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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