Starwood European Real Estate Finance Limited (the
“Company”) (Ticker: “SWEF”)
Net Asset Value, 29 February
2024
This announcement contains price sensitive
information.
As at the close of business on 29 February 2024 the unaudited net
asset value (NAV) of the Company’s Ordinary Shares was 103.69p
(31 January 2024:
103.08p). Please refer to the
Reconciliation of NAV per share movements below for more
information.
Net Asset Value in total:
|
Loans advanced
|
£258.4m
|
|
Cash and cash equivalents
|
£45.1m
|
|
Financial assets at fair value through profit or
loss
|
£1.9m
|
|
Other net assets/(liabilities)
|
(£0.3m)
|
|
Net assets
|
£305.1m
|
The Cash and cash equivalents balance in the table above
includes a cash reserve to cover undrawn loan commitments in the
portfolio, totaling £32.9 million, as set out in the table
below.
Capital amounts drawn as at 29 February 2024 and amounts
committed but undrawn as at 29 February 2024 is shown
below.
|
|
Local Currency
|
Sterling (2)
|
|
Amounts drawn £m (1)
|
£174.3m
|
£174.3m
|
|
Amounts drawn €m (1)
|
€99.0m
|
£84.7m
|
|
|
|
£259.0m
|
|
Committed but undrawn cash amounts £m (3)
|
£32.9m
|
£32.9m
|
|
Committed but undrawn cash amounts €m (3)
|
€0.0m
|
£0.0m
|
|
|
|
£32.9m
|
(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 and
impairment provisions.
Reconciliation of NAV per share movements for the month ended
29 February 2024:
|
|
February 2024 (pence)
|
|
NAV at the beginning of period
|
103.08
|
|
Operating Income
available to distribute (4)
|
0.69
|
|
Unrealised FX
gains / (losses) (5)
|
(0.08)
|
|
NAV at the end of the period
|
103.69
|
(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.
(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 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.