REG-Starwood European Real Estate Finance Ltd SWEF: Fifth Capital Distribution

Starwood European Real Estate FinanceAnnouncement

19/03/2024 07:15

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: Fifth Capital Distribution

   19-March-2024 / 07:00 GMT/BST

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                 Starwood European Real Estate Finance Limited

                           (the “Company” or “SEREF”)

                                        

                       £25.0 Million Capital Distribution

    

   The Board of Starwood European Real  Estate Finance Limited is pleased  to
   announce the Company’s fifth capital distribution. 

    

   This capital distribution will be for c. £25.0 million and is being funded
   primarily by  the  following  repayments received  in  March  2024:  €12.4
   million in full repayment of the Company’s Shopping Centre, Spain loan and
   €19.2 million received in partial repayment of the Three Shopping Centres,
   Spain.

    

   Fifth Capital Distribution

    

   Accordingly, the Company has resolved to make a fifth capital distribution
   totalling (after expenses) c. £25.0  million to SEREF shareholders by  way
   of a compulsory  partial redemption of  shares at a  price of £1.0369  per
   share (being the last published NAV per share prior to this  announcement)
   (the “Compulsory  Redemption”).  The  amount  applied  to  the  Compulsory
   Redemption is after the deduction of costs and expenses which are expected
   to be circa £10,000.

    

   Shareholder Information

    

   The Compulsory Redemption  will be affected  pro rata to  holdings on  the
   share register  as  at  the  close  of business  on  21  March  2024  (the
   "Redemption Date"), being the record  date for the Compulsory  Redemption.
   C. 8.19 per cent. of the  Company’s issued share capital will be  redeemed
   on the  Redemption  Date (the  “Redemption  Ratio”). Fractions  of  shares
   produced by the Redemption  Ratio will not be  redeemed, so the number  of
   shares to be compulsorily redeemed  from each shareholder will be  rounded
   down to the nearest whole number of shares.

    

   Payments of redemption monies are  expected to be affected either  through
   CREST (in the case of shares held in uncertificated form) or by cheque (in
   the case  of shares  held  in certificated  form)  by 28  March  2024. Any
   certificates  currently  in  circulation  will  be  superseded  by  a  new
   certificate which will be distributed  to certificated shareholders by  28
   March 2024.

    

   The Company currently has 294,288,539 shares  in issue. All of the  shares
   redeemed on the  Redemption Date  will be cancelled  and accordingly  will
   thereafter be  incapable of  transfer by  shareholders or  reissue by  the
   Company.

    

   The shares  will be  disabled in  CREST  after close  of business  on  the
   Redemption Date  and the  existing ISIN  number, GG00BP6VJD72,  (the  "Old
   ISIN") will expire. The new ISIN number, GG00BRC3R375, (the "New ISIN") in
   respect of the remaining shares which have not been compulsorily  redeemed
   will be enabled and available for transactions from 8.00 a.m. on 22  March
   2024. The  share price  TIDM,  “SWEF.L”, will  remain unchanged.  For  the
   period up to  and including  the Redemption  Date, shares  will be  traded
   under the Old  ISIN and as  such, a purchaser  of such shares  may have  a
   market claim for  a proportion  of the redemption  proceeds following  the
   activation of the  New ISIN.  CREST will automatically  transfer any  open
   transactions as at the Redemption Date to the New ISIN.

    

   John Whittle Chairman of the Company commented:

   “We are pleased to have recently received a partial repayment of  c.€19.2m
   from the Company’s investment in Three Shopping Centres, Spain and a  full
   repayment of c.€12.4m  from the Company’s  investment in Shopping  Centre,
   Spain that have together substantially  reduced the Company’s exposure  to
   Spanish retail assets.

   “Accordingly, we are using  this capital to fund  a fifth distribution  to
   shareholders of £25.0  million. We reiterate  our commitment to  returning
   capital to shareholders in an orderly, expedient and efficient manner.”

    

   For further information, please contact:

    

   Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary

    

   Duke Le Prevost

   T: +44 (0) 203 5303 660

   E:  1 starwood@apexgroup.com

    

   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  conduct  an  orderly  realisation  of  the  assets  of  the
   Company.  2 www.starwoodeuropeanfinance.com

    

   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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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GG00BP6VJD72
   Category Code:  MSCU
   TIDM:           SWEF
   LEI Code:       5493004YMVUQ9Z7JGZ50
   OAM Categories: 2.5. Total number of voting rights and capital
                   3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   310402
   EQS News ID:    1861377


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:starwood@apexgroup.com
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=27e2a13e1c60d1ed54a852446a61d90a&application_id=1861377&site_id=refinitiv&application_name=news


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