Starwood European Real Estate Finan Refinancing of Centre Point Tower Loan (9710R)
01 Novembre 2013 - 9:33AM
UK Regulatory
TIDMSWEF
RNS Number : 9710R
Starwood European Real Estate Finan
01 November 2013
1 November 2013
Starwood European Real Estate Finance Limited
ALMACANTAR SECURES GBP220 MILLION LOAN FROM STARWOOD PROPERTY
TRUST AND STARWOOD EUROPEAN REAL ESTATE FINANCE FOR CENTRE POINT
TOWER
Almacantar, a London-based property investment and development
company, Starwood Property Trust, Inc. (NYSE: STWD) and Starwood
European Real Estate Finance Limited (LSE: SWEF) today announce
they have reached an agreement to refinance the existing loan at
Centre Point (the "Property"), one of London's most iconic towers.
As part of the agreement, further proceeds can be drawn for the
comprehensive refurbishment of the Property. Located at 103 New
Oxford St., the 34-story Grade II Listed Property is one of Central
London's tallest structures and was originally constructed in
1966.
Under terms of the agreement, Starwood Property Trust and
Starwood European Real Estate Finance will provide Almacantar with
a GBP220 million first mortgage loan (the "Loan"). Starwood
Property Trust will originate GBP180 million of the Loan and
Starwood European Real Estate Finance will provide GBP40
million.
"Almacantar's strategy is to reposition large-scale, complex
commercial and residential assets in Central London, " said Mike
Hussey, Chief Executive of Almacantar. "We are delighted to have
secured the support of a single, sophisticated lender that can
align a flexible loan facility with our asset plan."
In July, Almacantar secured planning consent for a comprehensive
refurbishment to transform the Property into a world class mixed
use scheme. The consent is for 82 residential flats consisting of a
range of apartment types as well as attractive amenities including
a pool, spa and fitness facilities. Double-glazed windows that
stretch from floor to ceiling will line the Property's renewed
façade. The adjoining building and the bridge that link to the
tower have been approved to accommodate 41,780 square feet of
innovative retail and restaurant space and affordable apartments
centered around a proposed new public square.
"We are pleased to provide this financing facility to an
institutional grade sponsor that has a unique vision and strategy
in place to transform one of London's premier buildings," said Jeff
Dishner, President and Senior Managing Director of Starwood Capital
Group. "This loan further demonstrates our ability to source and
secure compelling loan opportunities in prominent European
cities."
The Property is situated on Oxford Street at the intersection of
four thriving neighborhoods: Soho, Covent Garden, Bloomsbury and
Fitzrovia. It sits directly above Tottenham Court Road station,
which is being upgraded to accommodate Crossrail, one of the most
significant infrastructure projects ever undertaken in the United
Kingdom. Upon the arrival of Crossrail in 2018, the Property will
benefit from its prime location in one of Central London's major
transportation hubs. Furthermore, the Property is surrounded by
several large redevelopment projects that will transform the area
into a highly desirable location.
Starwood European Real Estate Finance has now made or committed
to seven investments, for a total value of approximately GBP156.4
million, representing 66.3% of net assets. This investment was the
transaction referred to in the September factsheet released on 24
October 2013 as in the final stages of execution and accounting for
a further 17% investment.
About Almacantar
Almacantar is a property investment and development company
specialising in large-scale, complex investments in Central London,
with the potential to create long-term value through development,
repositioning or active asset management. Since launching in 2010,
Almacantar has acquired a number of prime assets with untapped
potential in the heart of London, including: Centre Point, Marble
Arch Tower, CAA House, and 125 Shaftesbury Avenue.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. is focused on originating,
investing in, financing and managing commercial mortgage loans and
other commercial real estate debt investments, commercial
mortgage-backed securities ("CMBS"), and other commercial real
estate-related debt investments. The Company through its 2013
acquisition of LNR Property LLC ("LNR") now also operates as
special servicer in the United States and a primary and special
servicer in Europe and has expanded its product offering to include
fixed rate conduit loans. Starwood Property Trust, Inc. also
invests in residential mortgage-backed securities ("RMBS") and
residential real estate owned, and may invest in non-performing
loans, commercial properties subject to net leases and residential
mortgage loans. The Company is externally managed and advised by
SPT Management, LLC, an affiliate of Starwood Capital Group, and
has elected to be taxed as a real estate investment trust for U.S.
federal income tax purposes.
About Starwood European Real Estate Finance
Starwood European Real Estate Finance 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
Continental European markets. www.starwoodeuropeanfinance.com
Media Relations - Almacantar
Faeth Birch / Jenny Davey, RLM Finsbury
Phone: +44 207 251 3801
Starwood European Real Estate Finance Limited
Ipes (Guernsey) Limited
John Ellman-Brown
T: +44 1481 713843
Investor Relations - Starwood Property Trust
Phone: 203-422-7788
Email: investorrelations@stwdreit.com
Media Relations - Starwood Property Trust
Jason Chudoba, ICR, Inc.
Phone: 646-277-1249
Email: Jason.Chudoba@icrinc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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