SWEF: February 2023 NAV (1584735)
17 March 2023 - 6:00PM
UK Regulatory
Starwood European Real Estate Finance Ltd (SWEF) SWEF: February
2023 NAV 17-March-2023 / 07:00 GMT/BST
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Starwood European Real Estate Finance Limited (the "Company")
(Ticker: "SWEF")
Net Asset Value, 28 February 2023
This announcement contains price sensitive information.
As at the close of business on 28 February 2023 the unaudited
net asset value (NAV) of the Company's Ordinary Shares was 105.28p
(31 January 2023: 104.58p). Please refer to the Reconciliation of
NAV per share movements below for more information.
Net Asset Value in total
Loans advanced GBP396.8m
Cash and cash equivalents GBP20.1m
Financial assets at fair value through profit or loss GBP0.2m
Borrowing facilities (including accrued interest) GBP0.0m
Other net assets/(liabilities) (GBP0.6m)
Net assets GBP416.5m
Capital amounts drawn as at 28 February 2023 and amounts
committed but undrawn as at 28 February 2023 is shown below.
Local Currency Sterling (2)
Amounts drawn GBPm (1) GBP240.7m GBP240.7m
Amounts drawn EURm (1) EUR171.4m GBP150.8m
GBP391.5m
Committed but undrawn Loans GBPm GBP46.2m GBP46.2m
Committed but undrawn Loans EURm EUR3.0m GBP2.7m
GBP48.9m
(1) The balances shown corresponds to cash advanced.
(2) Euro amounts drawn and commitments converted at the month
end spot rate.
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 28
February 2023:
February 2023 (pence) February 2023 (pence)
NAV at the beginning of period 104.58
Operating Income from continuing loans (3) 0.55
Operating Income from early repaid loan (3) 0.14
Operating Income available to distribute (3) - total 0.69
Realised FX gains / (losses) not distributable (4) 0.56
Unrealised FX gains / (losses) (5) (0.55)
NAV at the end of the period 105.28
(3) 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. Included in
loan income recognised in February 2023 is circa GBP0.55m
(equivalent to 0.14p per share) of loan income related to Office
and Industrial Portfolio, UK which has been fully repaid in
February 2023 and which benefited from early repayment income
protection. The Operating Income available to distribute also
includes any realised foreign exchange gains or losses upon
settlement of hedges, except those described in note 4.
(4) 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 or
as a reduction in distributable profits when the rolled hedge
matures or is settled and the final net gain or loss on the capital
hedges can be determined.
(5) 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). Mis-matches 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: starwood@apexfs.com
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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: GG00B79WC100
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.: 230522
EQS News ID: 1584735
End of Announcement EQS News Service
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