Key Portfolio Statistics at 31 December 2020
Number of investments 18 Percentage of currently invested portfolio in floating rate loans 79.2% Invested Loan Portfolio unlevered annualised total return (1) 6.7% Portfolio levered annualised total return (2) 7.0% Weighted average portfolio LTV - to Group first GBP (3) 18.2% Weighted average portfolio LTV - to Group last GBP (3) 61.8% Average loan term (stated maturity at inception) 4.5 years Average remaining loan term 2.4 years Net Asset Value GBP426.7m Amount drawn under Revolving Credit Facilities (including accrued interest) (GBP19.6m) Loans advanced (including accrued interest) GBP442.7m Cash GBP2.9m Other net assets/ (liabilities) (including hedges) GBP0.7m Origination Fees - current quarter GBP0.0m Origination Fees - last 12 months GBP0.5m Management Fees - current quarter GBP0.8m Management Fees - last 12 months GBP3.2m
(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. 15 of the loans are floating rate (partially or in whole and some 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 un-invested. The calculation also excludes the origination fee payable to the Investment Manager.
(2)The levered annualised total return is calculated as per the unlevered return but takes into account the amount of net leverage in the Group and the cost of that leverage at current LIBOR/EURIBOR.
(3) LTV to Group last GBP 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 by the reporting date. LTV to first Group GBP 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.
Remaining years to contractual maturity* Value of loans (GBPm) % of invested portfolio 0 to 1 years 79.2 18.0% 1 to 2 years 94.7 21.5% 2 to 3 years 155.8 35.3% 3 to 5 years 111.1 25.2%
*excludes any permitted extensions. Note that borrowers may elect to repay loans before contractual maturity.
Country % of invested assets Spain 30.0% Republic of Ireland 20.2% UK - Central London 19.9% UK - Regional England 12.2% UK - Scotland 9.6% Netherlands 3.8% Germany 3.2% Finland 1.1% Sector % of invested assets Hospitality 35.7% Office 23.2% Residential for sale 15.7% Retail 12.9% Healthcare 5.7% Logistics 4.1% Light Industrial 1.6% Residential for rent 0.9% Other 0.2% Loan type % of invested assets Whole loans 61.2% Mezzanine 38.8% Currency % of invested assets* Sterling 41.7% Euro 58.3%
*the currency split refers to the underlying loan currency, however the capital on all non-sterling exposure is hedged back to sterling.
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary Vania Santos 01481 735878 Starwood Capital Duncan MacPherson 020 7016 3655 Jefferies International Limited Stuart Klein Neil Winward 020 7029 8000 Gaudi Le Roux
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 provide Shareholders with regular dividends and an attractive total return while limiting downside risk, through the origination, execution, acquisition and servicing of a diversified portfolio of real estate debt investments in the UK and the wider European Union's internal market. www.starwoodeuropeanfinance.com.
The Company is the largest London-listed vehicle to provide investors with pure play exposure to real estate lending.
The Group's assets are managed by Starwood European Finance Partners Limited, an indirect wholly-owned subsidiary of the Starwood Capital Group. -----------------------------------------------------------------------------------------------------------------------
ISIN: GG00B79WC100 Category Code: MSCM TIDM: SWEF LEI Code: 5493004YMVUQ9Z7JGZ50 Sequence No.: 92007 EQS News ID: 1162437 End of Announcement EQS News Service =-------------------------------------------------------------
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