SWEF: Investment Update (1225391)
14 Agosto 2021 - 9:13AM
UK Regulatory
Starwood European Real Estate Finance Ltd (SWEF) SWEF:
Investment Update 11-Aug-2021 / 07:00 GMT/BST Dissemination of a
Regulatory Announcement that contains inside information according
to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The
issuer is solely responsible for the content of this
announcement.
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11 August 2021
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN, INTO OR FROM
THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN, NEW
ZEALAND OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION
Starwood European Real Estate Finance Limited
EUR54.2m Spanish hotel loan repaid in full
Starwood European Real Estate Finance Limited and its
subsidiaries ("the Group"), a leading investor originating,
executing and managing a diverse portfolio of high-quality real
estate debt in the UK and Europe, is pleased to announce that
during July 2021 it received the full and final repayment of its
EUR54.2m loan on a resort hotel in Spain.
The sponsor of the loan had completed a comprehensive
refurbishment of the property in 2020 which was partially funded by
the Group. The hotel re-opened as a luxury five-star resort
property in May 2021 under a sponsor owned brand. The sponsor is an
integrated owner, operator and developer of branded, award winning
five-star luxury resorts in prime beachfront locations across the
Mediterranean. The sponsor group benefits across its wider
portfolio from high customer satisfaction (ranked #1 by TripAdvisor
consistently) and superior operational performance with average
occupancy rates of approximately 95 per cent through the season and
high average daily rates. Guest reviews and forward bookings for
the subject property in Spain are very strong, an affirmation of
the quality of the hotel product, sponsor's management team, and
strength of the brand. This also demonstrates the discipline of the
Group's investment criteria in funding sponsors of significant
strength and track record. The sponsor has repaid the Group's
refurbishment loan in full following the successful execution of
their business plan and re-financing.
Following repayment of this loan, the Group's exposure to the
hospitality sector reduces by approximately 19 per cent to 33 per
cent of the investment portfolio as it stood at 30 June 2021.
Additionally, excluding this investment, the total amount of Stage
2 categorised investments (loans with increased credit risk as
defined in the Q4 2020 Quarterly Investment Update) reduces by 29
per cent to approximately 27 per cent of NAV.
After repayment of this loan, the Group will have net cash on
hand of GBP24.1m, increased from a net debt position of GBP9.6m as
at 30 June 2021. The Group's pipeline of prospective new
investments is robust, with a strong likelihood of re-investment of
this cash within the medium term.
Stephen Smith, Non-executive Chairman, said:
"We are pleased to have received this payment in full,
strengthening the robustness of our loan book and our cash balance.
The investment adviser is actively exploring attractive
re-investment opportunities in line with our stringent loan
origination criteria."
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company
Secretary
01481 735814
Magdala Mullegadoo
Starwood Capital +44 (0) 20 7016 3655
Duncan MacPherson
Jefferies International Limited +44 (0) 20 7029 8000
Stuart Klein
Neil Winward
Gaudi Le Roux
Buchanan +44 (0) 20 7466 5000
Helen Tarbet +44 (0) 07788 528143
Henry Wilson
Hannah Ratcliff
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 provide Shareholders with regular
dividends and an attractive total return while limiting downside
risk, through the origination, execution, acquisition and servicing
of a diversified portfolio of real estate debt investments in the
UK and the wider European Union's internal market.
www.starwoodeuropeanfinance.com.
The Group is the largest London-listed vehicle to provide
investors with pure play exposure to real estate lending.
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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ISIN: GG00B79WC100
Category Code: PFU
TIDM: SWEF
LEI Code: 5493004YMVUQ9Z7JGZ50
Sequence No.: 119670
EQS News ID: 1225391
End of Announcement EQS News Service
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