SWEF: Loan Repayments, and Facility Cancellation and Second Capital Distribution (1709959)
23 Agosto 2023 - 5:36AM
UK Regulatory
Starwood European Real Estate Finance Ltd (SWEF)
SWEF: Loan Repayments, and Facility Cancellation and Second Capital Distribution
23-Aug-2023 / 11:36 GMT/BST
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Starwood European Real Estate Finance Limited
(the "Company" or "SEREF")
Loan Repayments, and Facility Cancellation and Second Capital Distribution
The Board of Starwood European Real Estate Finance Limited is pleased to announce considerable progress achieved
including two loan repayments and the cancellation of the Company's facility with Morgan Stanley and the Company's
second capital distribution of circa GBP30.0 million.
Loan Repayments
The Company is pleased to announce that two loans were repaid in full in July. These investments comprised, Hotels and
Residential, UK - GBP49.9 million and Mixed Use, Dublin - EUR12.7m. As a result, the Company's portfolio reduces from 17 to
15 investments.
Debt Facility Cancellation
SEREF has also cancelled the GBP76.0 million facility with Morgan Stanley. The only remaining facility is the Company's
modest GBP25.0 million facility with Lloyds which has been retained for working capital management.
Second Capital Distribution
In the Company's 30 June portfolio update, the Board emphasized the need to build a cash reserve to cover unfunded loan
commitments in the portfolio, now totaling GBP45.6 million (30 June 2023 - GBP47.3 million).
As a result of the recent debt facility cancellation and the need to retain a cash reserve for unfunded loan
commitments, the Company has resolved to make a second capital distribution totaling (after expenses) circa GBP30.0
million to SEREF shareholders by way of a compulsory partial redemption of shares at a price of GBP1.0312 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 GBP10,000.
Shareholder Information
The Compulsory Redemption will be affected pro rata to holdings on the share register as at the close of business on 25
August 2023 (the "Redemption Date"), being the record date for the Compulsory Redemption. Circa 7.54 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 affected 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 August 2023. Any certificates
currently in circulation will be superseded by a new certificate which will be distributed to certificated shareholders
by 31 August 2023.
The Company currently has 385,940,346 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,
GG00BQWPBM39, (the "Old ISIN") will expire. The new ISIN number, GG00BPGJYV48, (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 29 August 2023. 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 declare a second redemption distribution of circa GBP30.0 million to shareholders reflecting our
objective to return capital to shareholders in a timely manner while managing the orderly wind down of the existing
portfolio. The two further full loan repayments outlined today mark considerable further progress in meeting this
objective as the Company's outstanding investments reduce from 17 to 15.
SEREF has also simplified its own debt arrangements to preserve shareholder capital, cancelling the GBP76.0 million
facility with Morgan Stanley while retaining the sole outstanding GBP25.0 million Lloyds facility for working capital
management purposes. While we have prudently retained some capital to deploy against unfunded loan commitments, the
total portfolio average life remains low and we look forward to updating shareholders on further loan repayments to
fund additional capital distributions 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.
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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: GG00BQWPBM39
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.: 266641
EQS News ID: 1709959
End of Announcement EQS News Service
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