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circulation will be superseded by a new certificate which will be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