SWEF: Portfolio Update for First Quarter 2024

Starwood European Real Estate Finance Ltd (SEREF) reported significant achievements in portfolio management for the quarter ending March 31, 2024. The company announced repayment proceeds of £37.9 million from four investments, contributing to further capital returns of £45.0 million to shareholders. This performance aligns with the 2024 target, reinforcing SEREF's strategy in a volatile economic climate.

Key highlights include the full repayment of a Stage 3 loan related to a shopping center in Spain and partial repayments enhancing the robustness of the investment portfolio. The Group also declared a dividend of 1.375 pence per share, consistent with the annual target of 5.5 pence.

In terms of portfolio health, the majority of assets are deemed low-risk, with only a fraction in higher-risk categories. The average loan duration stands at 1.4 years, with the significant portion of the portfolio contracted at floating interest rates, providing some inflation protection. John Whittle, Chairman of SEREF, expressed confidence in the portfolio's performance and the ongoing strategy to maximize shareholder returns despite market challenges.