SWEF: October 2023 NAV (1776495)
November 20 2023 - 2:00AM
UK Regulatory
Starwood European Real Estate Finance Ltd (SWEF)
SWEF: October 2023 NAV
20-Nov-2023 / 07:00 GMT/BST
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Starwood European Real Estate Finance Limited (the "Company") (Ticker: "SWEF")
Net Asset Value, 31 October 2023
This announcement contains price sensitive information.
As at the close of business on 31 October 2023 the unaudited net asset value (NAV) of the Company's Ordinary Shares was
103.66p (30 September 2023: 104.46p). Please refer to the Reconciliation of NAV per share movements below for more
information.
Net Asset Value in total:
Loans advanced GBP304.3m
Cash and cash equivalents GBP69.5m
Financial assets at fair value through profit or loss GBP1.7m
Borrowing facilities (including accrued interest) GBP0.0m
Other net assets/(liabilities) (GBP5.6m)
Net assets GBP369.9m
The Cash and cash equivalents balance in the table above
includes a cash reserve to cover undrawn loan commitments in the
portfolio, totaling GBP39.3 million, as set out in the table
below.
Capital amounts drawn as at 31 October 2023 and amounts
committed but undrawn as at 31 October 2023 is shown below.
Local Currency Sterling (2)
Amounts drawn GBPm (1) GBP189.0m GBP189.0m
Amounts drawn EURm (1) EUR129.6m GBP112.8m
GBP301.8m
Committed but undrawn cash amounts GBPm (3) GBP39.3m GBP39.3m
Committed but undrawn cash amounts EURm (3) EUR0.0m GBP0.0m
GBP39.3m
(1) The balances shown corresponds to cash advanced.
(2) Euro amounts drawn and future cash commitments converted at
the month end spot rate.
(3) These amounts exclude interest to 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 31
October 2023:
October 2023 (pence)
NAV at the beginning of period 104.46
Operating Income available to distribute (4) 0.58
Realised FX gains / (losses) not distributable (5) 0.00
Unrealised FX gains / (losses) (6) 0.00
Dividend declared (1.38)
NAV at the end of the period 103.66
(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 4.
(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 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.
(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: 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 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: GG00BPGJYV48
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.: 285799
EQS News ID: 1776495
End of Announcement EQS News Service
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