DJ SWEF: Update on Office Portfolio, Ireland
Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Update on Office Portfolio, Ireland
01-Aug-2025 / 07:00 GMT/BST
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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
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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 EUR12.9 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 EUR6.75 million by means of providing a further EUR7.3 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 GBP149.6 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 GBP256.0 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
E: Starwood@apexgroup.com
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.
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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.
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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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