(Alliance News) - Starwood European Real Estate Finance Ltd on Tuesday said it has agreed to invest in a floating rate loan secured on a portfolio of Irish assets.
Starwood European will, alongside Starwood Property Trust Inc, participate in 50% of the mezzanine loan amount. This gives Starwood European a net commitment of EUR35.2 million.
The property debt investments firm on Thursday last week committed to invest in an approximately six year floating rate loan secured on a portfolio of 12 properties in central Dublin. The properties total 600,000 square feet and consist primarily of office space, though there are some small amounts of residential and retail space as well.
Starwood European said it "expects to earn an attractive risk-adjusted return in line with its stated investment strategy" from the loan and that its "pipeline remains strong and well diversified by sector, geography and investment type".
Following the investment, Starwood European is fully invested and has around GBP27 million of net debt and commitments totalling GBP75 million.
Shares in Starwood European were down 0.3% at 104.75 pence in London on Tuesday.
By Anna Farley; annafarley@alliancenews.com
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Starwood Eur (SWEF)