Starwood European Real Estate Finance Ltd (SWEF)
27 December 2018
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN, NEW ZEALAND OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
Starwood European Real Estate Finance Limited: Investment Activity
Starwood European Real Estate Finance Limited (the "Company" and, together with its subsidiaries, the "Group") is pleased to announce that on 18th December 2018 the Group committed to fund a £62.5 million fixed rate mezzanine loan to support the development of a prime mixed-use scheme in Central London with Starwood Property Trust, Inc (through a wholly owned subsidiary), participating in 66 per cent of the loan amount, providing the Company with a net commitment of £41.25 million. The loan term is 3 years with a 1 year extension option, and the Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy. The loan partially funded on 21 December 2018 with the remaining balance expected to be funded in January 2019.
The Group has also received the following three repayments totalling approximately £37 million:
At the end of November 2018, the Group received full repayment of the loan advanced on the Residential Portfolio in Dublin as a result of a sale of the portfolio.
On 20 December 2018, the Group received full repayment of the loan advanced on the Industrial Portfolio in the UK as a result of a refinance of the portfolio.
On 21 December 2018, the Group received full repayment of the loan advanced on the Industrial asset in Paris as a result of the sale of the portfolio.
A number of loans in the portfolio benefit from prepayment protection providing a level of income protection should the loan repay whilst in that protected period. Two of the repaid loans benefit from such provisions.
Following full funding of the new investment and the above repayments, the Group will have approximately £56 million drawings on its £114 million of credit facilities net of cash.
The Group continues to see strong opportunities to deploy capital in the target markets. The origination pipeline is healthy with a number of transactions under review, which present solid risk adjusted returns.
For further information, please contact:
Ipes (Guernsey) Limited as Company Secretary - 01481 735879
Starwood Capital - 020 7016 3655
Stifel Nicolaus Europe Limited - 020 7710 7600
Gaudi Le Roux
Starwood European Real Estate Finance Limited is an investment company listed on the main market of the London Stock Exchange with an investment objective to provide Shareholders with regular dividends and an attractive total return while limiting downside risk, through the origination, execution, acquisition and servicing of a diversified portfolio of real estate debt investments in the UK and the wider European Union's internal market. www.starwoodeuropeanfinance.com.
The Group is the largest London-listed vehicle to provide investors with pure play exposure to real estate lending.
The Group's assets are managed by Starwood European Finance Partners Limited, an indirect wholly-owned subsidiary of the Starwood Capital Group.
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