Starwood European Real Estate Finance Limited

(the “Company” or “SEREF”)

 

Sixth Capital Distribution of £80 Million

 

The Board of Starwood European Real Estate Finance Limited is pleased to announce the Company’s sixth capital distribution of £80.0 million. 

 

This capital distribution is being funded primarily by the significant repayments received in Q2 2024 along with additional cash currently available. In total £64.1 million, over 28 per cent of the Company’s 31 March 2024 total funded loan portfolio, was repaid across four investments. This included the full repayment of three loans (Three Shopping Centres, Spain, Hotel, Dublin and Hotel, Scotland) and one partial repayment.

 

Sixth Capital Distribution

 

Accordingly, the Board has decided to make a sixth capital distribution totaling c. £80.0 million (after expenses) to SEREF shareholders by way of a compulsory partial redemption of shares at a price of £1.0492 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 effected pro rata to holdings on the share register as at the close of business on 25 July 2024 (the "Redemption Date"), being the record date for the Compulsory Redemption. C. 28.22 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 effected 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 31 July 2024. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to certificated shareholders by 31 July 2024.

 

The Company currently has 270,178,206 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, GG00BRC3R375, (the "Old ISIN") will expire. The new ISIN number, GG00BPLZ2K28, (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 26 July 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 announce further strong progress in our objective to return capital to shareholders with this major distribution announcement made possible by the ongoing realisation milestones achieved from the portfolio. This £80 million distribution follows £45 million in distributions delivered in Q1 2024. There remain eight loan investments in the portfolio. We are satisfied with the status and progress being made in these positions and look forward to providing further updates on capital returns in due course.”

 

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: 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. 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.