWISE ACQUIRE, ANY INVESTMENTS IN ANY JURISDICTION.

    

    

                 Starwood European Real Estate Finance Limited

                                Portfolio Update

                      Update on Office Portfolio, Ireland

    

   Starwood European Real  Estate Finance Limited  (the “Company” or  “SWEF”)
   provides an update on the loan  investment known as the Office  Portfolio,
   Ireland. As of 31 May 2025, the loan represented approximately 7.8% of the
   Company’s Net Asset Value (“NAV”).

    

   On 21 October 2024, the Company announced  an impairment of €12.9  million
   (equivalent to 50% of the value of the loan investment as at 30  September
   2024) in respect of the Company’s  loan investment secured on a  portfolio
   of properties in Central Dublin.  Further to that announcement, 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 has  now decided 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.

    

   As of 31 May 2025, the  Company’s NAV was £149.6  million and the NAV  per
   share was 101.09 pence.

    

   The Company is currently finalising its second quarter Quarterly Portfolio
   Update, which is expected  to be published shortly.  To date, the  Company
   has returned £256.0 million to  shareholders in Compulsory Redemptions  in
   accordance with its  orderly realisation  strategy adopted  on 27  January
   2023. This is equivalent to 61.9 per cent of NAV as of 31 January 2023.

    

   For further information, please contact: 

    

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

    

   Duke Le Prevost

   T: +44 (0) 203 5303 630

   E:  1 Starwood@apexgroup.com

    

   Jefferies International Limited

   Gaudi Le Roux

   Harry Randall

   Ollie Nott

    T: +44 (0) 20 7029 8000

    

   The person responsible for arranging the release of this information on
   behalf of the Company is Duke Le Prevost.

    

   A copy of this announcement can be found on the Company’s webiste:
    2 www.starwoodeuropeanfinance.com.

    

   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.
    3 www.starwoodeuropeanfinance.com.

    

   The Group's  assets  are managed  by  Starwood European  Finance  Partners
   Limited, an indirect wholly-owned subsidiary of Starwood Capital Group.

    

   Information regarding forward-looking statements

    

   This announcement contains (or may contain) statements that are, or may be
   deemed to be,  ‘‘forward-looking statements’’. Forward-looking  statements
   are based on current expectations and projections about future events  and
   other  matters  that  are  not  historical  fact.  These   forward-looking
   statements are sometimes identified by the use of a date in the future  or
   forward-looking terminology,  including, but  not  limited to,  the  words
   “consider” ‘‘aim’’,  ‘‘anticipate’’,  ‘‘believe’’,  ‘‘intend’’,  ‘‘plan’’,
   ‘‘estimate’’,  ‘‘expect’’,  ‘‘may’’,  ‘‘target’’,  ‘‘project’’,  ‘‘will’’,
   ‘‘could’’ or  ‘‘should’’  or,  in  each  case,  their  negative  or  other
   variations or words of  similar meaning. These forward-looking  statements
   include matters that are not historical facts and include statements  that
   reflect intentions,  beliefs and  current expectations.  By their  nature,
   forward-looking statements involve  risks and  uncertainties because  they
   relate to events and depend on circumstances that may or may not occur  in
   the future or are beyond the Company’s control. They are not guarantees of
   future value or performance and are based on one or more assumptions.

    

   Forward-looking statements contained in this announcement apply only as at
   the date of  this announcement. Subject  to any obligations  under the  UK
   Listing Rules and FCA’s Disclosure Guidance and Transparency Rules, the UK
   version of the  Market Abuse  Regulation or  any other  applicable law  or
   regulation, the Company  undertakes no  obligation publicly  to update  or
   review  any  forward-looking  statement,  whether  as  a  result  of   new
   information, future developments or otherwise.

    

    

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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: 2.2. Inside information
   Sequence No.:   397627
   EQS News ID:    2177994


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:Starwood@apexgroup.com
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=becc5c83790358f02808a7970e9d8d13&application_id=2177994&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news
   3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=becc5c83790358f02808a7970e9d8d13&application_id=2177994&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news


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