Starwood European Real Estate Finance Limited

(the “Company” or “SEREF”)

 

£25.0 Million Capital Distribution

 

The Board of Starwood European Real Estate Finance Limited is pleased to announce the Company’s fifth capital distribution. 

 

This capital distribution will be for c. £25.0 million and is being funded primarily by the following repayments received in March 2024: €12.4 million in full repayment of the Company’s Shopping Centre, Spain loan and €19.2 million received in partial repayment of the Three Shopping Centres, Spain.

 

Fifth Capital Distribution

 

Accordingly, the Company has resolved to make a fifth capital distribution totalling (after expenses) c. £25.0 million to SEREF shareholders by way of a compulsory partial redemption of shares at a price of £1.0369 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 affected pro rata to holdings on the share register as at the close of business on 21 March 2024 (the "Redemption Date"), being the record date for the Compulsory Redemption. C. 8.19 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 28 March 2024. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to certificated shareholders by 28 March 2024.

 

The Company currently has 294,288,539 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, GG00BP6VJD72, (the "Old ISIN") will expire. The new ISIN number, GG00BRC3R375, (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 22 March 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 have recently received a partial repayment of c.€19.2m from the Company’s investment in Three Shopping Centres, Spain and a full repayment of c.€12.4m from the Company’s investment in Shopping Centre, Spain that have together substantially reduced the Company’s exposure to Spanish retail assets.

“Accordingly, we are using this capital to fund a fifth distribution to shareholders of £25.0 million. We reiterate our commitment to returning capital to shareholders in an orderly, expedient and efficient manner.”

 

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.