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(Alliance News) - Starwood European Real Estate Finance Ltd on Tuesday posted a modest rise in net asset value per share in the first half of 2019, with cash and cash equivalents more than three times higher.
The firm's NAV per share stood at 102.82 pence, up 0.2% from 102.66p on December 31 and up 0.8% from 102.00 year-on-year. Total assets rose to GBP479.5 million from GBP444.0 million - including a more than trebling of cash and cash equivalents to GBP28.0 million from GBP8.7 million.
Starwood European is targeting a dividend of 6.5p per share for the year and to this end has declared two dividends of 1.625p for the first two quarters of the year. This is the same target and payments as 2018.
Chair Stephen Smith said: "The United Kingdom's imminent departure from the European Union, with or without an agreement may represent a potential threat to the UK economy as well as wider Europe. On a cyclical view, national economies across Europe appear to be heading at best towards lower growth and in some cases towards recession. The potential impact of Brexit could have a further destabilising effect.
"To some extent the impact of an unsatisfactory UK exit from the EU has already been priced into markets and forecasts, but significant headwinds could arise should there be an unstructured settlement. It is extremely difficult in the circumstances to anticipate the potential impact on markets, so your board is keeping a particularly watchful eye on the macro position."
Shares in Starwood European were down 0.3% at 102.21 pence in London on Tuesday afternoon.