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circulation will be superseded by a new certificate which will be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.
