Starwood European Real Estate Finance Limited (the
“Company”) (Ticker: “SWEF”)
Net Asset Value, 31 October
2024
This announcement contains price sensitive
information.
As at the close of business on 31 October 2024 the unaudited net
asset value (NAV) of the Company’s Ordinary Shares was 99.38p
(30 September 2024:
105.61p). Please refer to the
Reconciliation of NAV per share movements below for more
information.
Net Asset Value in total:
|
Loans advanced
|
£149.2m
|
|
Cash and cash equivalents
|
£46.5m
|
|
Financial assets at fair value through profit or
loss
|
£0.6m
|
|
Other net assets/(liabilities)
|
(£3.6m)
|
|
Net assets
|
£192.7m
|
The Cash and cash equivalents balance in the table above
includes a cash reserve to cover undrawn loan commitments in the
portfolio, totaling £23.0 million, as set out in the table
below.
Capital amounts drawn as at 31 October 2024 and amounts
committed but undrawn as at 31 October 2024 are shown
below.
|
|
Local Currency
|
Sterling (2)
|
|
Amounts drawn £m (1)
|
£130.0m
|
£130.0m
|
|
Amounts drawn €m (1)
|
€34.7m
|
£29.2m
|
|
Total drawn
|
|
£159.2m
|
|
Committed but undrawn cash amounts £m (3)
|
£23.0m
|
£23.0m
|
(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 and
impairment provisions.
Reconciliation of NAV per share movements for the month ended
31 October 2024:
|
|
October 2024 (pence)
|
|
NAV at the beginning of period
|
105.61
|
|
Operating Income available to distribute (4)
|
0.66
|
|
Impairment provision on asset classified as Stage 3
(5)
|
(5.59)
|
|
Realised FX gains / (losses) not distributable
(6)
|
0.25
|
|
Unrealised FX gains / (losses) (7)
|
(0.17)
|
|
Dividend declared
|
(1.38)
|
|
NAV at the end of the period
|
99.38
|
(4)
Operating Income available to
distribute comprises loan income recognised in the period less
operating costs incurred and
before any impairment is taken into account. 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 note 6 below).
(5) In October 2024 a loan which had been classified
as a Stage 2 loan was reclassified as a Stage 3 loan and a
provision was recognised against that loan.
(6)
On occasion, the Group may realise a gain or loss on a
capital hedge before the loan matures. When this situation arises
the Group separates the realised FX gain or loss from other
realised FX gains or losses and considers it unavailable to
distribute or not as a reduction in distributable profits. The FX
gain or loss will only be transferred to distributable income when
the loan is settled, and the final net gain or loss on the capital
hedges over the life of the loan can be determined.
(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 may cause 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@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.
www.starwoodeuropeanfinance.com.
The Group's assets are managed by Starwood European Finance
Partners Limited, an indirect wholly-owned subsidiary of Starwood
Capital Group.