Net Asset Value

20 February 2017

Starwood European Real Estate Finance Limited

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

Net Asset Value, 31 January 2017

This announcement contains price sensitive information.

As at the close of business on 31 January 2017, the unaudited cum-dividend net asset value of the

Company's Ordinary Shares was 102.23p. Further to an announcement released on 23rd January

2017, the unaudited ex-dividend net asset value of the Company's Ordinary Shares was 100.6p.

Loans advanced	349.9m
Financial Assets at fair value through Profit or Loss	-
Cash and Cash Equivalents	42.9m
Borrowing Facilities	-
Other Net Assets/Liabilities	(15.5m)
Net Assets	377.3m

Capital amounts drawn as at 31 January 2017 and amounts committed but undrawn as at 31

January 2017 is shown below.

	Local Currency	Sterling*
Amounts drawn £m	£252.6m	£252.6m
Amounts drawn EURm	EUR72.0m	£61.5m
Amounts drawn Kr.m	Kr307.13m	£35.2m
Committed but undrawn Loans £m	£6.8m	£6.8m
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

Starwood European Real Estate Finance Limited