Starwood Euro Real - SWEF: Half Yearly Report - Part 2
11/09/2017 07:00
- Part 2: For the preceding part double click ID:nRSK2986Qa
- (5,000) -
Revolving credit facility expenses paid (165,000) - (37,500)
Revolving credit facility utilised / (repaid) 7,500,000 (116,742) (8,155,816)
Revolving credit facility interest paid (46,612) (296,955) (315,112)
Revolving credit facility commitment fees paid (154,509) (129,075) (314,671)
Dividends paid (12,188,130) (10,266,075) (21,303,065)
Net cash (outflow) / inflow from financing activities (5,054,251) (10,813,847) 41,406,613
Net (decrease) / increase in cash and cash equivalents (28,857,694) 7,003,593 29,837,090
Cash and cash equivalents at the start of the period / year 31,018,181 520,558 520,558
Net foreign exchange gains on cash and cash equivalents 191,243 408,039 660,533
Cash and cash equivalents at the end of the period / year 2,351,730 7,932,190 31,018,181
(1) Net of arrangement fees of £1,607,763 (30 June 2016: £1,503,322;
31 December 2016: £2,212,322) withheld.
(2) Net of share issue cost of £nil (30 June 2016 £nil; 31 December
2016: £1,467,223) withheld.
Notes to the Unaudited Condensed Consolidated Financial Statements
for the period ended 30 June 2017
1. GENERAL INFORMATION
The Company is a close-ended investment company incorporated in Guernsey. The
Unaudited Condensed Consolidated Financial Statements comprise the Financial
Statements of the Company, the GP, the Partnership and the Luxco (together the
"Group") as at 30 June 2017.
2. BASIS OF PREPARATION AND PRINCIPAL ACCOUNTING POLICIES
The Company has prepared these Unaudited Condensed Consolidated Financial
Statements on a going concern basis in accordance with the Disclosure and
Transparency Rules of the United Kingdom Financial Conduct Authority and IAS
34 Interim Financial Reporting as adopted by the European Union. This interim
Financial Report does not comprise statutory Financial Statements within the
meaning of the Companies (Guernsey) Law, 2008, and should be read in
conjunction with the Consolidated Financial Statements of the Group as at and
for the year ended 31 December 2016, which have been prepared in accordance
with International Financial Reporting Standards as adopted by the European
Union. The statutory Financial Statements for the year ended 31 December 2016
were approved by the Board of Directors on 17 March 2017. The opinion of the
Auditor on those Financial Statements was unqualified and did not contain an
emphasis of matter. The accounting policies adopted in this Interim Financial
Report are unchanged since 31 December 2016. A review has been performed on
the Unaudited Condensed Consolidated Financial Statements for the period ended
30 June 2017 in the Interim Financial Report.
Standards and Interpretations in issue and not yet effective:
New standards Effective date
IFRS 9 Financial Instruments - Classifications and Measurement 1 January 2018
IFRS 15 Financial Instruments - Revenue from Contracts from Customers 1 January 2018
The Group is continuing its assessment of the effect of IFRS 9 on its
financial statements. However, at this stage we do not anticipate that it will
have a material impact on the financial statements of the Group for the
following reasons:
● It is expected that the Group's investments will continue to be
recognised at amortised cost as they are financial assets with terms that give
rise to interest and principal cash flows only and they are held in a business
model whose objective is to hold financial assets to collect their cash flow.
● The Group does not currently apply hedge accounting. Foreign
exchange derivatives are measured at "fair value through profit or loss" and
this treatment is expected to continue under IFRS 9.
● Due to the detailed underwriting process, strong security packages
in place and significant loan-to-value headroom on each of our loans, in most
circumstances we do not expect to recognise expected credit losses on our
portfolio, either at initial recognition or during the life of the loan.
The preparation of the Unaudited Condensed Consolidated Financial Statements
requires management to make judgements, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets and
liabilities, income and expenses. Actual results may differ from these
estimates.
In preparing these Unaudited Condensed Consolidated Financial Statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the Annual Consolidated Financial Statements for the year
ended 31 December 2016.
3. EARNINGS PER SHARE AND NET ASSET VALUE PER SHARE
The calculation of basic earnings per Ordinary Share is based on the operating
profit of £13,311,346 (30 June 2016: £11,769,061) and on the weighted average
number of Ordinary Shares in issue during the period of 375,019,398 (30 June
2016: 304,180,000) Ordinary Shares.
The calculation of NAV per Ordinary Share is based on a NAV of £382,074,242
(31 December 2016: £380,951,026) and the actual number of Ordinary Shares in
issue at 30 June 2017 of 375,019,398 (31 December 2016: 375,019,398).
4. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise the following:
30 June 2017 30 June 2016 31 December 2016
£ £ £
Cash at bank 2,351,730 7,932,190 31,018,181
2,351,730 7,932,190 31,018,181
Cash and cash equivalents comprises cash and short term deposits held with
various banking institutions with original maturities of three months or less.
The carrying amount of these assets approximates their fair value.
5. REVOLVING CREDIT FACILITY CAPITALISED COSTS
The revolving credit facility capitalised costs are directly attributable
costs incurred in relation to the extension of the £50 million loan facility.
6. LOANS ADVANCED
30 June 2017 30 June 2016 31 December 2016
£ £ £
UK
Centre Point, London 45,640,251 45,546,532 45,599,157
5 Star Hotel, London 12,974,698 12,950,308 12,962,754
Center Parcs Bonds, UK - 9,802,192 9,796,319
Industrial Portfolio, UK 25,733,736 32,435,918 32,177,066
Hospitals, UK 25,349,324 25,347,652 25,354,320
Hotel, Channel Islands 27,103,241 27,534,512 27,096,842
Varde Partners mixed portfolio, UK 16,901,213 35,363,902 25,037,555
Mixed use development, South East UK 8,699,236 6,358,950 8,063,336
Regional Budget Hotel Portfolio, UK 75,255,311 - 74,998,597
Netherlands
Office 12,332,827 11,542,901 12,058,598
Industrial - 21,686,660 22,624,425
W Hotel - 19,636,978 -
Denmark
Industrial Portfolio - 35,073,315 35,692,414
Ireland
Retail and Residential Portfolio - 4,773,536 3,687,359
Residential Portfolio, Cork 5,386,202 5,090,452 5,263,215
Residential Portfolio, Dublin 6,953,044 6,535,793 6,750,309
Logistics, Dublin 12,996,965 15,330,752 12,714,596
School, Dublin 16,866,624 - -
Spain
Hotel, Barcelona 40,838,645 - -
Europe
Industrial Portfolio, Hungary, Poland, Czech Republic 60,356,421 - -
393,387,738 315,010,353 359,876,862
No element of loans advanced are past due or impaired. For further information
and the associated risks see the Investment Manager's Report on page 6.
The table below reconciles the movement of the carrying value of loans
advanced in the period / year:
30 June 2017 30 June 2016 31 December 2016
£ £ £
Loans advanced at the start of the period / year 359,876,862 307,694,827 307,694,827
Loans advanced 115,851,558 90,337,277 170,779,976
Loans repaid (85,227,730) (92,105,742) (129,269,039)
Arrangement fees earned (2,086,453) (1,503,322) (2,212,322)
Commitment fees earned (58,630) (36,875) (112,404)
Accrued interest purchased on loan acquisition - (474,589) (474,589)
Exit fees earned (967,369) (2,515,759) (2,624,796)
Origination fees paid 864,281 723,796 1,316,353
Origination expenses paid - 30,057 -
Effective interest income earned 15,838,604 14,055,008 27,826,368
Interest payments received / accrued (13,952,120) (14,034,916) (30,643,933)
Foreign exchange losses (realised and unrealised) 3,248,735 12,840,591 17,596,421
Loans advanced at the end of the period / year 393,387,738 315,010,353 359,876,862
Loans advanced at fair value 411,988,743 328,088,808 382,064,552
For further information on the fair value of loans advanced, refer to note
11.
7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS
Financial assets at fair value through profit and loss comprise currency
forward contracts which represent contractual obligations to purchase one
currency and sell another currency on a future date at a specified price. The
underlying instruments become favourable (assets) or unfavourable
(liabilities) as a result of fluctuations of foreign exchange rates relative
to their terms. The aggregate contractual or notional amount of derivative
financial instruments, the extent to which instruments are favourable or
unfavourable, and thus the aggregate fair values of derivative financial
assets and liabilities, can fluctuate significantly from time to time. The
fair value of derivative instruments held are set out below:
Goldman Sachs:
Notional contract Fair values
amount (1)
30 June 2017 Assets Liabilities Total
£ £ £ £
Foreign exchange derivatives - currency forwards 13,107,924 - (369,226) (369,226)
Total 13,107,924 - (369,226) (369,226)
Lloyds Bank plc:
Notional contract Fair values
amount (1)
30 June 2017 Assets Liabilities Total
£ £ £ £
Foreign exchange derivatives - currency forwards 155,551,488 - (4,982,150) (4,982,150)
Total 155,551,488 - (4,982,150) (4,982,150)
Total:
Notional contract Fair values
amount (1)
30 June 2017 Assets Liabilities Total
£ £ £ £
Foreign exchange derivatives - currency forwards 168,659,412 - (5,351,376) (5,351,376)
Total 168,659,412 - (5,351,376) (5,351,376)
(1) Euro amounts are translated at the period / year end exchange rate
Goldman Sachs:
Notional contract Fair values
amount (1)
31 December 2016 Assets Liabilities Total
£ £ £ £
Foreign exchange derivatives - currency forwards 16,225,478 - (721,672) (721,672)
Total 16,225,478 - (721,672) (721,672)
Lloyds Bank plc:
Notional contract Fair values
amount (1)
31 December 2016 Assets Liabilities Total
£ £ £ £
Foreign exchange derivatives - currency forwards 89,622,755 99,549 (8,533,965) (8,434,416)
Total 89,622,755 99,549 (8,533,965) (8,434,416)
Total:
Notional contract Fair values
amount (1)
31 December 2016 Assets Liabilities Total
£ £ £ £
Foreign exchange derivatives - currency forwards 105,848,233 99,549 (9,255,637) (9,156,088)
Total 105,848,233 99,549 (9,255,637) (9,156,088)
(1) Euro amounts are translated at the period / year end exchange rate
8. REVOLVING CREDIT FACILITY
Under the Company's investment policy, the Company is limited to aggregate
short and long term borrowings at the time of the relevant drawdown of an
amount equivalent to a maximum of 30 per cent of NAV but longer term
borrowings will be limited to 20 per cent of NAV in any event. In calculating
the Company's borrowings for this purpose, any liabilities incurred under the
Company's foreign exchange hedging arrangements shall be disregarded. The
interest rate payable is LIBOR plus 2.30 per cent per annum. The facility is
secured by a pledge over the bank accounts of the Company, its interests in
Starfin Public LP and the intercompany funding provided by the Company to
Starfin Public LP. Starfin Public LP also acts as guarantor of the facility
and has pledged its bank accounts as collateral. The undertakings and events
of default are customary for a transaction of this nature. As at 30 June 2017
an amount of £7,500,000 (31 December 2016: £nil) was drawn and interest of
£2,072 (31 December 2016: £nil) was payable.
9. DIVIDENDS
Dividends will be declared by the Directors and paid in compliance with the
solvency test prescribed by Guernsey law. Under Guernsey law, companies can
pay dividends in excess of accounting profit provided they satisfy the
solvency test prescribed by the Companies (Guernsey) Law, 2008. The solvency
test considers whether a company is able to pay its debts when they fall due,
and whether the value of a company's assets is greater than its liabilities.
The Company passed the solvency test for each dividend paid.
Subject to market conditions, the financial position of the Company and the
investment outlook, it is the Directors' intention to continue to pay
quarterly dividends to Shareholders (for more information see Chairman's
Statement).
The Company paid the following dividends in respect of the period to 30 June
2017:
Period to: Dividend rate per Share (pence) Net dividend paid (£) Payment date
31 March 2017 1.625 6,094,065 16 May 2017
After the end of the period, the Directors declared a dividend in respect of
the financial period ended 30 June 2017 of 1.625 pence per share which was
paid on 25 August 2017 to Shareholders on the register on 4 August 2017.
The Company paid the following dividends in respect of the year to 31 December
2016:
Period to: Dividend rate per Share (pence) Net dividend paid (£) Payment date
31 March 2016 1.625 4,942,925 19 May 2016
30 June 2016 1.625 4,942,925 25 August 2016
30 September 2016 1.625 6,094,065 4 November 2016
31 December 2016 1.625 6,094,065 17 February 2017
10. RISK MANAGEMENT POLICIES AND PROCEDURES
The Group through its investment in whole loans, subordinated loans, mezzanine
loans, bridge loans, loan-on-loan financings and other debt instruments is
exposed to a variety of financial risks, including market risk (including
currency risk and interest rate risk), credit risk and liquidity risk. The
Group's overall risk management programme focuses on the unpredictability of
financial markets and seeks to minimise potential adverse effects on the
Group's financial performance.
The Directors monitor and measure the overall risk bearing capacity in
relation to the aggregate risk exposure across all risk types and activities.
Even though the risks detailed in the Annual Report and Financial Statements
for the year ended 31 December 2016 still remain appropriate, further
information regarding these risk policies are outlined below:
I) MARKET RISK
Market risk includes market price risk, currency risk and interest rate risk.
If a borrower defaults on a loan and the real estate market enters a downturn
it could materially and adversely affect the value of the collateral over
which loans are secured. However, this risk is considered by the Board to
constitute credit risk as it relates to the borrower defaulting on the loan
and not directly to any movements in the real estate market. As such the
Directors do not consider that the Group is subject to market price risk. The
Investment Manager moderates market risk through a careful selection of loans
within specified limits. The Group's overall market position is monitored by
the Investment Manager and is reviewed by the Board of Directors on an
on-going basis.
a) Currency risk
The Group, via the subsidiaries, operates across Europe and invests in loans
that are denominated in currencies other than the functional currency of the
Company. Consequently the Group is exposed to risks arising from foreign
exchange rate fluctuations in respect of these loans and other assets and
liabilities which relate to currency flows from revenues and expenses.
Exposure to foreign currency risk is hedged and monitored by the Investment
Manager on an on-going basis and is reported to the Board accordingly.
b) Interest rate risk
Interest rate risk is the risk that the value of financial instruments and
related income from loans advanced and cash and cash equivalents will
fluctuate due to changes in market interest rates.
The majority of the Group's financial assets are loans advanced, receivables
and cash and cash equivalents. The Group's investments have some exposure to
interest rate risk but this is limited to interest earned on cash deposits and
floating interbank rate exposure for investments designated as loans advanced.
Loans advanced have been structured to include a combination of fixed and
floating interest rates and at 30 June 2017 73.2% of investments designed as
loans advanced have a floating interbank interest rate. The interest rate risk
is mitigated by the inclusion of interbank rate floors on floating rate loans,
preventing interest rates from falling below certain levels.
II) CREDIT RISK
Credit risk is the risk that a counterparty will be unable to pay amounts in
full when due. The Group's main credit risk exposure is in the loan portfolio,
shown as loans advanced, where the Group invests in whole loans and also
subordinated and mezzanine debt which rank behind senior debt for repayment in
the event that a borrower defaults. There is also credit risk in respect of
other financial assets as a portion of the Group's assets are cash and cash
equivalents or accrued interest. The banks used to hold cash and cash
equivalents have been diversified to spread the credit risk to which the Group
is exposed. The Group also has credit risk exposure in its financial assets
through profit and loss which is diversified between hedge providers in order
to spread credit risk to which the Group is exposed. The total exposure to
credit risk arises from default of the counterparty and the carrying amounts
of financial assets best represent the maximum credit risk exposure at the
year end date. As at 30 June 2017, the maximum credit risk exposure was
£395,726,306 (31 December 2016: £390,910,293).
The Investment Manager has adopted procedures to reduce credit risk exposure
by conducting credit analysis of the counterparties, their business and
reputation which is monitored on an on-going basis. After the advancing of a
loan a dedicated debt asset manager employed by the Investment Adviser
monitors on-going credit risk and reports to the Investment Manager, with
quarterly updates also provided to the Board. The debt asset manager routinely
stresses and analyses the profile of the Group's underlying risk in terms of
exposure to significant tenants, performance of asset management teams and
property managers against specific milestones that are typically agreed at the
time of the original loan underwriting, forecasting headroom against
covenants, reviewing market data and forecast economic trends to benchmark
borrower performance and to assist in identifying potential future stress
points. Periodic physical inspections of assets that form part of the Group's
security are also completed in addition to monitoring the identified capital
expenditure requirements against actual borrower investment.
III) LIQUIDITY RISK
Liquidity risk is the risk that the Group will not have sufficient resources
available to meet its liabilities as they fall due. The Group's loans advanced
are illiquid and may be difficult or impossible to realise for cash at short
notice.
The Group manages its liquidity risk through short term and long term cash
flow forecasts to ensure it is able to meet its obligations. In addition, the
Company is permitted to borrow up to 30 per cent of NAV and has entered into a
revolving credit facility of £50 million of which £7,502,072 (including
accrued interest) was drawn on 30 June 2017 (31 December 2016: £nil).
As at 30 June 2017, the Group had £2,351,730 (31 December 2016: £31,018,181)
available in cash and £948,803 (31 December 2016: £870,156) trade payables.
The Directors considered this to be sufficient cash available, together with
the undrawn facilities on the revolving credit facility, to meets the Group's
liabilities.
11. FAIR VALUE MEASUREMENT
IFRS 13 requires the Company to classify fair value measurements using a fair
value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy has the following levels:
(i) Quoted prices (unadjusted) in active markets for identical assets or
liabilities (level 1);
(ii) Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices including interest rates, yield
curves, volatilities, prepayment speeds, credit risks and default rates) or
other market corroborated inputs (level 2); and
(iii) Inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs) (level 3).
30 June 2017 Level 1 Level 2 Level 3 Total
£ £ £ £
Liabilities
Derivative liabilities - (5,351,376) - (5,351,376)
Total - (5,351,376) - (5,351,376)
31 December 2016 Level 1 Level 2 Level 3 Total
£ £ £ £
Liabilities
Derivative liabilities - (9,156,088) - (9,156,088)
Total - (9,156,088) - (9,156,088)
There have been no transfers between levels for the period ended 30 June 2017
(31 December 2016: nil).
The following table summarises within the fair value hierarchy the Group's
assets and liabilities (by class) not measured at fair value at 30 June 2017
but for which fair value is disclosed:
Level 1 Level 2 Level 3 Total fair values Total carrying amount
£ £ £ £ £
Assets
Cash and cash equivalents - 2,351,730 - 2,351,730 2,351,730
Other receivables and prepayments - 13,162 - 13,162 13,162
Loans advanced - - 411,988,743 411,988,743 393,387,738
Total - 2,364,892 411,988,743 414,353,635 395,752,630
Level 1 Level 2 Level 3 Total fair values Total carrying amount
£ £ £ £ £
Liabilities
Trade and other payables - 948,803 - 948,803 948,803
Revolving credit facility - 7,502,072 - 7,502,072 7,502,072
Total - 8,450,875 - 8,450,875 8,450,875
The following table summarises within the fair value hierarchy the Group's
assets and liabilities (by class) not measured at fair value at 31 December
2016 but for which fair value is disclosed:
Level 1 Level 2 Level 3 Total fair values Total carrying amount
£ £ £ £ £
Assets
Cash and cash equivalents - 31,018,181 - 31,018,181 31,018,181
Other receivables and prepayments - 53,381 - 53,381 53,381
Loans advanced - - 382,064,552 382,064,552 359,876,862
Total - 31,071,562 382,064,552 413,136,114 390,948,424
Level 1 Level 2 Level 3 Total fair values Total carrying amount
£ £ £ £ £
Liabilities
Trade and other payables - 870,156 - 870,156 870,156
Total - 870,156 - 870,156 870,156
The carrying values of the assets and liabilities included in the above table
are considered to approximate their fair values, except for loans advanced.
The fair value of loans advanced has been determined by discounting the
expected cash flows using a discounted cash flow model. For the avoidance of
doubt, the Group carries its loans advanced at amortised cost in the Financial
Statements.
Cash and cash equivalents include cash at hand and fixed deposits held with
banks. Other receivables and prepayments include the contractual amounts and
obligations due to the Group and consideration for advance payments made by
the Group. Trade and other payables represent the contractual amounts and
obligations due by the Group for contractual payments.
12. TAXATION
The Company is exempt from Guernsey taxation under the Income Tax (Exempt
Bodies) (Guernsey) Ordinance 1989 for which it pays an annual fee of £1,200.
The Luxembourg indirect subsidiary of the Company, Luxco, is subject to the
applicable tax regulations in Luxembourg, as it is incorporated under the
Securitization Law of 22 March 2004.
13. RELATED PARTY TRANSACTIONS
Parties are considered to be related if one party has the ability to control
the other party or exercise significant influence over the other party in
making financial or operational decisions.
Fees, expenses and other payments
Outstanding at 30 June 2017 For the Outstanding at31 December 2016 For the
period ended 30ִ June 2017 period ended 30 June 2016
£ £ £ £
Directors' fees and expenses paid
Stephen Smith - 23,750 - 23,750
John Whittle - 20,000 - 20,000
Jonathan Bridel - 17,500 - 17,500
Expenses paid - 1,457 - 1,506
Investment Manager
Investment management fees earned 710,023 1,412,930 716,308 1,140,459
Origination fees earned - 864,281 - 723,796
Expenses - 7,591 15,250 5,706
Shareholdings and dividends paid
Dividends paid forthe period ended As at 30 June 2017Number of shares Dividends paid forthe period ended As at
30June 2017 30June 2016 31 December 2016Number of shares
£ £
Starwood Property Trust Inc 297,050 9,140,000 309,825 9,140,000
SCG Starfin Investor LP 74,262 2,285,000 77,119 2,285,000
Stephen Smith 2,565 78,929 2,664 78,929
John Whittle 386 11,866 400 11,866
Jonathan Bridel 386 11,866 400 11,866
OTHER
The Group continues to participate in a number of loans in which Starwood
Property Trust, Inc. ("STWD") and Starfin European Debt TC, L.P. ("Starfin
TC") acted as a co-lender. The details of these loans are shown in the table
below.
Loan Related party co-lenders
Centre Point, London STWD, Starfin TC
5 Star Hotel, London Starfin TC
Mixed use development, South East UK STWD
14. EVENTS AFTER THE REPORTING PERIOD
Additional drawdowns of £1,216,116 have been made on the Mixed use
development, South East UK loan.
The following loan amortisation (both scheduled and unscheduled) has been
received since the period end, up to the date of publication of this report:
Local currency
Varde Partners mixed portfolio, UK £4,950,155
Office, Netherlands E35,750
Residential Portfolio, Dublin, Ireland E50,856
Logistics, Dublin, Ireland E38,967
Residential Portfolio, Cork, Ireland E39,789
The following loans have been repaid in full since the period end, up to the
date of publication of this
Local currency
Office, Netherlands E13,799,500
On 25 July 2017 the Company declared a dividend of 1.625 pence per Ordinary
share payable to shareholders on the register on 4 August 2017.
Corporate Information
Directors
Stephen Smith (Non-executive Chairman)
Jonathan Bridel (Non-executive Director)
John Whittle (Non-executive Director)
(all care of the registered office)
Investment Manager
Starwood European Finance
Partners Limited
1 Royal Plaza
Royal Avenue
St Peter Port
Guernsey
GY1 2HL
Solicitors to the Company (as to English law and U.S. securities law)
Norton Rose LLP
3 More London Riverside
London
United Kingdom
SE1 2AQ
Registrar
Computershare Investor Services (Guernsey) Limited
3rd Floor
Natwest House
Le Truchot
St Peter Port
Guernsey
GY1 1WD
Sole Broker
Fidante Capital
1 Tudor Street
London
United Kingdom
EC4Y 0AH
Administrator, Designated Manager
and Company Secretary
Ipes (Guernsey) Limited
1 Royal Plaza
Royal Avenue
St Peter Port
Guernsey
GY1 2HL
Registered Office
1 Royal Plaza
Royal Avenue
St Peter Port
Guernsey
GY1 2HL
Investment Adviser
Starwood Capital Europe Advisers, LLP
2nd Floor
One Eagle Place
St. James's
London
United Kingdom
SW1Y 6AF
Advocates to the Company (as to Guernsey law)
Mourant Ozannes
1 Le Marchant Street
St Peter Port
Guernsey
GY1 4HP
Independent Auditor
PricewaterhouseCoopers CI LLP
Royal Bank Place
1 Glategny Esplanade
St Peter Port
Guernsey
GY1 4ND
Principal Bankers
Barclays Private Clients International Limited
PO Box 41
Le Marchant House
St Peter Port
Guernsey
GY1 3BE
Website:
www.starwoodeuropeanfinance.com
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