Starwood European Real Estate Finance has completed its first financial year. At the end of 2013 its net asset value was 99.13p and its share price 100.75p (it launched on 17 December 2012 at £1). It paid a dividend of 1.9p for the period in February this year, less than forecast at the time of the IPO because it proved harder to get the issue proceeds deployed than they had foreseen at the time of the launch.
The Chairman says they are now considering widening the remit to include Spain and Italy and increasing the amount that can be lent against residential from 20% to 30%. Also the Board is seeking to clarify that it does not include borrowing used for currency hedging within its borrowing limits. Shareholders will be asked to approve these changes at an EGM.