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16 May 2016 14:25
16 May 2016
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 Update
Starwood European Real Estate Finance Limited (the "Company") announces that it has arranged £158.1 million loan facilities for certain affiliated companies of Värde Partners (the "Loan Facilities") to refinance a portfolio of 141 retail, office and industrial assets located throughout the UK (the "Portfolio"). With 393 tenants the Portfolio reflects very strong diversification in terms of tenant, geography and sector.
The Loan Facilities were advanced on 16 May 2016 and are floating with an initial term of 3 years. The Company has worked closely with a major investment bank which has provided the borrower with a £123 million senior loan facility, leaving the Company to advance a £35.1 million mezzanine facility on which it expects to earn an attractive risk-adjusted return in line with its stated investment strategy. The new investment has been funded with available cash and the Company remains substantially fully invested.
Following this new investment, the Company's portfolio maturity profile is as shown below:
Remaining years to contractual maturity* | Value of loans £m | % of invested portfolio |
0 to 1 years | £28.5m | 9.7% |
1 to 2 years | £51.0m | 17.3% |
2 to 3 years | £103.0m | 35.0% |
3 to 5 years | £86.8m | 29.5% |
5 to 10 years | £25.0m | 8.5% |
*excludes any permited extensions. Note that borrowers may elect to repay loans before contractual maturity.
For further information, please contact:
Peter Denton - Starwood Capital - 020 7016 3664
Robert Peel - Fidante Capital - 020 7832 0900
Notes:
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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