Starwood European Real Estate Finan Results analysis from Kepler Trust Intelligence
07 Septiembre 2021 - 1:14AM
RNS Non-Regulatory
TIDMSWEF
Starwood European Real Estate Finan
07 September 2021
Starwood European Real Estate Finance (SWEF)
07/09/2021
Results analysis from Kepler Trust Intelligence
SWEF has reported a stable NAV in the half year to the end of
June and met all its scheduled dividend payments, despite the
challenges of the pandemic. The board and manager expect future
interest payments from the portfolio
to continue to be paid in full, and report signs of recovery in the underlying markets.
SWEF's manager reports, "the strongest pipeline of available
opportunities since the group's inception". They highlight
recovering investment volumes and an improving pricing environment.
SWEF has approximately GBP70m available to invest.
Kepler View
Possibly the most positive news in SWEF's latest results is that
the trust has still not recorded any missed interest payments or
any impairments to the value of its loans, over a year into the
pandemic. With the recovery now clearly underway in the UK and
Western Europe, it looks increasingly like the portfolio with
emerge materially unscathed, despite the significant exposure to
the hotel and retail sectors. This supports what has always been
the manager's contention: that their stock selection, conservative
underwriting and management meant the risks to NAV and to the
income account were limited.
The board has reported positive news in the underlying portfolio
too, with the repayment of a major loan in the European hotel
sector and a positive revaluation of another hotel asset being lent
against which improved the LTV. We think the positive news is
particularly notable given the hospitality sector was likely the
focus of investor concern.
SWEF yields 5.8% as of 03/08/2021. The low interest rate
environment has made achieving a yield more difficult across
markets. In particular, SWEF's yield looks attractive compared to
what is on offer from property equity trusts and from the
infrastructure sector, while it is in line with the sort of yield
on offer in the renewables sector. As such we think the trust could
be an attractive diversifier for income investors while potentially
boosting the yield too.
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