SWEF - Net Asset Value

13 December 2016

Starwood European Real Estate Finance Limited

(the 'Company') (Ticker: 'SWEF')

Net Asset Value, 30 November 2016

This announcement contains price sensitive information.

As at the close of business on 30 November 2016, the unaudited net asset value of the Company's

Ordinary Shares was 100.99p.

Loans advanced	356.8m
Financial Assets at fair value through Profit or Loss	(8.4m)
Cash and Cash Equivalents	30.9m
Borrowing Facilities	-
Other Net Assets/Liabilities	(0.6m)
Net Assets	378.7m

Capital amounts drawn as at 30 November 2016 and amounts committed but undrawn as at 30

November 2016 is shown below.

	Local Currency	Sterling*
Amounts drawn £m	£258.9m	£258.9m
Amounts drawn EURm	EUR72.7m	£61.8m
Amounts drawn Kr.m	Kr307.13m	£34.9m
Committed but undrawn Loans £m	£6.9m	£6.9m
Committed but undrawn Loans EURm	-	-
Committed but undrawn Loans Kr.m	-	-

* Euro and Danish Krone amounts drawn and commitments converted at the month end spot rate. The difference between amounts drawn in the table above and 'Loans advanced' in the first table is accrued income.

Enquiries:

Ipes (Guernsey) Limited as Company Secretary

Nick Robilliard

T: +44 1481 713869

E: Nick.Robilliard@ipes.com