Directive transparence : information réglementée

17/03/2023 08:00

Starwood European Real Estate Finance Ltd (SWEF)
SWEF: February 2023 NAV

17-March-2023 / 07:00 GMT/BST

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

Net Asset Value, 28 February 2023

This announcement contains price sensitive information.

As at the close of business on 28 February 2023 the unaudited net asset value (NAV) of the Company’s Ordinary Shares was 105.28p (31 January 2023: 104.58p). Please refer to the Reconciliation of NAV per share movements below for more information.

Net Asset Value in total


Loans advanced


Cash and cash equivalents


Financial assets at fair value through profit or loss


Borrowing facilities (including accrued interest)


Other net assets/(liabilities)


Net assets




Capital amounts drawn as at 28 February 2023 and amounts committed but undrawn as at 28 February 2023 is shown below.



Local Currency

Sterling (2)

Amounts drawn £m (1)



Amounts drawn €m (1)






Committed but undrawn Loans £m



Committed but undrawn Loans €m







(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 28 February 2023:




February 2023 (pence)

February 2023 (pence)

NAV at the beginning of period



Operating Income from continuing loans (3)



Operating Income from early repaid loan (3)



      Operating Income available to distribute (3) - total



      Realised FX gains / (losses) not distributable (4)



      Unrealised FX gains / (losses) (5)



NAV at the end of the period




(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. Included in loan income recognised in February 2023 is circa £0.55m (equivalent to 0.14p per share) of loan income related to Office and Industrial Portfolio, UK which has been fully repaid in February 2023 and which benefited from early repayment income protection. 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.

(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 or as a reduction in distributable profits 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.




Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary


Duke Le Prevost

T: +44 203 5303 630

E: starwood@apexfs.com

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.

ISIN: GG00B79WC100
Category Code: NAV
LEI Code: 5493004YMVUQ9Z7JGZ50
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 230522
EQS News ID: 1584735

End of Announcement EQS News Service


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