Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Portfolio Update
21-Jul-2023 / 07:02 GMT/BST
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Starwood European Real Estate Finance Limited
Quarterly Portfolio Update
Annualised dividend yield of 6.2 per cent, fully covered by income;
First capital redemption undertaken and more expected in 2023
Starwood European Real Estate Finance Limited ("SEREF" or the "Group"), a leading investor managing and realising a
diverse portfolio of high quality senior and mezzanine real estate debt in the UK and Europe, is pleased to present its
factsheet for the quarter ended 30 June 2023.
Highlights
-- Positive realisation progress - during the quarter:
? A total of GBP7.6 million, 2.0 per cent of the Group's 31 March 2023 total funded loan portfolio, has
been repaid across 6 investments
? This included the full repayment of a loan on the Logistics Portfolio, Germany of EUR3.0 million and 5
partial repayments
? Proceeds were used in the quarter to fund the first return of capital to shareholders of GBP10.0
million
-- All assets are constantly monitored for changes in their risk profile - during the quarter to 30 June
2023, the following changes to risk classification were made:
? four assets moved from Stage 1 to Stage 2 indicating a change in their credit risk since origination
but no impairments in value anticipated; and
? one asset moved from Stage 2 to Stage 3 and a small credit loss of GBP1.7 million was recognised - this
minor impairment represents 0.5% of the funded portfolio and is the result of the Group prudently applying
sensitivities to net proceeds from an agreed asset sale which is subject to contract and is currently
progressing through exclusivity
-- The average remaining loan term of the portfolio is 1.4 years
-- Strong cash generation - the portfolio continues to support annual dividend payments of 5.5 pence per
Ordinary Share, paid quarterly, and generates an annual dividend yield of 6.2 per cent on the share price as at 30
June 2023
-- Regular and Consistent Dividend - GBP219 million of dividends paid since inception (including the dividend
of 2p per share declared in March, paid in April and the dividend of 1.375p per share declared in April, paid in
May)
-- Inflation protection - 76.1 per cent of the portfolio is contracted at floating interest rates (with
floors)
-- Robust portfolio - the loan book is performing broadly in line with expectations with its defensive
qualities reflected in the Group's continued NAV stability
-- Significant equity cushion - the weighted average Loan to Value for the portfolio is 56.0 per cent
John Whittle, Chairman of SEREF, said:
"Despite highly challenging market conditions which are reflected in low equity valuations across the investment
company sector, we are reassured by our high quality real estate debt portfolio, which continues to provide a regular
and consistent dividend from a robust portfolio which offers substantial protection against inflation. Our loan book is
highly defensive and continues to perform broadly in line with expectations.
"In accordance with the amendments to the Company's articles of incorporation approved by shareholders at the EGM on 27
January 2023, we are seeking to return cash to shareholders in an orderly manner as soon as reasonably practicable
following the repayment of loans, while retaining sufficient working capital for ongoing operations and the funding of
committed but currently unfunded loan commitments. We have made good progress on this objective in the quarter under
review, with proceeds from loan repayments being used to fund the first return of capital to shareholders of GBP10.0
million. We anticipate further capital returns in the second half of the year, and we look forward to updating
shareholders in due course."
The factsheet for the period is available at: www.starwoodeuropeanfinance.com
Share Price / NAV at 30 June 2023
Share price (p) 88.6
NAV (p) 103.75
Discount 14.6%
Dividend yield (on share price) 6.2%
Market cap GBP342m
Key Portfolio Statistics at 30 June 2023
Number of investments 17
Percentage of currently invested portfolio in floating rate loans 76.1%
Invested Loan Portfolio unlevered annualised total return (1) 8.1%
Portfolio levered annualised total return (2) 8.1%
Weighted average portfolio LTV - to Group first GBP (3) 11.6%
Weighted average portfolio LTV - to Group last GBP (3) 56.0%
Average loan term (based on current contractual maturity) 5.3 years
Average remaining loan term 1.4 years
Net Asset Value GBP400.4m
Amount drawn under Revolving Credit Facilities (including accrued interest) GBP0.0m
Loans advanced (including accrued interest and net of impairment) GBP384.1m
Cash GBP13.1m
Other net assets (including hedges) GBP3.2m
Remaining years to contractual maturity* Value of loans (GBPm) % of invested portfolio
0 to 1 years GBP186.4 49.2%
1 to 2 years GBP87.6 23.1%
2 to 3 years GBP46.0 12.1%
3 to 5 years GBP59.2 15.6%
*excludes any permitted extensions. Note that borrowers may
elect to repay loans before contractual maturity.
Country % of invested assets
UK 63.9%
Spain 17.6%
Republic of Ireland 17.0%
Netherlands 1.5%
Sector % of invested assets
Hospitality 37.6%
Office 21.5%
Retail 11.9%
Residential 9.0%
Light Industrial 7.7%
Healthcare 6.6%
Life Sciences 5.1%
Other 0.6%
Loan type % of invested assets
Whole loans 67.4%
Mezzanine 32.6%
Currency % of invested assets*
Sterling 63.9%
Euro 36.1%
*the currency split refers to the underlying loan currency,
however the capital on all non-sterling exposure is hedged back to
sterling.
(1) The unlevered annualised total return is calculated on
amounts outstanding at the reporting date, excluding undrawn
commitments, and assuming all drawn loans are outstanding for the
full contractual term. 14 of the loans are floating rate (partially
or in whole and all with floors) and returns are based on an
assumed profile for future interbank rates, but the actual rate
received may be higher or lower. Calculated only on amounts funded
at the reporting date and excluding committed amounts (but
including commitment fees) and excluding cash uninvested. The
calculation also excludes the origination fee payable to the
Investment Manager.
(2) The levered annualised total return is calculated as per the
unlevered return but takes into account the amount of net leverage
in the Group and the cost of that leverage at current
SONIA/Euribor.
(3) LTV to Group last GBP means the percentage which the total
loan drawn less any deductible lender controlled cash reserves and
less any amortisation received to date (when aggregated with any
other indebtedness ranking alongside and/ or senior to it) bears to
the market value determined by the last formal lender valuation
received by the reporting date. LTV to first Group GBP means the
starting point of the loan to value range of the loans drawn (when
aggregated with any other indebtedness ranking senior to it). For
development projects the calculation includes the total facility
available and is calculated against the assumed market value on
completion of the relevant project.
Orderly Realisation and Return of Capital
On 31 October 2022, the Board announced the Company's Proposed
Orderly Realisation and Return of Capital to Shareholders. A
Circular relating the Proposed Orderly Realisation, containing a
Notice of Extraordinary General Meeting (EGM) was published on 28
December 2022. The proposals were approved by Shareholders at the
EGM in January 2023 and the Company is now seeking to return cash
to Shareholders in an orderly manner as soon as reasonably
practicable following the repayment of loans, while retaining
sufficient working capital for ongoing operations and the funding
of committed but currently unfunded loan commitments.
In June 2023, the Company announced its first capital
distribution, returning circa GBP10 million to shareholders through
the compulsory redemption of 9,652,350 shares at a price of
GBP1.0363 per share.
Dividend
On 21 July 2023, the Directors declared a dividend, to be paid
in August, in respect of the second quarter of 2023 of 1.375 pence
per Ordinary Share, equating to an annualised income of 5.5 pence
per annum.
Portfolio Update
The Group continues to closely monitor its loan exposures,
underlying collateral performance and repayments. The Group has
prudently assessed key risk indicators impacting all investments
and has increased the number of loans classified as Stage 2 and
moved one loan from a Stage 2 classification to a Stage 3
classification. This is outlined in detail under the Credit Risk
Analysis section of this factsheet. Despite increased risk around
higher interest rates and lower transaction volumes, the portfolio
has continued to perform well.
During Q2 2023, a total of GBP7.6 million, equivalent to 2.0 per
cent of the 31 March 2023 total funded loan portfolio, has been
repaid across six investments. Repayments are originating from
strategic underlying property sales, regular quarterly loan
amortisation or borrowers electing to voluntarily pay down loan
balances with surplus cash. The Group continues to project near
term repayments and two loans (Hotel & Residential UK and Mixed
Use Dublin) totalling approximately GBP61 million / 16 per cent of
the total funded loan portfolio are expected to fully repay in the
coming weeks following the receipt of refinance proceeds and
contracted pre-sales which are forecast to fully repay the loans.
These repayments will be used to provide a reserve of cash to fund
committed to but as yet unfunded loan commitments (see investment
portfolio table below) of GBP47.3 million and the remainder will be
used in the second half of the year to fund further returns of
capital to Shareholders.
The Group's exposure to development and heavy refurbishment
projects will reduce to zero upon final repayment of the Hotel
& Residential UK loan which is expected to occur during Q3
2023. Since last quarter, this project has substantially completed
and a number of pre-sold residential units have achieved financial
completion, which has significantly reduced the Group's loan
basis.
Four asset classes represent 80 per cent of the total funded
loan portfolio as at 30 June 2023; these are Hospitality (38 per
cent), Office (21 per cent), Retail (12 per cent) and Residential
(9 per cent).
The Hospitality exposure is diversified across six different
loan investments. Two (25 per cent of hospitality exposure) benefit
from State/Government licences in place at accretive rents with
structural amortisation continuing to decrease loan exposures on
these assets. The other trading hotel exposures either have been
recently refurbished or will be on a rolling basis from mid-2023.
All trading assets continue to have strong revenue performance
driven by higher rates being achieved. Sponsors are keenly focussed
on costs to ensure that dilution of strong top line perform due to
higher costs is minimised. The weighted average Loan to Value of
the Hospitality exposure is 49 per cent.
The Office exposure (21 per cent) is spread across seven loan
investments. Occupancy across the leased office portfolio has held
up well, with the vast majority of the underlying tenants renewing
leases and staying in occupation. The Group's office exposure is
predominantly weighted (over 65 per cent) toward strong city centre
locations which is widely documented as being the most defensive,
alongside buildings which have high quality, ESG credentials. 66
per cent of the Group's current office exposure is against
underlying office collateral that is either newly constructed or
has undergone recent refurbishment projects. The weighted average
Loan to Value of loans with office exposure is 63 per cent. The
average age of these independently instructed valuation reports is
under one year and hence there continues to be significant headroom
to the Groups basis on these loans. As a precaution however, two of
the office loans have this quarter been classified in the higher
risk Stage 2 category due to slower lease up of newly refurbished
space than expected or a materially lower valuation level upon
receipt of a revised appraisal.
The Retail exposure (12 per cent) has continued to perform
strongly from an operational perspective, with occupancies across
the shopping centre exposures fully recovered to pre-pandemic
levels and in the high eighties or nineties per cent. The sponsor
of the shopping centre loans has launched a comprehensive sale
process and bids have been received on the assets. The Group is
prudently reclassifying one of the retail loan exposures to a Stage
3 loan given a tight bid level versus the Groups loan level. This
is further detailed in the Credit Risk Analysis section in this
factsheet. The weighted average Loan to Value of the Retail
exposure is 74 per cent.
Residential exposure (9 per cent) is predominantly related to
the successfully pre-sold residential for sale development project
(Hotel & Residential UK) that has now substantially complete
with the loan projected to be fully repaid during Q3 2023. The
weighted average Loan to Value of the Residential exposure is 38
per cent.
On a portfolio level we continue to benefit from material
headroom in underlying collateral value against the loan basis,
with a current weighted average LTV of 56.0 per cent. These metrics
are based on independent third party appraisals (with the exception
of two loans that have been marked against a lower sale process bid
level). These appraisals are typically updated annually for income
producing assets and following completion on newly constructed or
refurbished assets. The weighted average age of valuations is just
under seven months for income producing assets and just over one
year including all loans.
Credit Risk Analysis
All loans within the portfolio are classified and measured at
amortised cost less impairment.
The Group follows a three-stage model for impairment based on
changes in credit quality since initial recognition as summarised
below:
-- A financial instrument that is not credit-impaired on initial
recognition is classified as Stage 1 andhas its credit risk
continuously monitored by the Group. The expected credit loss
("ECL") is measured over a12-month period of time.
-- If a significant increase in credit risk since initial
recognition is identified, the financialinstrument is moved to
Stage 2 but is not yet deemed to be credit-impaired. The ECL is
measured on a lifetimebasis.
-- If the financial instrument is credit-impaired it is then
moved to Stage 3. The ECL is measured on alifetime basis.
The Group closely monitors all loans in the portfolio for any
deterioration in credit risk. As at the prior quarter end (31 March
2023), all but two of the Group's loan investments were categorised
as Stage 1, with two loans (GBP44.6 million / 11 per cent of total
funded loan portfolio) categorised as Stage 2 loans. As at the
current quarter end, the Group have prudently reassessed assigned
classifications and has made the following reclassifications
-- Stage 2 loans - four loan investments have moved from a Stage
1 classification to Stage 2. In total fiveloans amounting to
GBP100.1 million / 26 per cent of total funded loan portfolio are
now classified as Stage 2. Theaverage Loan to Value of these
exposures is 69 per cent. The average age of valuation report dates
used in the Loanto Value calculation is just under six months old.
While these loans are considered to be higher risk since
initialrecognition, no loss has been recognised on a 12-month and
lifetime expected credit losses basis. Therefore, noimpairment in
the value of these loans has been recognised. The reclassification
of these loans has been driven byvarious key risk assessment
factors including the following;? lower underlying property values
following receipt of updated formal appraisals by
independentvaluers or agreed and in exclusivity sale values, ?
sponsor business plans progressing slower than originally
underwritten meaning that tradingperformance has lagged expectation
and operating financial covenants under the facility agreements
havebreached, and ? additional equity support is required to cover
interest or operating shortfalls as a result of slowerlease up or
operations taking longer to ramp up.
The Stage 2 loans continue to benefit from headroom to the
Group's investment basis. In all cases sponsors have defined
business plans to achieve stabilisation or optimise disposal
processes. In most cases sponsors are supporting the continued
execution of business plans and contractual loan payments by
injecting additional equity. Additionally, the Group has in some
cases negotiated for borrowers to inject equity to partially repay
loans in exchange for selected temporary financial covenant waivers
to allow headroom for strong sponsors to progress business plans.
This will provide de-risking against the loan basis once documented
and cash injected.
-- Stage 3 loan - one loan has been reclassified from Stage 2 to
Stage 3. This investment totals GBP14.6million / 4 per cent of
total funded loan portfolio and its Loan to Value has been
increased to 92 per cent. Thisvalue is based on the projected net
proceeds which are expected to be available for loan repayment upon
sale of theunderlying loan collateral. The sponsor has run a
comprehensive competitive sale process through a global
advisoryfirm with oversight by the lenders and the bidder has
proven execution track record in the same asset class anddeal size
and intends to close with all equity with no reliance on debt.
Given continued capital marketsvolatility, materially lower
transaction volumes and uncertainty regarding interest rates, the
Group has approvedthe sale and the buyer is in exclusivity while
undertaking standard purchaser due diligence.
While the current projected net sale proceeds on the stage 3
loan would fully pay down the Group's loan balance, the Group has
applied sensitivities to the expected net proceeds and, on that
basis, has accounted for a credit impairment of GBP1.7m / 0.5 per
cent of total funded loan portfolio. We note that despite the
impairment, this loan investment is projected to achieve local
currency returns of over 1.4 times the Group's capital
invested.
This assessment has been made based on information in our
possession at the date of reporting, our assessment of the risks of
each loan and certain estimates and judgements around future
performance of the assets.
Partial repayments
During the quarter, despite lower transaction volumes across the
markets because of the cautionary approach being adopted by
investors, borrowers repaid the following loan obligations:
-- EUR3.9 million, Hotel, Dublin (partial repayment of loan)
-- EUR3.0 million, Logistics Portfolio, Germany (repayment of
loan in full)
-- EUR0.8 million, Office Portfolio, Spain (partial repayment of
loan)
-- EUR0.6 million, Mixed Portfolio, Europe (partial repayment of
loan)
-- EUR0.3 million, Three Shopping Centres, Spain (scheduled
amortisation)
-- EUR0.04 million, Mixed Use, Dublin (partial repayment of
loan)
These repayments were used in the quarter to partially fund the
first return of capital to Shareholders (which amounted to GBP10.0
million).
Market commentary and outlook
In the previous quarter we saw inflation from energy costs
beginning to moderate as we passed the anniversary of the beginning
of the war in Ukraine. Some of these trends have continued over the
quarter under review particularly in the United States where June
CPI was well received by the markets down to 3 per cent which is
the lowest rate since 2021 but there are concerns of a longer
period of high inflation especially in the UK.
Eurozone preliminary data for June shows the consumer price
inflation rate decreased to 5.5 per cent in June 2023, down from
6.1 per cent in the previous month and slightly below market
expectations of 5.6 per cent. The core rate, which excludes
volatile items such as food and energy, was slightly up from the
previous month at 5.4 per cent but below the March rate of 5.7 per
cent and also slightly below market forecasts of 5.5 per cent.
Energy prices were down 5.6 per cent (versus down 1.8 per cent in
May). More concerningly, services inflation picked up to 5.4 per
cent from 5.0 per cent. However, more encouraging aspects to note
are that the Eurozone consumer price inflation is now at its lowest
level since January 2022 having peaked at 10 per cent in October
2022 and recent data shows factory gate prices in the region fell
1.5 per cent in the year to May, the first outright decline since
December 2020.
UK inflation has been higher persistently with concerns focussed
around the core inflation rate. Interest rate markets moved
markedly higher on the recent numbers. While the April data showed
a reasonable decrease in overall consumer price inflation which
declined from 10.1 per cent in March to 8.7 per cent, it was less
of a decline than markets expected and core consumer price
inflation continued to increase to 6.8 per cent which was the
highest rate since March 1992. May numbers continued to miss
expectations with the overall consumer price inflation rate
unchanged at 8.7 per cent versus an expectation of a fall to 8.5
per cent. However June data swung the other way with a decline to
7.9 per cent versus analyst expectations of 8.2 per cent and
markets reacted quickly to the surprise with asset prices rising
across the board. The FTSE 100 rallied by almost 2 per cent and the
10 year gilt yield fell from 4.34 per cent to 4.16 per cent on the
day.
As expected, central banks continue to be hawkish on the
persistence of inflation. During the quarter, the Bank of England
raised the UK base rate twice including a larger than expected 50
basis points move in June in reaction to the high inflation data.
The Bank of England has now raised rates from 0.1 per cent to 5 per
cent in this tightening cycle over a one and a half year period.
The markets see more to come with the expected peak in UK interest
rates having risen from an expected peak of 5 per cent as at May,
to as high as 6.5 per cent following the May inflation numbers and
Bank of England rate increases. Expectations of the next rate rise
have been tempered by the more positive June inflation and the
market now sees a 25 basis point rise more likely than a 50 basis
point move.
In Europe there has also been two rate rises but with each being
25 basis points taking the key Euro interest rate to 3.5 per cent
and markets expecting this to rise to a peak of 4 per cent.
Christine Lagarde has signalled that the ECB will remain vigilant
commenting on "a more persistent inflation process" meaning that
rate-setters "cannot declare victory yet".
Higher interest rates expectations have fed directly into UK
mortgage rates with fast changing rate expectations leading to a
flurry of press reports on rising rates for residential mortgages.
Headlines have highlighted the large numbers of mortgage deals
being pulled from the market and in some cases leading UK banks
repriced their headline mortgage rates twice in one week. 2 year
fixed rate residential mortgages have now risen to above 6.5 per
cent and the average rate for a five-year fixed mortgage stands at
just over 6 per cent. These increases have begun to feed into house
prices where average UK home prices according to the Halifax
declined 2.6 per cent in the year to June which is the largest year
on year decline since 2011.
Commercial real estate markets are looking for increased levels
of certainty in inflation and interest rate expectations and until
the outlook settles there is likely to be a decreased level of
transaction volumes. This can be seen in the reduced activity in
the first quarter of 2023 where investment volumes were down 62 per
cent as a whole in Europe. Focussing on the office market where we
commented last time on the differences between the US and European
markets, observers might be surprised that volume decreases here
are largely in line with the market as a whole with a 64 per cent
decrease in office transaction volume. Looking at Central London
office in particular the number of transactions is similar to the
same period last year but the average lot size is down by 59 per
cent which is in line with the reduction in overall transaction
volumes. As is typical in slower markets the activity has been
focussed on high quality assets and as such London office
transactions in the first quarter of 2023 have set the highest ever
recorded average capital value per square foot.
Operating asset classes showed lower declines in investment
volumes with hotel investment activity in the quarter versus the
previous year being the strongest of the sectors. Hotels recorded a
flat level of transactions reflecting strong underlying operating
performance in the sector. All of the top 25 European hotel markets
have recorded higher average room rates in the 12 months to end of
May 2023 than they did in 2019.
One of the underperformers in transaction volumes for the
quarter was logistics where volumes were down 76 per cent, however
this may be a sector that picks up volume following a rapid
repricing. Valuation adjustment in the UK during 2022 has been very
swift with the move having been compounded by a high starting point
due to strong performance in recent years. As a result of the rapid
correction we had seen some evidence that yields were nudging off
the recent highs. The fundamentals of high demand combined with
supply being unable to keep up are still leading to a positive
outlook for growing rental levels in this area which will attract
investor interest to the positive income dynamics.
The wait for stability in the inflation and interest rate
markets has been longer than many expected. This will continue to
be a key driver for real estate markets and until the outlook
settles further market volumes are likely to remain lower.
Investment Portfolio at 30 June 2023
As at 30 June 2023, the Group had 17 investments and commitments
of GBP426.5 million as follows:
Sterling equivalent balance Sterling equivalent unfunded Sterling Total (Drawn and
(1) , (2) commitment (1) Unfunded)
Hospitals, UK GBP25.0 m GBP25.0 m
Hotel & Residential, UK GBP49.9 m GBP49.9 m
Office, London GBP20.5 m GBP20.5 m
Hotel, Scotland GBP42.6 m GBP42.6 m
Hotel, North Berwick GBP15.0 m GBP15.0 m
Life Science, UK GBP19.5 m GBP7.1 m GBP26.6 m
Hotel and Office, Northern GBP10.5 m GBP10.5 m
Ireland
Hotels, United Kingdom GBP32.0 m GBP18.6 m GBP50.6 m
Industrial Estate, UK GBP27.2 m GBP19.0 m GBP46.2 m
Total Sterling Loans GBP242.2 m GBP44.7 m GBP286.9 m
Three Shopping Centres, GBP28.7 m GBP28.7 m
Spain
Shopping Centre , Spain GBP14.6 m GBP14.6 m
Hotel, Dublin GBP32.6 m GBP32.6 m
Office, Madrid, Spain GBP15.9 m GBP0.9 m GBP16.8 m
Mixed Portfolio, Europe GBP5.7 m GBP5.7 m
Mixed Use, Dublin GBP10.9 m GBP1.7 m GBP12.6 m
Office Portfolio, Spain GBP7.6 m GBP7.6 m
Office Portfolio, Ireland GBP21.0 m GBP21.0 m
Total Euro Loans GBP137.0 m GBP2.6 m GBP139.6 m
Total Portfolio GBP379.2 m GBP47.3 m GBP426.5 m 1. Euro balances translated to sterling at period end exchange rate. 2. Balances shown are funded balances before any impairments.
Loan to Value (LTV)
All assets securing the loans undergo third party valuations
before each investment closes and periodically thereafter at a time
considered appropriate by the lenders. The LTVs shown below are
based on independent third party appraisals with the exception of
two loans that have been marked against a lower sale process bid
level. The current weighted average age of the dates of these third
party valuations for the whole portfolio is just over one year
while the current weighted average age of the valuations for the
income producing portfolio (i.e. excluding loans for development or
heavy refurbishment) is just over six months.
On the basis of the methodology and valuation processes
previously disclosed (see 30 June 2020 factsheet with the exception
as noted above) at 30 June 2023 the Group has an average last GBP
LTV of 56.0 per cent (31 March 2023: 58.3 per cent).
The table below shows the sensitivity of the loan to value
calculation for movements in the underlying property valuation and
demonstrates that the Group has considerable headroom within the
currently reported last LTVs.
Change in Valuation Hospitality Office Retail Residential Other Total
-15% 58.1% 73.7% 87.5% 44.3% 68.8% 65.9%
-10% 54.9% 69.6% 82.6% 41.8% 65.0% 62.2%
-5% 52.0% 66.0% 78.3% 39.6% 61.6% 58.9%
0% 49.4% 62.7% 74.4% 37.7% 58.5% 56.0%
5% 47.0% 59.7% 70.8% 35.9% 55.7% 53.3%
10% 44.9% 57.0% 67.6% 34.2% 53.2% 50.9%
15% 42.9% 54.5% 64.7% 32.8% 50.9% 48.7%
Share Price performance
The Company's shares closed on 30 June 2023 at 88.6 pence,
resulting in a share price total return for the second quarter of
2023 of 0.1 per cent. As at 30 June 2023, the discount to NAV stood
at 14.6 per cent, with an average discount to NAV of 15.0 per cent
over the quarter.
Note: the 30 June 2023 discount to NAV is based off the current
30 June 2023 NAV as reported in this factsheet. All average
discounts to NAV are calculated as the latest cum-dividend NAV
available in the market on a given day, adjusted for any dividend
payments from the ex-dividend date onwards.
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary
Duke Le Prevost
+44 (0)20 3530 3630
Starwood Capital
Duncan MacPherson +44 (0) 20 7016 3655
Jefferies International Limited
Gaudi Le Roux
Harry Randall
+44 (0) 20 7029 8000
Ollie Nott
Buchanan +44 (0) 20 7466 5000
Helen Tarbet +44 (0) 7788 528 143
Henry Wilson
Hannah Ratcliff
Notes:
Starwood European Real Estate Finance Limited is an investment
company listed on the premium segment of 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: PFU
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.: 259163
EQS News ID: 1684755
End of Announcement EQS News Service
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