Starwood European Real Estate Finance Limited

Net Asset Value • Jul 20, 2022

National Storage Mechanism | Additional information

Starwood European Real Estate Finance Ltd (SWEF)

SWEF: June 2022 NAV

20-Jul-2022 / 07:00 GMT/BST

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.

The issuer is solely responsible for the content of this announcement.

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Starwood European Real Estate Finance Limited (the “Company”) (Ticker: “SWEF”)

Net Asset Value, 30 June 2022

This announcement contains price sensitive information.

As at the close of business on 30 June 2022 the unaudited net asset value (NAV) of the Company’s Ordinary Shares was 103.42p (31 May 2022: 102.94p). Please refer to the Reconciliation of NAV per share movements below for more information.

Net Asset Value in total

Loans advanced	£433.6m
Financial assets at fair value through profit or loss	£4.6m
Cash and cash equivalents	£3.1m
Borrowing facilities (including accrued interest)	(£18.5m)
Other net assets/(liabilities)	£0.1m
Net assets	£422.9m

Capital amounts drawn as at 30 June 2022 and amounts committed but undrawn as at 30 June 2022 is shown below.

	Local Currency	Sterling (2)
Amounts drawn £m (1)	£240.3m	£240.3m
Amounts drawn €m (1)	€219.4m	£188.9m
		£429.2m
Committed but undrawn Loans £m	£31.0m	£31.0m
Committed but undrawn Loans €m	€6.7m	£5.8m
		£36.8m

(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.

Reconciliation of NAV per share movements for the month ended 30 June 2022:

	June 2022
NAV at the beginning of period	102.94
Operating Income available to distribute (3)	0.44
Realised FX gains / losses not distributable (4)	0.00
Unrealised FX gains / losses (5)	0.04
NAV at the end of the period	103.42

(3) 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.  The Operating Income available to distribute also includes any realised foreign exchange gains or losses upon settlement of hedges, except those described in note 4. In the month to 30 June the balance includes circa £150,000 of realised FX losses.

(4) 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 when the rolled hedge matures or is settled and the final net gain or loss on the capital hedges can be determined.

(5) 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).  Mis-matches 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@apexfs.com

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ISIN:	GG00B79WC100
Category Code:	NAV
TIDM:	SWEF
LEI Code:	5493004YMVUQ9Z7JGZ50
Sequence No.:	175797
EQS News ID:	1401415

End of Announcement	EQS News Service

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