SWEF: June 2023 NAV (1684749)
21 Julio 2023 - 1:00AM
UK Regulatory
Starwood European Real Estate Finance Ltd (SWEF)
SWEF: June 2023 NAV
21-Jul-2023 / 07:00 GMT/BST
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Starwood European Real Estate Finance Limited (the "Company") (Ticker: "SWEF")
Net Asset Value, 30 June 2023
This announcement contains price sensitive information.
As at the close of business on 30 June 2023 the unaudited net asset value (NAV) of the Company's Ordinary Shares was
103.75p (31 May 2023: 103.63p). The 30 June 2023 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 GBP384.1m
Cash and cash equivalents GBP13.1m
Financial assets at fair value through profit or loss GBP2.9m
Borrowing facilities (including accrued interest) GBP0.0m
Other net assets/(liabilities) GBP0.3m
Net assets GBP400.4m
Capital amounts drawn as at 30 June 2023 and amounts committed
but undrawn as at 30 June 2023 is shown below.
Local Currency Sterling (2)
Amounts drawn GBPm (1) GBP242.2m GBP242.2m
Amounts drawn EURm (1) EUR159.6m GBP137.0m
GBP379.2m
Committed but undrawn Loans GBPm GBP44.7m GBP44.7m
Committed but undrawn Loans EURm EUR3.1m GBP2.6m
GBP47.3m
(1) The balances shown corresponds to cash advanced.
(2) Euro amounts drawn and commitments converted at the month
end spot rate.
The difference between amounts drawn in the table above and
"Loans advanced" in the first table is accrued income and
impairment provision.
Reconciliation of NAV per share movements for the month ended 30
June 2023:
June 2023 (pence)
NAV at the beginning of period 103.63
Operating Income before impairment provision - available to distribute (3) 0.64
Impairment provision on asset classified as Stage 3 (4) (0.45)
Realised FX gains / (losses) not distributable (5) 0.00
Unrealised FX gains / (losses) (6) (0.07)
NAV at the end of the period 103.75
(3) Operating Income before impairment provision - 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 before impairment provision -
available to distribute also includes any realised foreign exchange
gains or losses upon settlement of hedges, except those described
in note 5.
(4) In June 2023 a loan which had been classified as Stage 2 was
reclassified to Stage 3 and an impairment provision recognised. See
Q2 2023 factsheet for further information.
(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: GG00BQWPBM39
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.: 259160
EQS News ID: 1684749
End of Announcement EQS News Service
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