Starwood European Real Estate Finance Limited (the
“Company”) (Ticker: “SWEF”)
Net Asset Value, 31 January
2025
This announcement contains price sensitive
information.
As at the close of business on 31 January 2025 the unaudited net
asset value (NAV) of the Company’s Ordinary Shares was 100.24p
(31 December 2024:
100.49p). Please refer to the
Reconciliation of NAV per share movements below for more
information.
Net Asset Value in total:
|
Loans advanced
|
£101.7m
|
|
Cash and cash equivalents
|
£95.5m
|
|
Financial assets at fair value through profit or
loss
|
£0.9m
|
|
Other net assets/(liabilities)
|
(£3.7m)
|
|
Net assets
|
£194.4m
|
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 January 2025 and amounts
committed but undrawn as at 31 January 2025 are shown
below.
|
|
Local Currency
|
Sterling (2)
|
|
Amounts drawn £m (1)
|
£82.7m
|
£82.7m
|
|
Amounts drawn €m (1)
|
€35.1m
|
£29.4m
|
|
Total drawn
|
|
£112.1m
|
|
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 January 2025:
|
|
January 2025 (pence)
|
January 2025 (pence)
|
|
NAV at the beginning of period
|
|
100.49
|
|
Operating Income from continuing loans (4)
|
0.39
|
|
|
Operating Income from early repaid loan (4)
|
0.63
|
|
|
Operating Income available to distribute (4) -
total
|
|
1.02
|
|
Unrealised FX gains / (losses) (5)
|
|
0.11
|
|
Dividend declared
|
|
(1.38)
|
|
NAV at the end of the period
|
|
100.24
|
(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. Included in the loan
income recognised in January 2025 is circa £1.2m (equivalent to
0.63p per share of loan income) related to Hotels, United Kingdom
which was fully repaid in January 2025 in advance of its
contractual maturity date and which benefited from the earlier than
forecast recognition of interest and fees. The Operating Income
available to distribute also 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.
(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). 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.
