Starwood European
Real Estate Finance Limited
(the “Company” or
“SEREF”)
Seventh Capital
Distribution of £46.0 Million
The Board of Starwood European Real
Estate Finance Limited is pleased to announce the Company’s seventh
capital distribution of £46.0 million, funded by the repayment in
full of the Hotels, United Kingdom loan received in
January 2025.
Seventh Capital
Distribution
The Board has decided to make a
seventh capital distribution totalling c. £46.0 million (after expenses) to
SEREF shareholders by way of a compulsory partial redemption of
shares at a price of £1.0024 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 21 February 2025 (the "Redemption Date"), being the record
date for the Compulsory Redemption. Circa 23.66 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
28 February 2025. Any certificates currently in
circulation will be superseded by a new certificate which will be
distributed to certificated shareholders by 28 February 2025.
The Company currently has
193,929,633 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, GG00BPLZ2K28, (the "Old ISIN") will expire.
The new ISIN number, GG00BTZJM644, (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
24 February 2025, which is also the Ex-date for the
Compulsory Redemption. 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 be able to
announce further significant progress in our objective to return
capital to shareholders, with this £46.0 million distribution
funded by the repayment of one loan in January 2025. There now
remain six loan investments in the portfolio, against which
encouraging progress is being made. We 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 Starwood Capital
Group.
