SWEF: Investment Update

Starwood European Real Estate Finance Ltd (SWEF) 
SWEF: Investment Update 
19-Nov-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                                                            19 November 2019 
 
 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 activity and RCF 
extension 
 
                                                         Investment Activity 
 
  Starwood European Real Estate Finance Limited (the "Company" and, together 
     with its subsidiaries, the "Group") is pleased to announce that on 18th 
         November 2019 the Group committed to fund two new hotel acquisition 
    financings for a total commitment of GBP64.3 million. Both investments are 
  with the same sponsor and repeat borrower for Starwood Capital. Whilst the 
               sponsor is the same on each investment, the two loans are not 
     cross-collateralised as the investments sit in different fund vehicles. 
 
       Each financing has been provided in the form of a significant initial 
 advance to finance an asset acquisition along with a smaller capex facility 
to support the sponsor's capital expenditure for improvements and rebranding 
      of the hotels. The day one advance amounts are GBP25.9 million and GBP16.7 
  million whilst the total commitments are GBP41.35 million and GBP22.95 million 
  respectively. Each loan is for a term of 5 years, and the Group expects to 
  earn an attractive risk-adjusted return in line with its stated investment 
                                                                   strategy. 
 
        Following these transactions, the proportion of the portfolio in the 
hospitality sector is back up to approximately 40% which is up from 33.8% at 
         30th September 2019 but slightly down from 40.5% at 30th June 2019, 
  reflecting the repayment of the Barcelona hotel loan in the third quarter. 
      The hospitality portfolio now comprises of seven separate loans spread 
across three countries, with a combination of whole and mezzanine loans. The 
    portfolio provides a high level of diversification by asset location and 
              type, risk profile and borrower within the hospitality sector. 
 
   Following these transactions, the Group has net debt of approximately GBP40 
million with unfunded commitments to borrowers of approximately GBP66 million. 
 
                                         Revolving Credit Facility extension 
 
   The Company has agreed terms to extend the tenor on its secured Revolving 
   Credit Facility ("RCF") provided by Morgan Stanley Bank, N.A. to November 
 2024. The total commitments have increased from GBP64 million to GBP76 million, 
in line with the Company's 30% of NAV maximum leverage capacity. In addition 
         to this, the Company has also extended the tenor on its GBP50 million 
multicurrency RCF provided by Lloyds Bank Corporate Markets PLC to May 2021. 
 
                                    For further information, please contact: 
 
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary - 
01481 735879 
 
                                                                 Dave Taylor 
 
                                            Starwood Capital - 020 7016 3655 
 
                                                           Duncan MacPherson 
 
                              Stifel Nicolaus Europe Limited - 020 7710 7600 
 
                                                             Mark Bloomfield 
 
                                                            Maarten Freeriks 
 
                                                                  Mark Young 
 
                                                                      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 [1]. 
 
    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. 
 
ISIN:          GG00B79WC100 
Category Code: PFU 
TIDM:          SWEF 
LEI Code:      5493004YMVUQ9Z7JGZ50 
Sequence No.:  29948 
EQS News ID:   915643 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=becc5c83790358f02808a7970e9d8d13&application_id=915643&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

November 19, 2019 02:00 ET (07:00 GMT)