REG-Starwood European Real Estate Finance Ltd SWEF: Sixth Capital Distribution

Starwood European Real Estate FinanceAnnouncement

24/07/2024 07:15

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   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: Sixth Capital Distribution

   24-Jul-2024 / 07:01 GMT/BST

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                 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:  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:           GG00BRC3R375
   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.:   335999
   EQS News ID:    1952179


    
   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=1952179&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news


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