| Starwood European Real Estate Finance Ltd (SWEF)
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY INVESTMENTS IN ANY JURISDICTION.
Starwood European Real Estate Finance Limited Portfolio Update Update on Office Portfolio, Ireland
Starwood European Real Estate Finance Limited (the “Company” or “SWEF”) provides an update on the loan investment known as the Office Portfolio, Ireland. As of 31 May 2025, the loan represented approximately 7.8% of the Company’s Net Asset Value (“NAV”).
On 21 October 2024, the Company announced an impairment of €12.9 million (equivalent to 50% of the value of the loan investment as at 30 September 2024) in respect of the Company’s loan investment secured on a portfolio of properties in Central Dublin. Further to that announcement, the Board has continued to evaluate the alternative business plan scenarios available to the Company in relation to this loan investment. Based on that evaluation, and the continuing challenging Dublin office market dynamics, the Board has now decided to write down the carrying value of the loan investment as of 30 June 2025 to €6.75 million by means of providing a further €7.3 million impairment provision against it (which equates to circa 4.2 pence per share impairment). The Board considers that there are a wide range of possible outcomes whereby the loan asset may have varying degrees of recoverability due to the various business plan scenarios being evaluated. The Investment Adviser will continue to actively manage the position to maximise the opportunity for value recovery and the Board will continue to closely monitor the position and ongoing developments. The Company looks forward to providing further updates as appropriate.
As of 31 May 2025, the Company’s NAV was £149.6 million and the NAV per share was 101.09 pence.
The Company is currently finalising its second quarter Quarterly Portfolio Update, which is expected to be published shortly. To date, the Company has returned £256.0 million to shareholders in Compulsory Redemptions in accordance with its orderly realisation strategy adopted on 27 January 2023. This is equivalent to 61.9 per cent of NAV as of 31 January 2023.
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary
Duke Le Prevost T: +44 (0) 203 5303 630
Jefferies International Limited Gaudi Le Roux Harry Randall Ollie Nott T: +44 (0) 20 7029 8000
The person responsible for arranging the release of this information on behalf of the Company is Duke Le Prevost.
A copy of this announcement can be found on the Company’s webiste: www.starwoodeuropeanfinance.com.
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 Starwood Capital Group.
Information regarding forward-looking statements
This announcement contains (or may contain) statements that are, or may be deemed to be, ‘‘forward-looking statements’’. Forward-looking statements are based on current expectations and projections about future events and other matters that are not historical fact. These forward-looking statements are sometimes identified by the use of a date in the future or forward-looking terminology, including, but not limited to, the words “consider” ‘‘aim’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘plan’’, ‘‘estimate’’, ‘‘expect’’, ‘‘may’’, ‘‘target’’, ‘‘project’’, ‘‘will’’, ‘‘could’’ or ‘‘should’’ or, in each case, their negative or other variations or words of similar meaning. These forward-looking statements include matters that are not historical facts and include statements that reflect intentions, beliefs and current expectations. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future or are beyond the Company’s control. They are not guarantees of future value or performance and are based on one or more assumptions.
Forward-looking statements contained in this announcement apply only as at the date of this announcement. Subject to any obligations under the UK Listing Rules and FCA’s Disclosure Guidance and Transparency Rules, the UK version of the Market Abuse Regulation or any other applicable law or regulation, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
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: | GG00BTZJM644 |
| Category Code: | PFU |
| TIDM: | SWEF |
| LEI Code: | 5493004YMVUQ9Z7JGZ50 |
| OAM Categories: | 2.2. Inside information |
| Sequence No.: | 397627 |
| EQS News ID: | 2177994 |
| End of Announcement | EQS News Service |
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