Starwood European Real Estate Finance Limited (the
“Company”) (Ticker: “SWEF”)
Net Asset Value, 30 June
2024
This announcement contains price sensitive
information.
As at the close of business on 30 June 2024 the unaudited net
asset value (NAV) of the Company’s Ordinary Shares was 104.92p
(31 May 2024:
104.29p). The 30 June 2024 NAV
shown here has been calculated before taking into account the
dividend of 1.375 pence per Share announced by the Company today.
Please refer to the Reconciliation of NAV per share movements below
for more information.
Net Asset Value in total:
|
Loans advanced
|
£166.9m
|
|
Cash and cash equivalents
|
£117.1m
|
|
Financial assets at fair value through profit or
loss
|
£0.9m
|
|
Other net assets/(liabilities)
|
(£1.4m)
|
|
Net assets
|
£283.5m
|
The Cash and cash equivalents balance in the table above
includes a cash reserve to cover undrawn loan commitments in the
portfolio, totaling £24.1 million, as set out in the table
below.
Capital amounts drawn as at 30 June 2024 and amounts
committed but undrawn as at 30 June 2024 are shown
below.
|
|
Local Currency
|
Sterling (2)
|
|
Amounts drawn £m (1)
|
£136.3m
|
£136.3m
|
|
Amounts drawn €m (1)
|
€33.9m
|
£28.8m
|
|
|
|
£165.1m
|
|
Committed but undrawn cash amounts £m (3)
|
£24.1m
|
£24.1m
|
|
|
|
£24.1m
|
(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.
Reconciliation of NAV per share movements for the month ended
30 June 2024:
|
|
June 2024 (pence)
|
|
NAV at the beginning of period
|
104.29
|
|
Operating Income available to distribute (4) (5)
|
0.77
|
|
Reclassification of Realised FX gains from not distributable
to distributable income following loan repayments
(5)
|
(0.64)
|
|
Realised FX hedging gains reclassified as available to
distribute following loan repayments (6)
|
0.40
|
|
Unrealised FX gains / (losses) (7)
|
0.10
|
|
NAV at the end of the period
|
104.92
|
(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 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 notes 5 and 6 below).
These movements are shown separately in the table
above.
(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 transferred to distributable income when the
rolled hedge matures or is settled due to the loan repayment, and
the final net gain or loss on the capital hedges over the life of
the loan can be determined. The June reconciliation of NAV above
shows the reversing of such an FX gain (or proportion thereof)
following the repayment of two such loans.
(6)
This relates to the transfer of historic realised gains on
capital hedges that were rolled (as described under note 5) from
undistributable to distributable income due to the final settlement
of capital hedges (or a portion thereof where a loan has only
partially repaid) less realised FX losses during the month on the
repayment of loan amounts and the settlement (or portion thereof)
of the rolled hedges.
(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 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.