Starwood European Real Estate Finance Ltd (SWEF)
21 July 2021
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
New £13.5m Belfast Investment
Attractive Floating Rate Loan Secured on Two Properties
Starwood European Real Estate Finance Limited and its subsidiaries ("the Group"), a leading investor originating, executing and managing a diverse portfolio of high-quality real estate debt in the UK and Europe, has successfully closed a three year £13.5 million floating rate loan secured by a freehold, consisting of a 38k square foot, fully let office and a 145-key hotel located in the central business district of Belfast, Northern Ireland.
The Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy of providing shareholders with regular income and an attractive total return while limiting downside risk. At 31 March 2021, the invested loan portfolio unlevered annualised total return1 was 6.7% and dividend yield was 6.5%.
Following this investment activity the Group has approximately £25 million drawn on its credit facilites net of cash held.
Lorcain Egan, Managing Director - Head of Lending, Europe at Starwood Capital Group, the Investment Adviser to the Group, said:
"We are delighted to have closed this loan, with highly attractive risk-adjusted returns, on a strong asset with high quality counterparties. The office is fully occupied and let to high quality tenants for a WAULT of over 5.5 years.
We continue to take a detailed, hands-on approach to asset management and engage in regular dialogue with our borrowers in order to ensure that the performance of our portfolio continues to be robust, as it has been throughout the Covid-19 pandemic."
1 Calculated on amounts outstanding at the reporting date, excluding undrawn commitments, and assuming all drawn loans are outstanding for the full contractual term.
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary
+44 (0) 1481 735879
Starwood Capital +44 (0) 20 7016 3655
Jefferies International Limited +44 (0) 20 7029 8000
Gaudi Le Roux
Buchanan +44 (0) 20 7466 5000
Helen Tarbet +44 (0) 07788 528143
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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