DJ SWEF: Update on Office Portfolio, Ireland
Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Update on Office Portfolio, Ireland
19-Dec-2025 / 07:01 GMT/BST
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Starwood European Real Estate Finance Limited
Update on Office Portfolio, Ireland
Starwood European Real Estate Finance Limited (the "Company" or "SWEF") provides an update on the loan investment
secured on a portfolio of properties in Central Dublin known as the Office Portfolio, Ireland ("the Loan") to a vehicle
indirectly owned by the Blackstone Group Inc. As of 30 November 2025, the Loan's carrying value of EUR4.8 million
represented circa 8.0 per cent of the Company's Net Asset Value ("NAV"). After taking account of the Company's 11
December's 2025 announcement of a further GBP30 million share capital redemption by the Company in December 2025 the
Loan's carrying value equates to circa 18.7 per cent of the Company's NAV as of 30 November 2025 adjusted for the
redemption.
On 8 September 2025, the Company announced that it was in discussions in connection with the sale of the Loan. Based on
those non-binding discussions, the Board also announced that it had written down the recoverable value of the Loan to
EUR4.8 million. Further to support any such sale, such announcement also noted that the Board had commissioned an
independent report on the above portfolio of properties in Central Dublin. Today, the Company announces that the Loan
has been restructured with the borrower and an entity indirectly owned by the Blackstone Group Inc will acquire the
Loan for EUR4.8 million (the "Transaction"). EUR2.8 million of the purchase price under the Transaction is being funded
from SPT Real Estate Capital, LLC, an affiliate of Starwood Capital Group (who had been involved in the original sale
discussions). Following completion of this Transaction, Blackstone Group Inc. shall remain as ultimate Investor and
owner of the above portfolio of properties in Central Dublin as well as hold the Loan. The Transaction is expected to
complete on 23 December 2025.
As of 30 November 2025, the Company's NAV was GBP52.4 million and the NAV per share was 96.74 pence. To date, the Company
has returned GBP346 million to shareholders in Compulsory Redemptions in accordance with its orderly realisation strategy
adopted on 27 January 2023. This is equivalent to 83.6 per cent of NAV as of 31 January 2023. In addition, the Company
recently announced that, this month, December 2025, it would return a further GBP30 million to shareholders in Compulsory
Redemptions in accordance with its orderly realisation strategy adopted on 27 January 2023.
Under UKLR 8.2.1, the Transaction constitutes a related party transaction by virtue of SPT Real Estate Capital, LLC
being deemed a related party of the Company. The Board of Directors unanimously believe that the Transaction is fair
and reasonable as far as the security holders of the Company are concerned and the Directors have been so advised by
the Company's sponsor, Jefferies International.
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary
Duke Le Prevost
T: +44 (0) 203 5303 630
E: Starwood@apexgroup.com
Jefferies International Limited
Gaudi Le Roux
Harry Randall
Ollie Nott
T: +44 (0) 20 7029 8000
The person responsible for arranging the release of this information on behalf of the Company is Duke Le Prevost.
A copy of this announcement can be found on the Company's website: www.starwoodeuropeanfinance.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.
www.starwoodeuropeanfinance.com.
The Group's assets are managed by Starwood European Finance Partners Limited, an indirect wholly-owned subsidiary of
Starwood Capital Group.
Information regarding forward-looking statements
This announcement contains (or may contain) statements that are, or may be deemed to be, "forward-looking
statements". Forward-looking statements are based on current expectations and projections about future events and
other matters that are not historical fact. These forward-looking statements are sometimes identified by the use of a
date in the future or forward-looking terminology, including, but not limited to, the words "consider" "aim",
"anticipate", "believe", "intend", "plan", "estimate", "expect", "may", "target", "project",
"will", "could" or "should" or, in each case, their negative or other variations or words of similar meaning.
These forward-looking statements include matters that are not historical facts and include statements that reflect
intentions, beliefs and current expectations. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that may or may not occur in the future or are
beyond the Company's control. They are not guarantees of future value or performance and are based on one or more
assumptions.
Forward-looking statements contained in this announcement apply only as at the date of this announcement. Subject to
any obligations under the UK Listing Rules and FCA's Disclosure Guidance and Transparency Rules, the UK version of the
Market Abuse Regulation or any other applicable law or regulation, the Company undertakes no obligation publicly to
update or review any forward-looking statement, whether as a result of new information, future developments or
otherwise.
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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.
View original content: EQS News
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ISIN: GG00BW9KGG29
Category Code: PFU
TIDM: SWEF
LEI Code: 5493004YMVUQ9Z7JGZ50
Sequence No.: 412073
EQS News ID: 2247706
End of Announcement EQS News Service
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December 19, 2025 02:01 ET (07:01 GMT)
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