Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Portfolio update
30-March-2020 / 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.
30 March 2020
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,
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REGULATIONS OF SUCH JURISDICTION
Starwood European Real Estate Finance Limited: Portfolio update
Starwood European Real Estate Finance Limited (the "Company" and, together
with its subsidiaries, the "Group") hereby announces the agreement of
commercial terms, and significant de-risking, of the largest hospitality
asset in its lending portfolio.
The Borrower of the Hotel, Dublin, Ireland, on which the Company has a
EUR 60 million loan, has granted a licence to the Health Service Executive
("HSE"), Ireland's public healthcare provider, which allows the HSE to use
the Hotel and Convention Centre for accommodation and the provision of
healthcare and other important services to the Irish public. This licence
will assist the HSE with delivering significant additional accommodation
capacity and in its efforts to manage the expected increased demand for
accommodation related to the coronavirus outbreak. The contract is effective
immediately.
This hotel is the largest hospitality exposure in the portfolio, equating to
approximately 10 per cent of total invested assets at 31 December 2019 and
approximately 32 per cent of the Group's hospitality exposure at 31 December
2019. The Group's portfolio consists of a mixture of hotels under
construction (which are therefore not expected to be income generating at
this time), as well as income generating assets. As at 31 December 2019,
approximately 73 per cent of the hospitality portfolio (by loan value) was
considered income generating of which this asset equates to approximately 44
per cent (by loan value) of the income producing hospitality portfolio. The
Group therefore considers that this contract has significantly de-risked the
hospitality exposure of the portfolio.
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary -
01481 735878
Vania Santos
Starwood Capital - 020 7016 3655
Duncan MacPherson
Stifel Nicolaus Europe Limited - 020 7710 7600
Mark Bloomfield
Mark Young
Nick Donovan
Maarten Freeriks
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.: 55251
EQS News ID: 1007403
End of Announcement EQS News Service
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(END) Dow Jones Newswires
March 30, 2020 02:00 ET (06:00 GMT)
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