SWEF: June 2023 NAV

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

Net Asset Value, 30 June 2023

This announcement contains price sensitive information.

As at the close of business on 30 June 2023 the unaudited net asset value (NAV) of the Company’s Ordinary Shares was 103.75p (31 May 2023: 103.63p). The 30 June 2023 NAV shown here has been calculated before taking into account the dividend of 1.375 pence per Share announced by the Company today.  Please refer to the Reconciliation of NAV per share movements below for more information.

Net Asset Value in total:

Capital amounts drawn as at 30 June 2023 and amounts committed but undrawn as at 30 June 2023 is shown below.

(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 and impairment provision.

Reconciliation of NAV per share movements for the month ended 30 June 2023:

(3) Operating Income before impairment provision - 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 before impairment provision - available to distribute also includes any realised foreign exchange gains or losses upon settlement of hedges, except those described in note 5.

(4) In June 2023 a loan which had been classified as Stage 2 was reclassified to Stage 3 and an impairment provision recognised.  See Q2 2023 factsheet for further information.

(5) 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.

 (6) 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).  Mismatches 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@apexgroup.com

Jefferies International Limited

Gaudi Le Roux

Harry Randall

Ollie Nott

T: +44 020 7029 8000

Notes: 

Starwood European Real Estate Finance Limited is an investment company listed on 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 the Starwood Capital Group.