Starwood European Real Estate Finance Limited Portfolio Update

Starwood European Real Estate Finance Limited (SEREF) reports a substantial return of capital to shareholders. Since January 2023, £376 million has been returned, representing 91% of the NAV at that time. In the last quarter of 2025, £55 million was returned following the repayment of three loans, leaving only one loan in the portfolio.

This remaining loan, secured against a Spanish office portfolio, is classified as Stage 1, indicating low risk. As of December 2025, the company had a cash balance of approximately £14 million and announced a dividend of 1.375 pence per share for Q4 2025. No dividend target for 2026 has been set as the company nears the completion of its portfolio realisation.

The weighted Loan-to-Value ratio stands at 47%, and the remaining loan is expected to be settled by Q1 2026. The loan's term is close to maturity, enhancing the Group's position to complete its orderly capital return.