SWEF: September 2022 NAV (1466401)
19 Octobre 2022 - 8:00AM
UK Regulatory
Starwood European Real Estate Finance Ltd (SWEF) SWEF: September
2022 NAV 19-Oct-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.
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Starwood European Real Estate Finance Limited (the "Company")
(Ticker: "SWEF")
Net Asset Value, 30 September 2022
This announcement contains price sensitive information.
As at the close of business on 30 September 2022 the unaudited
net asset value (NAV) of the Company's Ordinary Shares was 103.58p
(31 August 2022: 103.17p). Please refer to the Reconciliation of
NAV per share movements below for more information.
Net Asset Value in total
Loans advanced GBP453.4m
Cash and cash equivalents GBP4.0m
Borrowing facilities (including accrued interest) (GBP42.0m)
Financial liabilities at fair value through profit or loss (GBP0.7m)
Other net assets/(liabilities) (GBP0.5m)
Net assets GBP414.2m
Capital amounts drawn as at 30 September 2022 and amounts
committed but undrawn as at 30 September 2022 is shown below.
Local Currency Sterling (2)
Amounts drawn GBPm (1) GBP270.4m GBP270.4m
Amounts drawn EURm (1) EUR203.0m GBP178.4m
GBP448.8m
Committed but undrawn Loans GBPm GBP47.2m GBP47.2m
Committed but undrawn Loans EURm EUR4.3m GBP3.8m
GBP51.0m
(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
September 2022:
September 2022
NAV at the beginning of period 103.17
Operating Income available to distribute (3) 0.67
Realised FX gains / (losses) not distributable (4) 0.00
Unrealised FX gains / (losses) (5) (0.36)
Impact of share buyback programme on September NAV 0.1
NAV at the end of the period 103.58
(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 September the balance
includes circa GBP430,000 of realised FX gains.
(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
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 195265
EQS News ID: 1466401
End of Announcement EQS News Service
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