Starwood European Real Estate Finance Aktie 148978281 / GG00BT8PBR31
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23.10.2025 08:03:05
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SWEF: Portfolio Update
Starwood European Real Estate Finance Ltd (SWEF)
Starwood European Real Estate Finance Limited
Quarterly Portfolio Update
Starwood European Real Estate Finance Limited (“SEREF”, the “Company” or the “Group”), a leading investor managing and realising a diverse portfolio of senior, junior and mezzanine real estate debt in the UK and Europe, presents its performance for the quarter ended 30 September 2025.
Highlights
John Whittle, Chairman of SEREF, said:
“We are pleased that further strong progress has been made in respect of the realisation of the loan portfolio with two loan investments repaying in full during the quarter and a further investment repaying in full post period end, an aggregate £54.1 million of repayments. Going forward, just three loan investments remain, two of which are classified at the lowest risk level. As for the third, the Board and Manager continue to closely monitor the investment with a view to maximising the opportunity for value recovery.”
The factsheet for the period is available at: www.starwoodeuropeanfinance.com
Share Price / NAV as of 30 September 2025
*The 30 September 2025 NAV shown here has been calculated before taking into account the dividend of 1.375 pence per Share announced by the Company on 23 October 2025.
Key Portfolio Statistics as of 30 September 2025
(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. Three of the loans are floating rate (partially or in whole and all 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 uninvested. The calculation also excludes the origination fee paid to the Investment Manager. (2) LTV (Loan to Value) to Group last £ 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 its value determined by the last independent third party appraisals for loans classified as Stage 1 and on the marked down value per the recently announced loan impairments for the loan classified as Stage 3 in October 2024. Loan to Value to first Group £ means the starting point of the Loan to Value range of the loans drawn (when aggregated with any other indebtedness ranking senior to it).
*Remaining loan term to current contractual loan maturity excluding any permitted extensions. Note that borrowers may elect to repay loans before contractual maturity or may elect to exercise legal extension options, which are typically one year of additional term subject to satisfaction of credit related extension conditions. The Group, in limited circumstances, may also elect to extend loans beyond current legal maturity dates if that is deemed to be required to affect an orderly realisation of the loan.
*The currency split refers to the underlying loan currency, however the capital on all non-sterling exposure is hedged back to sterling.
Orderly Realisation and Return of Capital
On 31 October 2022, the Board announced the Company’s Proposed Orderly Realisation and Return of Capital to Shareholders. A Circular relating to the Proposed Orderly Realisation, containing a Notice of an Extraordinary General Meeting (the “EGM”) was published on 28 December 2022. The proposals were approved by Shareholders at the EGM in January 2023 and the Company is seeking to return cash to Shareholders in an orderly manner as soon as reasonably practicable following the repayment of loans, while retaining sufficient working capital for ongoing operations and the funding of committed but currently unfunded loan commitments.
In addition, on 23 October 2025 the Company announced a further return of £25.0 million to Shareholders which will be paid to Shareholders by the end of October 2025.
The Company held £13.0 million of cash as of 30 September 2025 and no longer has any unfunded loan related cash commitments.
The Company is confident that it holds sufficient cash to meet its ongoing operational commitments.
Dividend
On 23 October 2025, the Directors announced a dividend, to be paid in November 2025, in respect of the third quarter of 2025 of 1.375 pence per Ordinary Share in line with the 2025 dividend target of 5.5 pence per Ordinary Share. The dividend will be paid on Ordinary Shares in issue as of 31 October 2025.
The unaudited 30 September 2025 financial statements of the Company show negative income reserves. Dividend payments can continue to be made by the Company (as a Guernsey registered limited company) as long as it passes the solvency test (i.e. it is able to pay its debts as they come due).
Portfolio Update
The Group continues to closely monitor and manage the credit quality of its loan exposures and repayments.
The Group’s exposure as of 30 September 2025 is spread across four investments. 99 per cent of the total funded loan portfolio as of 30 September 2025 is spread across three asset classes: Office (36 per cent), Light Industrial (33 per cent) and Healthcare (30 per cent).
Progress of the realisation of the remaining investments is being closely monitored. Of the four remaining investments as of 30 September 2025, one investment, Hospitals UK, £25 million, repaid in full post quarter end. Two of the three remaining loans have identified exit processes involving sales to third parties or refinancing with banks. Subject to these processes completing as expected by the loan Sponsors, both of these loans are forecast to repay in line or ahead of each loan’s respective final legal maturity dates. The exit plan and realisation timing for the third investment, the Stage 3 loan, remains under review.
The Group’s office exposure (36 per cent) comprises two loan investments. The weighted average Loan to Value of loans with office exposure is 101 per cent. The elevated level of the office exposure Loan to Value is driven by Office Portfolio, Ireland loan which is a risk rated Stage 3 loan. The value used to calculate the Loan to Value for the Stage 1 office loan uses the latest independent lender instructed valuation. The value used for the Stage 3 office loan (which was downgraded from a Stage 2 asset in October 2024) is the marked down value as per the loan impairments recognised to date. The higher Loan to Value of this sector exposure reflects the wider decline in market sentiment driven by post pandemic trends, higher interest rates and high costs attached to upgrading older office stock.
The largest office investment is a mezzanine loan which represents 75 per cent of this exposure and is classified as a Stage 3 risk rated loan. As outlined in previous announcements, the underlying assets comprise seven well located Dublin city centre CBD buildings and have historically been well tenanted, albeit certain assets are expected to require capital expenditure to upgrade to Grade-A quality to retain existing tenants upon future lease expiry events. A total impairment provision of €22.4 million has been provided as of 30 September 2025 related to this investment (equivalent to 82 per cent of the total loan value as of 30 September 2025 before impairment). The Board continues to evaluate various business plan scenarios. The Board considers that there are a wide range of possible outcomes whereby the loan may have varying degrees of recoverability according 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.
The remaining total funded portfolio as of 30 September 2025 (excluding Residential (1 per cent)) is split across Light Industrial (33 per cent) and Healthcare (30 per cent). The Healthcare loan repaid in full during October 2025. The weighted average Loan to Value of these exposures was 59 per cent as of 30 September 2025.
Credit Risk Analysis
All loans within the portfolio are classified and measured at amortised cost less impairment.
The Group follows a three-stage model for impairment based on changes in credit quality since initial recognition as summarised below:
The Group closely monitors all loans in the portfolio for any deterioration in credit risk. As of the date of this factsheet, assigned classifications are:
This assessment has been made based on information in our possession at the date of publishing this factsheet, our assessment of the risks of each loan and certain estimates and judgements around future performance of the assets.
Market commentary and outlook
Positive market momentum has continued in the third quarter. Markets have extended gains despite lingering geopolitical and policy uncertainty. Drivers of the rally have included expectations around the economic potential from technology especially from AI, a pro-business administration in the US and expectations of further interest rate cuts in the US. The Federal Reserve’s long-anticipated September rate cut has reset a dovish tone globally with a further cut anticipated in October and a market implied policy rate of circa 3 per cent this time next year.
Equity markets have continued to reach new highs. The S&P 500 gained 7.8 per cent on the quarter and the FTSE 100 gained 6.7 per cent in the quarter. Gold and Crypto have also had strong rallies as investors diversify the currency they hold and look for Inflation hedges.
In fixed income, long-term yields eased modestly in the US with the 10-year treasury yield dropping from 4.28 percent to 4.15 percent in the quarter. By contrast UK and European 10-year yields are up on the quarter with the UK 10-year Gilt up from 4.48 per cent to 4.70 per cent, a total rise of 70 basis points since this time last year. German yields are similarly up from 2.6 per cent to 2.71 per cent. France’s political issues have also driven its debt wider with French 10-year sovereign debt now trading wider than Spain and Italy. The increase in yields for longer debt is in contrast with the cuts in short term interest rates which are down 1 per cent and 1.50 per cent since the same time last year respectively.
After a period of valuation resets, European real estate values have generally stabilised. Valuation yields have been steady for most assets for the past year and brokers report that the bid-ask gap between buyers and sellers has narrowed. While individual markets vary, general healthy rental growth has supported prime assets across most real estate sectors. A key missing component of the market has been the formation of new core capital. There are signs that this is now likely to feed through into the transaction market with one broker reporting that there was €58 billion of new core capital raised to invest in European core real estate in 2025. While this has not yet resulted in a significant increase in transaction volumes the data on fund raising is likely to be a leading indicator of a higher level of activity to come.
Conditions in the European commercial real estate borrowing market remain robust. Activity has been dominated by refinancing rather than new acquisitions and as a result lenders are competing for a limited pool of opportunities. Falling financing costs from both base rates and margins combined with good liquidity mean debt availability is supportive of the transaction market.
In the US the CMBS market is projected to have a very strong year with volumes potentially breaking $150 billion dollars, approaching the 2021 peak. In Europe the CMBS Market is much smaller but has also had a busier year with several issuances totalling over €5 billion. There were a couple of pauses in market activity following Liberation Day and during the summer holiday period, but investment banks are telling us that a number of further CMBS deals are lined up to come to market.
Investment Portfolio as of 30 September 2025 As of 30 September 2025, the Group had four investments with total cash commitments (funded and unfunded) of £83.6 million as shown below.
Loan to Value
All assets securing the loans undergo third party valuations before each investment closes and periodically thereafter at a time considered appropriate by the lenders. The Loan to Values shown below are based on independent third-party appraisals for loans classified as Stage 1 and on the marked down value as per the announced loan impairments for the loan classified as Stage 3 in October 2024. The weighted average age of the dates of these valuations for the whole portfolio is under a year. As of 30 September 2025, the Group has an average last £ Loan to Value of 75.1 per cent (30 June 2025: 69.9 per cent). The Group’s last £ Loan to Value 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, reviewed in detail and approved by the reporting date or, in the case of the Stage 3 asset classified as Stage 3 in October 2024, the marked down value per the recently announced loan impairments. Loan to Value to first Group £ 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. The table below shows the sensitivity of the Loan to Value calculation for movements in the underlying property valuation and demonstrates that the Group has considerable headroom within the currently reported last £ Loan to Values.
*Office figures in this table include the residential holding which accounts for 1.5 per cent of the funded portfolio as this is included in the Office Portfolio, Ireland, Stage 3 loan portfolio Share Price performance
The Company's shares closed on 30 September 2025 at 87.0 pence, resulting in a share price total return for the third quarter of 2025 of 1.0 per cent. As of 30 September 2025, the discount to NAV stood at 9.7 per cent, with an average discount to NAV of 14.3 per cent over the quarter.
Note: the 30 September 2025 discount to NAV is based off the 30 September 2025 NAV as reported in this factsheet. All average discounts to NAV are calculated as the latest cum-dividend NAV available in the market on a given day, adjusted for any dividend payments from the ex-dividend date onwards.
For further information, please contact:
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 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. 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: | GG00BT8PBR31 |
Category Code: | PFU |
TIDM: | SWEF |
LEI Code: | 5493004YMVUQ9Z7JGZ50 |
OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
Sequence No.: | 405913 |
EQS News ID: | 2216934 |
End of Announcement | EQS News Service |
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Nachrichten zu Starwood European Real Estate Finance Ltd Registered Shs
08:03 |
SWEF: Portfolio Update (EQS Group) | |
08:02 |
SWEF: Dividend Declaration (EQS Group) | |
08:01 |
SWEF: Ninth Capital Distribution (EQS Group) | |
08:00 |
SWEF: September 2025 NAV (EQS Group) |
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