Starwood
European Real Estate Finance Limited
Quarterly
Portfolio Update
During the
quarter the sixth capital redemption returned £80 million
and
£7 million was received in
full repayment of one investment.
In October,
after quarter end, a €12.9 million impairment provided against one
loan investment.
Starwood European Real Estate
Finance Limited (“SEREF”, the “Company” 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 performance for the quarter ended 30
September 2024.
Highlights
-
£80.0 million
returned to Shareholders -
during the
quarter:
-
A total of £80.0 million was
returned to Shareholders through the compulsory redemption of a
further 76,248,573 shares. As at the date of the issuance of this
factsheet the Company had 193,929,633 shares in issue and the total
number of voting rights was 193,929,633.
-
To date, the Company has returned
£210.0 million to shareholders in Compulsory Redemptions in
accordance with its orderly realisation strategy adopted on 27
January 2023. This is equivalent to 50.8 per cent of NAV as of 31
January 2023.
-
Further
progress on portfolio realisation - during the quarter a total of
£7.3 million, over 4 per cent of the Group’s 30 June 2024 total
funded loan portfolio, has been repaid on one investment (now fully
repaid). The remaining portfolio now
consists of seven investments.
-
Impairment
– after the quarter end one
investment was reclassified and an impairment provision
made:
- As announced on 21 October an
impairment provision of €12.9 million, equating to 5.3 per cent of
the Group’s 30 September 2024 net assets, has been provided, in
October, against one investment, Office Portfolio,
Ireland. At the same time this
investment has been reclassified as a Stage 3 loan (previously
classified as Stage 2). See Credit Risk Analysis
section below for more information.
-
All assets are
constantly monitored for changes in their risk profile
– the current risk status of the
investments is listed below:
-
Following the
repayment of one loan during the quarter four loan investments
equivalent to 67 per cent of the funded portfolio as at 30
September 2024 are classified in the lowest risk profile, Stage
1.
-
Following the
reclassification of one asset from Stage 2 to Stage 3, two loan
investments equivalent to 19 per cent of the funded portfolio as at
30 September 2024 are classified as Stage 2.
-
One loan
(equivalent to 14 per cent of the funded portfolio as at 30
September 2024) has been reclassified from Stage 2 to Stage 3 in
October and an impairment provision has been made against this loan
investment as detailed above.
-
Dividend
– on 29 October 2024, the
Directors announced a dividend, to be paid in November, in respect
of the third quarter of 2024 of 1.375 pence per share in line with
the 2024 dividend target of 5.5 pence per share.
-
Strong cash
generation – going forward
the portfolio is expected to continue to support annual dividend
payments of 5.5 pence per share, paid quarterly.
-
The weighted
average remaining loan term of the portfolio is 1.4 years.
-
Inflation
protection – 84 per cent
of the portfolio is contracted at floating interest rates (with
floors).
-
Significant
equity cushion - the
weighted average Loan to Value for the portfolio is 63 per
cent.
John Whittle, Chairman of SEREF, said:
“The third quarter marked
further positive progress in our orderly realisation strategy, with
a sixth capital redemption of £80 million implemented during the
quarter. This milestone means that the Company has now returned
£210 million to Shareholders, equating to 50.8 per cent of the
Company’s NAV prior to the adoption of the orderly realisation
strategy. Further, we have registered a successful full repayment
of one loan investment of £7.3 million during the quarter, equating
to 4 per cent of our 30 June 2024 total funded portfolio. Current
cash levels remain healthy at £44.6 million.
After the
quarter end, the Company saw an impairment on one investment,
Office Portfolio, Ireland, equating to €12.9 million. As a result
of new operational updates received in October 2024, the Board has
impaired the investment’s valuation but, as previously guided,
there are a range of possible outcomes whereby the loan may have a
lesser or greater degree of recovery. The Investment Adviser is
actively advising on the position to maximise the opportunity for a
positive value recovery scenario.
The remaining
portfolio continues to perform to expectations. We remain on track
to meet our aim of paying a dividend of 5.5 pence per share for
2024. We look forward to providing Shareholders with further
updates on progress in due course.”
The factsheet for the period is
available at: www.starwoodeuropeanfinance.com
Share
Price / NAV at 30 September 2024
|
Share price (p)
|
93.6
|
|
NAV (p)*
|
105.61
|
|
Discount
|
11.4%
|
|
Dividend yield (on share
price)
|
5.9%
|
|
Market cap
|
£182m
|
*The 30 September 2024 NAV shown
here has been calculated before taking into account the €12.9
million provision related to Office Portfolio, Ireland and the
dividend of 1.375 pence per share, both of which were announced by
the Company in October 2024 and will be reflected in the October
2024 NAV.
Key
Portfolio Statistics at 30 September 2024
|
Number of investments
|
7
|
|
Percentage of currently invested
portfolio in floating rate loans
|
84.3%
|
|
Invested Loan Portfolio unlevered
annualised total return (1)
|
9.0%
|
|
Weighted average portfolio LTV –
to Group first £ (2)
|
20.6%
|
|
Weighted average portfolio LTV –
to Group last £ (2)
|
62.9%
|
|
Average remaining loan term
*
|
1.4 years
|
|
Net Asset Value
|
£204.8m
|
|
Loans advanced (including accrued
interest)
|
£160.2m
|
|
Cash
|
£44.6m
|
|
Other net assets (including
hedges)
|
£0.0m
|
(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. Six 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 paid to the Investment Manager.
(2) LTV to Group last £ 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 its value determined by the last
independent third party appraisals for loans classified as Stage 1
and Stage 2 and on the marked down value per the recently announced
loan impairment for the loan classified as Stage 3 in October
2024.
LTV to first Group £ means the
starting point of the loan to value range of the loans drawn (when
aggregated with any other indebtedness ranking senior to
it).
|
Remaining years
to contractual maturity*
|
Funded loan
balance (£m)
|
% of invested
portfolio
|
|
0 to 1 years
|
£55.5
|
34.9%
|
|
1 to 2 years
|
£56.0
|
35.3%
|
|
2 to 3 years
|
£47.3
|
29.8%
|
*Remaining
loan term to current contractual loan maturity excluding any
permitted extensions. Note that borrowers may elect to repay loans
before contractual maturity or may elect to exercise legal
extension options, which are typically one year of additional term
subject to satisfaction of credit related extension conditions. The
Group, in limited circumstances, may also elect to extend loans
beyond current legal maturity dates if that is deemed to be
required to affect an orderly realisation of the loan.
|
Country
|
% of invested
assets
|
|
UK
|
81.8%
|
|
Republic of Ireland
|
13.6%
|
|
Spain
|
4.6%
|
|
Sector
|
% of invested
assets
|
|
Hospitality
|
39.3%
|
|
Office
|
17.4%
|
|
Light Industrial
|
17.1%
|
|
Healthcare
|
15.7%
|
|
Life Sciences
|
9.8%
|
|
Residential
|
0.7%
|
|
Loan
type
|
% of invested
assets
|
|
Whole loans
|
66.1%
|
|
Mezzanine
|
33.9%
|
|
Currency
|
% of invested
assets*
|
|
Sterling
|
81.8%
|
|
Euro
|
18.2%
|
*The currency split refers to the
underlying loan currency, however the capital on all non-sterling
exposure is hedged back to sterling.
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 to 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.
Three redemptions were announced
and implemented in 2023 returning circa £85.0 million in total to
Shareholders. During the first quarter of 2024, the Company
announced and implemented its fourth and fifth capital redemptions,
returning, in total, circa £45.0 million to Shareholders through
the compulsory redemption of 43,512,736 shares.
During the third
quarter of 2024 the Company announced the sixth capital redemption, which returned, circa
£80.0 million to Shareholders in July 2024 through the compulsory
redemption of a further 76,248,573 Ordinary
Shares. As at
the date of the issuance of this factsheet the Company had
193,929,633 shares in issue and the total number of voting rights
was 193,929,633.
Liquidity and credit facilities
During 2023 the Company built up
a cash reserve sufficient to cover its unfunded commitments (which
at 30 September 2024 amounted to £23.0 million). This cash reserve is included in the £44.6
million of cash held as at 30 September 2024.
The Company holds sufficient cash
to meet its commitments, including unfunded loan
commitments.
Dividend
On 29 October
2024, the Directors announced a dividend, to be paid in November,
in respect of the third quarter of 2024 of 1.375 pence per Ordinary
Share in line with the 2024 dividend target of 5.5 pence per
Ordinary Share. The dividend will be paid on
Ordinary Shares in issue as 8 November 2024.
Following the
impairment recognised in October, the year end 2024 financial
statements of the Company will show modest income reserves which
will be lower than the targeted quarterly
dividends. However, given the current
level of cash flow generated by its’ portfolio, the Company intends
to maintain its annual dividend target of 5.5 pence per
share. Dividend payments may be made
by the Company (as a Guernsey registered limited company) as long
as it passes the solvency test (i.e. is able to pay its debts as
they come due).
Portfolio Update
The Group continues to closely
monitor and manage the credit quality of its loan exposures and
repayments. A repayment of £7.3 million, which related to the full
repayment of one loan investment, was received in the quarter to 30
September 2024, equivalent to over four per cent of the 30 June
2024 total funded portfolio. This repayment marked a successful
execution of an underlying borrower business plan to sell one of
their assets. The Group’s loan was fully repaid and the sponsor now
holds the remainder of the portfolio unlevered.
Following new operational
information received from the borrower subsequent to 30 September
2024 under the Office Portfolio, Ireland loan, together with a
detailed analysis of scenarios and potential future outcomes, the
Group impaired 50 per cent, equivalent to €12.9 million, of this
loan in October.
The Group’s exposure is spread
across seven investments. 99 per cent of the total funded loan
portfolio as of 30 September 2024 is spread across five asset
classes; Hospitality (39 per cent), Office (17 per cent), Light
Industrial (17 per cent), Healthcare (16 per cent) and Life
Sciences (10 per cent).
Hospitality exposure (39 per
cent) is diversified across two loan investments. One loan (76 per
cent of hospitality exposure) has two underlying key UK gateway
city hotel assets, both of which are undergoing refurbishment
programmes. One hotel recently completed its refurbishment and the
second is due to complete in the fourth quarter of 2024. Both
hotels are rebranding to a major internationally recognised hotel
brand. The second hospitality loan (24 per cent of hospitality
exposure) has also been recently refurbished and is slowly
increasing operating performance metrics post refurbishment. The
weighted average loan to value of the hospitality exposure
is 57 per cent.
The Group’s office exposure (17
per cent) is spread across two loan investments. The weighted
average loan to value of loans with office exposure is 95 per cent.
The value used to calculate the LTV for the Stage 1 loan uses the
latest independent lender instructed valuation. The value used for
the October 2024 reclassified Stage 3 office loan is the marked
down value as per the recently announced loan impairment. The
higher loan to value of this sector exposure reflects the wider
decrease in market sentiment driven by post pandemic trends and
higher interest rates. These factors have resulted in reduced
investor appetite for office exposure and a decline in both
transaction volumes and values. We note however, a more positive
recent outlook for real estate given interest rates have begun to
reduce.
The largest office investment is
a mezzanine loan which represents 74 per cent of this exposure and
in October has been reclassified as a Stage 3 risk rated loan
(previously Stage 2). As outlined in previous factsheets, the
underlying assets now comprise seven well located European city
centre CBD buildings and have historically been well tenanted,
albeit certain assets are expected to require capital expenditure
to upgrade to Grade-A quality to retain existing tenants upon
future lease expiry events. A 50 per cent loan impairment provision
related to this asset was announced on 21 October 2024 as a result
of new operational information received from the borrower.
Following an analysis of potential future scenarios and outcomes,
the Board decided to make this provision. As noted in the
announcement, the potential outcomes could recover a greater or
lesser amount of the loan. The Investment Adviser is
actively advising on this position to maximise recovery and the
Company will provide updates as appropriate.
Light Industrial and Healthcare
exposures comprise 17 per cent and 16 per cent each respectively,
totalling 33 per cent of the total funded portfolio (across two
investments) and provide good diversification into asset classes
that continue to have very strong occupational and investor demand.
The weighted average LTV of these exposures is 57 per
cent.
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
and has its credit risk continuously monitored by the Group. The
expected credit loss (“ECL”) is measured over a 12-month period of
time.
-
If a significant increase in
credit risk since initial recognition is identified, the financial
instrument is moved to Stage 2 but is not yet deemed to be
credit-impaired. The ECL is measured on a lifetime
basis.
-
If the financial instrument is
credit-impaired it is then moved to Stage 3. The ECL is measured on
a lifetime basis.
The Group closely monitors all
loans in the portfolio for any deterioration in credit risk. As at
the date of this factsheet, assigned classifications
are:
-
Stage 1 loans – four loan
investments totalling £106.8 million, equivalent to 67 per cent of
the funded portfolio as at 30 September 2024 are classified in the
lowest risk profile, Stage 1.
-
Stage 2 loans – two loan
investments totalling £30.5 million, equivalent to 19 per cent of
the funded portfolio as at 30 September 2024 are classified as
Stage 2.
The average loan to value of
these exposures is 54 per cent. The weighted average age of
valuation report dates used in the loan to value calculation is
just over one year. While these loans are higher risk than at
initial recognition, no loss has been recognised on a twelve-month
and lifetime expected credit losses basis. Therefore, no impairment
in the value of these loans has been recognised. The drivers for
classifying these deals as Stage 2 are typically either one or a
combination of the below factors:
- lower underlying property values following
receipt of updated formal appraisals by independent valuers or
agreed and in exclusivity sale values;
- sponsor business plans progressing more
slowly than originally underwritten meaning that trading
performance has lagged expectations and operating financial
covenants under the facility agreements have breached;
and
- additional equity support is required to
cover interest or operating shortfalls as a result of slower lease
up or operations taking longer to ramp up.
The Stage 2 loans continue to
benefit from headroom to the Group’s investment basis. The Group
has a strategy for each of these deals which targets full loan
repayment over a defined period of time. Timing of repayment will
vary depending on the level of equity support from sponsors.
Typically, where sponsors are willing to inject additional equity
to partially pay down the loans and support their business plan
execution, then the Group will grant some temporary financial
covenant headroom. Otherwise, sponsors are running sale processes
to sell assets and repay their loans.
-
Stage 3 loans – during October
2024, one loan (with a funded balance amounting to £21.5 million as
at 30 September 2024) has been reclassified as Stage 3. As at 30
September 2024 the balance of this loan represented 14 per cent of
the total funded portfolio. As outlined above a 50 per cent
impairment has been provided for as per the Company’s announcement
dated 21 October 2024. The position is being monitored and managed
closely, and updates will be provided as appropriate and when
practically available.
This assessment has been made
based on information in our possession at the date of publishing
this factsheet, our assessment of the risks of each loan and
certain estimates and judgements around future performance of the
assets.
Repayments
During the quarter borrowers
repaid a total of £7.3 million under the following loan
obligations:
-
£7.3 million, Hotel and Office,
Northern Ireland (full repayment of loan)
Market commentary and outlook
The interest rate cutting cycle
has now commenced with almost all major central banks having now
started to cut rates. The Federal Reserve started with a solid 50
basis point cut in September. Since then, the markets have been very
sensitive to each piece of market data and every twist in
geopolitical events meaning the expectations around the pace of
future rate movements has been volatile.
In the Eurozone the expectations
are a little clearer than in the rest of the major markets as the
market expects relatively weaker growth and lower
inflation.
Rates have been cut by 75 basis
points in total with 25 basis points cuts in each of June,
September and October and are expected to drop by a further 1.25
per cent to 2 per cent by the end of 2025.
The anticipation of the budget at
the end of October looms over the UK market at
present. The new Labour government is looking to walk
the fine line of setting up a pro-growth economy while maintaining
public services at the same time as holding to pre-election
promises on tax and fiscal discipline. While markets expect a continued higher
terminal interest rate in the UK with more concern about
inflationary pressure lingering compared to the Eurozone, the
September consumer price index data did create some surprise with
the main rate significantly inside the target rate at 1.7 per cent
and the services inflation number dropping from 5.6 percent to 4.9
percent.
Government bond yields were
largely unchanged again in the third quarter with UK 10 year Gilt
rates at 4.2 per cent versus 4.3 per cent at the beginning of the
quarter and 3.6 per cent at the beginning of the
year.
German 10 year bonds are down at
2.2 per cent versus 2.6 per cent at the beginning of the quarter
but flat on the year. Swap rates generally declined during July and
August but then picked up from the lows during
September.
UK and Euro 5-year swaps
currently stand at 3.8 per cent and 2.2 per cent having declined
0.2 per cent and 0.6 per cent respectively and having reached
trough levels of 3.4 per cent and 2.1 per cent respectively earlier
in the quarter. The recent volatility has been driven by a
combination of market data and increased geo-political
tensions. A number of factors are likely to maintain a
level of volatility over the coming weeks including the heightened
tensions in the Middle East, the upcoming UK budget and the US
presidential election.
European investment volumes in
commercial real estate remain low at around half of the 2021 levels
and are lower year to date than in 2023. In the Eurozone we have begun to see some
improvement with increased volumes each quarter this
year.
After the global financial crisis
and the Brexit vote private capital led the early stages of a
market pick-up in activity. We are seeing the same again with private
high net worth capital, which is typically less debt sensitive, and
private equity, which tends to be nimble, leading the
way.
Looking at the largest sectors by
asset class there is a marked difference between cross-border and
domestic capital. The largest sectors by volume for cross
border transactions are Logistics, Retail, Hotel, Living and with
Office being the last of the top five areas. For domestic capital the order is almost
exactly the opposite with Office topping the list and Logistics
last.
In the European debt capital
markets after almost closing entirely from the second quarter of
2022 until the end of 2023, the European unsecured corporate bond
market for real estate companies has continued its quarter on
quarter increase in volumes with an increasing number of issuers
across all asset classes seeking to access the
market.
Quarter three volumes were €8
billion versus €4 billion and €6 billion for the first and second
quarter respectively. The total first 3 quarters volume of €18
billion compares to a pre 2022 average of €46 billion a
year.
The level of appetite for private
commercial real estate loans has further stepped up a level over
the summer period. We had commented last time on the diverse set
of lenders that are competing including domestic and international
banks, insurance companies, debt funds and other non-bank
lenders.
With the low level of
transactions in the market a number of lenders are seeing faster
levels of repayments than they can replenish their
books.
This has led to some lenders
working harder to both retain existing loan positions and competing
for new acquisition financing and the right refinancing
opportunities.
Interest rate margins have been
decreasing as a result of this competition and combined with lower
swap rates this means that interest coverage ratios (ICRs) have
been improving. For a generic Euro loan the 5 year swap rate
is down one per cent and the margin down a half of a per cent from
the peak and so the total interest cost is down by over a
quarter.
Low ICRs had become the key
constraints on the amount of leverage over the past couple of years
and with this constraint easing we are seeing a reversion from the
depressed loan to value ratios of the last couple of years to more
normalised levels. The market is open for most asset classes
including prime office. The largest part of the liquidity, however,
is focussed on more vanilla lending and there are fewer options for
more active business plans particularly in the office
sector.
Encouragingly for the transaction
market, many lenders are reporting a higher proportion of
acquisition financing requests in their
pipelines.
One debt advisory firm recently
told us that they had seen volumes drop from the typical relatively
equal split between acquisition and refinancing to only 6 per cent
of their business being acquisition financing in
2023.
That proportion had grown to 20
per cent so far this year and the look forward pipeline continues
to revert towards more acquisitions. If this leading indicator from lenders’
pipelines plays out then the next quarters should see a more
healthy level of more transactional activity in the real estate
market.
Investment Portfolio at 30 September 2024
As at 30 September 2024, the
Group had 7 investments with total cash commitments (funded and
unfunded) of £181.8 million as shown below.
|
|
Sterling
equivalent balance drawn (1)
|
Sterling
equivalent unfunded commitment (2)
|
Sterling Total
(Drawn and Unfunded)
|
|
Hospitals, UK
|
£25.0 m
|
|
£25.0 m
|
|
Hotel, North Berwick
|
£15.0 m
|
|
£15.0 m
|
|
Life Science, UK
|
£15.5 m
|
£4.0 m
|
£19.5 m
|
|
Hotels, United Kingdom
|
£47.3 m
|
|
£47.3 m
|
|
Industrial Estate, UK
|
£27.2 m
|
£19.0 m
|
£46.2 m
|
|
Total Sterling
Loans
|
£130.0
m
|
£23.0
m
|
£153.0
m
|
|
Office Portfolio,
Spain
|
£7.3 m
|
|
£7.3 m
|
|
Office Portfolio,
Ireland
|
£21.5 m
|
|
£21.5 m
|
|
Total Euro
Loans
|
£28.8
m
|
|
£28.8
m
|
|
Total
Portfolio
|
£158.8
m
|
£23.0
m
|
£181.8
m
|
-
Euro balances translated to sterling at period end exchange
rate.
-
These amounts exclude interest which may be
capitalised.
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 for loans classified as Stage 1
and Stage 2 and on the marked down value as per the recently
announced loan impairment for the loan classified as Stage 3 in
October 2024. The weighted average age of the dates of these
valuations for the whole portfolio is just over eight
months.
As of 30
September 2024, the Group has an average last £ LTV of 62.9 per
cent (30 June 2024: 58.0 per cent).
The
Group’s £ LTV 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, reviewed in detail and approved
by the reporting date or, in the case of the Stage 3 asset
classified as Stage 3 in October 2024, the marked down value per
the recently announced loan impairment. LTV to first Group £ 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.
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
|
Light
Industrial & Healthcare
|
Other
|
Total
|
|
-15%
|
67.0%
|
111.6%
|
67.4%
|
58.3%
|
74.0%
|
|
-10%
|
63.3%
|
105.4%
|
63.7%
|
55.0%
|
69.9%
|
|
-5%
|
59.9%
|
99.8%
|
60.3%
|
52.1%
|
66.2%
|
|
0%
|
56.9%
|
94.9%
|
57.3%
|
49.5%
|
62.9%
|
|
5%
|
54.2%
|
90.3%
|
54.6%
|
47.2%
|
59.9%
|
|
10%
|
51.8%
|
86.2%
|
52.1%
|
45.0%
|
57.2%
|
|
15%
|
49.5%
|
82.5%
|
49.8%
|
43.1%
|
54.7%
|
Share Price performance
The Company's shares closed on 30
September 2024 at 93.6 pence, resulting in a share price total
return for the third quarter of 2024 of 2.1 per cent. As at 30
September 2024, the discount to NAV stood at 11.4 per cent, with an
average discount to NAV of 11.9 per cent over the
quarter.
Note: the 30 September 2024
discount to NAV is based off the 30 September 2024 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
Ollie Nott
|
+44 (0) 20 7029 8000
|
|
Burson
Buchanan
Helen Tarbet
Henry Wilson
Samuel Adams
|
+44 (0) 20 7466 5000
+44 (0) 7788 528 143
|
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 Starwood Capital Group.