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Starwood European Real Estate Finance Limited
Net Asset Value • Aug 26, 2022
6298_rns_2022-08-26_9b64f592-2b68-45c6-a205-aab092b6a864.html
Net Asset Value
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National Storage Mechanism | Additional information
Starwood European Real Estate Finance Ltd (SWEF)
SWEF: July 2022 NAV
26-Aug-2022 / 07:00 GMT/BST
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.
Starwood European Real Estate Finance Limited (the “Company”) (Ticker: “SWEF”)
Net Asset Value, 31 July 2022
This announcement contains price sensitive information.
As at the close of business on 31 July 2022 the unaudited net asset value (NAV) of the Company’s Ordinary Shares was 102.48p (30 June 2022: 103.42p). Please refer to the Reconciliation of NAV per share movements below for more information.
Net Asset Value in total
| Loans advanced | £421.4m |
| Financial assets at fair value through profit or loss | £8.6m |
| Cash and cash equivalents | £8.1m |
| Borrowing facilities (including accrued interest) | (£13.6m) |
| Other net assets/(liabilities) | (£5.9m) |
| Net assets | £418.6m |
Capital amounts drawn as at 31 July 2022 and amounts committed but undrawn as at 31 July 2022 is shown below.
| Local Currency | Sterling (2) | |
| Amounts drawn £m (1) | £241.1m | £241.1m |
| Amounts drawn €m (1) | €210.5m | £176.6m |
| £417.7m | ||
| Committed but undrawn Loans £m | £30.2m | £30.2m |
| Committed but undrawn Loans €m | €5.9m | £5.0m |
| £35.2m |
(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 31 July 2022:
| July 2022 | |
| NAV at the beginning of period | 103.42 |
| Operating Income available to distribute (3) | 0.56 |
| Unrealised FX gains / (losses) (4) | (0.13) |
| Dividend declared | (1.38) |
| Impact of share buyback programme on July NAV | 0.01 |
| NAV at the end of the period | 102.48 |
(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 which are not expected to reverse. Operating income available to distribute includes £250,000 of realised foreign exchange gains in July.
(4) 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
| ISIN: | GG00B79WC100 |
| 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.: | 183939 |
| EQS News ID: | 1428607 |
| End of Announcement | EQS News Service |