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

Starwood European Real Estate FinanceAnnouncement

21/05/2024 07:00

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

   21-May-2024 / 07:00 GMT/BST

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

                         Net Asset Value, 30 April 2024

   This announcement contains price sensitive information.

   As at the close of business on 30 April 2024 the unaudited net asset value
   (NAV) of  the  Company’s  Ordinary  Shares was  103.65p  (31  March  2024:
   104.45p). Please refer to  the Reconciliation of  NAV per share  movements
   below for more information.

   Net Asset Value in total:

    

   Loans advanced                                        £223.3m
   Cash and cash equivalents                              £60.5m
   Financial assets at fair value through profit or loss   £1.1m
   Other net assets/(liabilities)                        (£4.9m)
   Net assets                                            £280.0m

    

    

   The Cash and cash equivalents balance  in the table above includes a  cash
   reserve to cover undrawn loan commitments in the portfolio, totaling £31.4
   million, as set out in the table below.

    

   Capital amounts  drawn as  at  30 April  2024  and amounts  committed  but
   undrawn as at 30 April 2024 is shown below.

    

                                             Local Currency Sterling (2)
   Amounts drawn £m (1)                             £175.1m      £175.2m
   Amounts drawn €m (1)                              €53.6m       £45.8m
                                                                  £221.0
   Committed but undrawn cash amounts £m (3)         £31.4m       £31.4m
                                                                  £31.4m

    

   (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 capitalized.

    

   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  April
   2024:

    

    

                                                      April 2024 (pence)
   NAV at the beginning of period                                 104.45
         Operating Income available to distribute (4)               0.75
         Unrealised FX gains / (losses) (6)                    (0.17)
         Dividend declared                                     (1.38)
   NAV at the end of the period                                   103.65

    

   (4)  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 5.

   (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 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.

   (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  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:  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  the  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:           GG00BRC3R375
   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.:   322657
   EQS News ID:    1906937


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:starwood@apexgroup.com
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