Starwood European Real Estate Finance Limited (the
“Company”) (Ticker: “SWEF”)
Net Asset Value, 30 April
2024
This announcement contains price sensitive
information.
As at the close of business on 30 April 2024 the unaudited net
asset value (NAV) of the Company’s Ordinary Shares was 103.65p
(31 March 2024:
104.45p). Please refer to the
Reconciliation of NAV per share movements below for more
information.
Net Asset Value in total:
|
Loans advanced
|
£223.3m
|
|
Cash and cash equivalents
|
£60.5m
|
|
Financial assets at fair value through profit or
loss
|
£1.1m
|
|
Other net assets/(liabilities)
|
(£4.9m)
|
|
Net assets
|
£280.0m
|
The Cash and cash equivalents balance in the table above
includes a cash reserve to cover undrawn loan commitments in the
portfolio, totaling £31.4 million, as set out in the table
below.
Capital amounts drawn as at 30 April 2024 and amounts
committed but undrawn as at 30 April 2024 is shown
below.
|
|
Local Currency
|
Sterling (2)
|
|
Amounts drawn £m (1)
|
£175.1m
|
£175.2m
|
|
Amounts drawn €m (1)
|
€53.6m
|
£45.8m
|
|
|
|
£221.0
|
|
Committed but undrawn cash amounts £m (3)
|
£31.4m
|
£31.4m
|
|
|
|
£31.4m
|
(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 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
30 April 2024:
|
|
April 2024 (pence)
|
|
NAV at the beginning of period
|
104.45
|
|
Operating Income
available to distribute (4)
|
0.75
|
|
Unrealised FX
gains / (losses) (6)
|
(0.17)
|
|
Dividend
declared
|
(1.38)
|
|
NAV at the end of the period
|
103.65
|
(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
5.
(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 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.