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

Starwood European Real Estate FinanceAnnouncement

24/07/2024 07:15

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

   24-Jul-2024 / 07:00 GMT/BST

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

                         Net Asset Value, 30 June 2024

   This announcement contains price sensitive information.

   As at the close of business on 30 June 2024 the unaudited net asset  value
   (NAV)  of  the  Company’s  Ordinary  Shares  was  104.92p  (31  May  2024:
   104.29p). The 30  June 2024  NAV  shown here  has been  calculated  before
   taking into account the dividend of 1.375 pence per Share announced by the
   Company today.  Please  refer  to  the Reconciliation  of  NAV  per  share
   movements below for more information.

   Net Asset Value in total:

    

   Loans advanced                                        £166.9m
   Cash and cash equivalents                             £117.1m
   Financial assets at fair value through profit or loss   £0.9m
   Other net assets/(liabilities)                        (£1.4m)
   Net assets                                            £283.5m

    

    

   The Cash and cash equivalents balance  in the table above includes a  cash
   reserve to cover undrawn loan commitments in the portfolio, totaling £24.1
   million, as set out in the table below.

    

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

    

                             Local Currency                      Sterling (2)
   Amounts drawn £m (1)                        £136.3m                      
                                                        £136.3m
   Amounts drawn €m (1)                          €33.9m                      
                                                         £28.8m
                                                                      £165.1m
   Committed but undrawn                         £24.1m                      
   cash amounts £m (3)                                   £24.1m
                                                                       £24.1m

    

   (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  June
   2024:

    

    

                                                            June 2024 (pence)
   NAV at the beginning of period                                      104.29
   Operating Income available to distribute (4) (5)                      0.77
   Reclassification of Realised FX gains from not
   distributable to distributable income following loan                (0.64)
   repayments (5)
   Realised FX hedging gains reclassified as available to                0.40
   distribute following loan repayments (6)
   Unrealised FX gains / (losses) (7)                                    0.10
   NAV at the end of the period                                        104.92

    

   (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. 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 notes 5 and 6 below).   These
   movements are shown separately in the table above.

   (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. The June reconciliation  of
   NAV above shows the reversing of  such an FX gain (or proportion  thereof)
   following the repayment of two such loans.

   (6) This relates  to the transfer  of historic realised  gains on  capital
   hedges that were rolled (as  described under note 5) from  undistributable
   to distributable income due to the final settlement of capital hedges  (or
   a portion thereof where a loan has only partially repaid) less realised FX
   losses during  the  month  on  the  repayment  of  loan  amounts  and  the
   settlement (or portion thereof) of the rolled hedges.

   (7) 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.:   335998
   EQS News ID:    1952241


    
   End of Announcement EQS News Service

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References

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