REG-Starwood European Real Estate Finance Ltd SWEF: Loan Repayments and Third Capital Distribution

Starwood European Real Estate FinanceAnnouncement

12/12/2023 07:15

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: Loan Repayments and Third Capital Distribution

   12-Dec-2023 / 07:01 GMT/BST

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                 Starwood European Real Estate Finance Limited

                           (the “Company” or “SEREF”)

                                        

                 Loan Repayments and Third Capital Distribution

    

   The Board of Starwood European Real  Estate Finance Limited is pleased  to
   announce two  recent  loan  repayments and  the  Company’s  third  capital
   distribution of circa £45.0 million.

    

   Loan Repayments

    

   The Company is pleased  to announce that two  further loans were  recently
   repaid in full. These investments comprised Office, London - £20.5 million
   and Mixed Portfolio, Europe  - €3.6 million (balances  as at 30  September
   2023). As a  result, the  Company’s portfolio has  reduced from  15 to  13
   investments. In  addition,  since  30  September  2023,  the  Company  has
   received partial  repayments on  a  number of  loans totaling  circa  £8.7
   million. Altogether, these recent repayments comprise circa 8.7% of the 30
   September 2023 NAV.

    

   Third Capital Distribution

    

   As a result of the recent full and partial loan repayments the Company has
   resolved  to   make  a   third   capital  distribution   totaling   (after
   expenses) circa £45.0 million to SEREF shareholders by way of a compulsory
   partial redemption of shares  at a price  of £1.0427 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  14 December  2023  (the
   "Redemption Date"), being the record  date for the Compulsory  Redemption.
   Circa 12.09 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 18  December 2023. Any
   certificates  currently  in  circulation  will  be  superseded  by  a  new
   certificate which will be distributed  to certificated shareholders by  18
   December 2023.

    

   The Company currently has 356,848,128 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, GG00BPGJYV48,  (the  "Old
   ISIN") will expire. The new ISIN number, GG00BQRGMH31, (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  15
   December 2023. 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 delighted to announce two successful full loan repayments, in
   addition to several recent partial repayments. As a result, the Company’s
   loan portfolio is reduced from 15 to 13 investments in total, representing
   strong progress in our ambition to realise the value of the Company’s
   portfolio for the benefit of our shareholders. We are delighted to
   announce a substantial third capital distribution of £45.0m the Company’s
   largest to date and a key milestone in our strategy to return cash to
   shareholders.”

    

   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:           GG00BPGJYV48
   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.:   291246
   EQS News ID:    1794369


    
   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=1794369&site_id=reuters8&application_name=news


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