DJ SWEF: September 2024 NAV
Starwood European Real Estate Finance Ltd (SWEF) SWEF: September 2024 NAV 29-Oct-2024 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- Starwood European Real Estate Finance Limited (the "Company") (Ticker: "SWEF") Net Asset Value, 30 September 2024 This announcement contains price sensitive information. As at the close of business on 30 September 2024 the unaudited net asset value (NAV) of the Company's Ordinary Shares was 105.61p (31 August 2024: 105.02p). The 30 September 2024 NAV shown here has been calculated before taking into account the EUR12.9 million provision made and announced on 21 October 2024 related to Office Portfolio, Ireland and the dividend of 1.375 pence per Share announced by the Company today both of which will be recognized in the October 2024 NAV. Please refer to the Reconciliation of NAV per share movements below for more information. Net Asset Value in total: Loans advanced GBP160.2m Cash and cash equivalents GBP44.6m Financial assets at fair value through profit or loss GBP1.4m Other net assets/(liabilities) (GBP1.4m) Net assets GBP204.8m
The Cash and cash equivalents balance in the table above includes a cash reserve to cover undrawn loan commitments in the portfolio, totaling GBP23.0 million, as set out in the table below.
Capital amounts drawn as at 30 September 2024 and amounts committed but undrawn as at 30 September 2024 are shown below.
Local Currency Sterling (2) Amounts drawn GBPm (1) GBP130.0m GBP130.0m Amounts drawn EURm (1) EUR34.6m GBP28.8m Total drawn GBP158.8m Committed but undrawn cash amounts GBPm (3) GBP23.0m GBP23.0m
(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.
Reconciliation of NAV per share movements for the month ended 30 September 2024:
September 2024 (pence) NAV at the beginning of period 105.02 Operating Income available to distribute (4) (5) 0.59 Unrealised FX gains / (losses) (6) 0.00 NAV at the end of the period 105.61
(4) Operating Income available to distribute comprises loan income recognised in the period less 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 note 5 below).
(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.
(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 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.
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ISIN: GG00BPLZ2K28 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.: 355585 EQS News ID: 2017373 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
October 29, 2024 03:00 ET (07:00 GMT)
