23rd Jul 2021 14:25
Starwood European Real Estate Finance Ltd - debt investment company - Reports net asset value per share of 103.6p on June 30, down 0.5% from 104.08 at the same point in 2020. Notes NAV of GBP423.7 million on June 30, down 1.5% year-on-year from GBP430.1 million.
Declares quarterly dividend of 1.375 pence per share, due in September. On track for targeted full year dividend of 5.5p, which equates to an annualised dividend yield of 5.8% based on the closing share price on Thursday.
As of June 30, the firm's portfolio includes 18 investments and commitments of GBP455.3 million. Says its portfolio is "robust" despite pandemic-related disruption and continues to perform in line with management expectations.
Expects borrowers will remain adequately capitalised and will pay loan interest and capital repayments in line with contractual obligations. Notes some recovery in the UK of its largest sectors - hospitality, offices and retail - as lockdown restrictions ease and vaccinations continue. Begins to see increased investment activity in European hotels and retail.
Post period end, closes GBP13.5 million floating rate whole loan, secured by a portfolio of a hotel and office complex in Northern Ireland on Wednesday.
Says it has "confidence of positive momentum in our markets and activity amongst our counterparties; we therefore expect our portfolio to continue to perform robustly, and we expect to see further opportunities for loan origination."
Current stock price: 95.80 pence, up 0.8% on Friday
Year-to-date change: up 6.4%
By Scarlett Butler; [email protected]
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