Starwood European
Real Estate Finance Limited
(the “Company” or
“SEREF”)
£20 Million
Capital Distribution
The Board of Starwood European Real
Estate Finance Limited is pleased to announce the Company’s fourth
capital distribution of circa £20.0 million.
This distribution is being funded
by the previously announced full €18.8 million repayment of the
Company’s Office, Madrid loan received in December 2023 and a
partial repayment, received in January 2024, of €6.0 million from
Hotel, Dublin.
Fourth Capital
Distribution
Accordingly, the Company has
resolved to make a fourth capital distribution totalling (after
expenses) circa £20.0 million to
SEREF shareholders by way of a compulsory partial redemption of
shares at a price of £1.0308 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 22 February 2024 (the "Redemption Date"), being the
record date for the Compulsory Redemption. Circa 6.19 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 February
2024. Any certificates currently in
circulation will be superseded by a new certificate which will be
distributed to certificated shareholders by 28 February
2024.
The Company currently has
313,690,942 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, GG00BQRGMH31, (the "Old ISIN") will
expire. The new ISIN number, GG00BP6VJD72, (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 23 February 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 were pleased to receive a
partial repayment of €6.0m in January which further increased the
capital available to the Company following the full repayment of
Office, Madrid in December. As a result, we have resolved to
proceed in returning capital to shareholders promptly through the
Fourth Capital Distribution announced today. Our aim is to continue
to expedite regular distributions whenever practicable and we look
forward to updating shareholders on further capital returns in the
coming months.”
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.