TIDMSWEF
RNS Number : 3511M
Starwood European Real Estate Finan
15 July 2014
STARWOOD EUROPEAN REAL ESTATE FINANCE LIMTED
Starwood European Real Estate Finance Limited (the "Company"),
announces that it has provided EUR25 million out of a total of
EUR99 million for the refinancing and refurbishment of a new W
branded hotel located in the centre of Amsterdam.
The loan's interest rate floats over Euribor and has a term of
two years with a one year extension option. The sponsor is Liran
Wizman, a highly experienced hotel owner and key shareholder in
Grand City Hotels, a highly rated pan-European hotel management
company. Expected to be completed in the third quarter of 2015, the
refurbished hotel is based on Spuistraat, a prime location within
the city and providing easy access to transport links and
attractions including the Royal Palace and Dam Square, which the
hotel adjoins.
Following this transaction the Company has committed all of the
net IPO proceeds.
A press release by Starwood European Finance is reproduced
below. The release also refers to transactions previously announced
by the Company and announced on 27 June 2014 (MBay) and 6 June 2014
(FC200).
For further information, please contact:
Ipes (Guernsey) Limited
Gillian Newton
T: +44 1481 735869
Notes:
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
STARWOOD EUROPEAN FINANCE ANNOUNCES GBP264 MILLION CAPITAL
DEPLOYMENT
- Closes Four Loans on Residential, Hotel, Office and Industrial
Properties in Europe -
GREENWICH, CT and GUERNSEY (July 14, 2014) - Starwood European
Finance, a commercial real estate lending and debt investment
platform, announced today that it has deployed approximately GBP264
million ($452 million) of capital through four separate
transactions on behalf of Starwood Property Trust (NYSE: STWD),
Starwood European Real Estate Finance ("SEREF") (LSE: SWEF) and
private funds managed by Starwood Capital Group.
Starwood Property Trust and private funds managed by Starwood
Capital Group have committed to a GBP101.75 million first mortgage
loan for the development of Baltimore Wharf, a 46-story residential
tower and 18-story housing development containing a total of 366
private residential and affordable housing units. Starwood Property
Trust will originate GBP86.75 million of the loan and private funds
managed by Starwood Capital Group will provide GBP15 million. The
loan's interest rate floats over LIBOR and has a term of 40 months.
Frogmore Real Estate, Galliard Homes, C J O'Shea Group Ltd. and LBS
Properties are the sponsors on the transaction. Urban Exposure has
served as a key transaction adviser, contributed as a minority
lender in the Facility and been appointed Facility Agent.
Ideally situated in the growing Docklands area of London,
Baltimore Wharf is located just south of the Canary Wharf central
business district. The tower will feature high-quality finishes,
desirable views and state-of-the-art amenities-including a
split-level brasserie, bar and restaurant, valet parking and a
large-screen cinema room. Residential buyers will have a choice of
suites and apartments ranging from one to five bedrooms. The tower
units have been substantially pre-sold.
In addition, Starwood Property Trust, SEREF and private funds
managed by Starwood Capital Group have provided a EUR99 million
loan for the refinancing and refurbishment of a new W branded hotel
located in the center of Amsterdam. Starwood Property Trust will
originate EUR58 million of the loan, SEREF will provide EUR25
million and private funds managed by Starwood Capital Group will
provide EUR16 million. The loan's interest rate floats over Euribor
and has a term of two years with a one-year extension option. The
sponsor is Liran Wizman, a highly experienced hotel owner and key
shareholder in Grand City Hotels, a highly rated pan-European hotel
management company. Slated to be completed in the third quarter of
2015, the refurbished hotel is based in Spuistraat, a prime
location within the city that provides easy access to
transportation links and attractions including the Royal Palace and
Dam Square, which the hotel adjoins. Property finance boutique
Buchler Barnett Spencer acted as advisor for the sponsor.
"Funding two high-profile commercial real estate projects such
as the development of Baltimore Wharf and the refurbishment of the
W Amsterdam reflects the depth of our lending platform in Europe
and our ability to continuously source attractive financing
opportunities outside of the United States," said Jeff Dishner,
Senior Managing Director and Global Head of Real Estate
Acquisitions at Starwood Capital Group. "We continue to reaffirm
Starwood Capital Group's position as the global property market's
trusted and preferred lender."
SEREF also provided a GBP27 million loan for the refinancing of
First Central 200 ("FC200"), a new, seven-story, 164,000
square-foot office building located within West London's Park Royal
business district, at Hanger Lane. Co-investors Wainbridge Global
Opportunities London Limited and a real estate fund of funds
managed by Morgan Stanley recently invested substantial capital to
complete the building's finishes, including the lobby, elevators
and floors-thus bringing the building to Class A status. The
property is currently 45 percent leased to Bechtel Limited, the
U.K. subsidiary of Bechtel Corp., a global leader in engineering,
procurement, construction and project management.
In addition, SEREF, along with private funds managed by Starwood
Capital Group, expanded an existing first mortgage loan by EUR36.1
million with MBAY Netherlands B.V., bringing the total financing to
EUR71.4 million. The total loan's interest rate floats over Euribor
and has a term of five years. The sponsor is a joint venture
between M7 Real Estate Ltd, an experienced multi-jurisdictional
operator of multi-tenanted light industrial properties, and Bayside
Capital, a credit-oriented investment firm.
The latest financing is the second increase to the facility, and
serves to facilitate the sponsor's acquisition of nine additional
light industrial properties throughout the Netherlands, bringing
the total number of assets in the portfolio to 28. M7 Cortona, the
Dutch asset management arm of M7 Real Estate, is providing its
industry-leading asset and property management services to the
portfolio.
"We are pleased to provide flexible financing solutions that
will allow high-quality borrowers to carry out their business plans
on strong real estate," said Peter Denton, Head of European Debt at
Starwood European Finance. "These financings demonstrate our
commitment to working with sponsors as they execute their
investment strategies across Europe. Our ability to quickly and
thoughtfully deploy capital when attractive, incremental
opportunities present themselves makes Starwood European Finance a
lender of choice in Europe."
To date, Starwood European Finance, on behalf of Starwood
Property Trust, SEREF and private funds managed by Starwood Capital
Group, has deployed approximately GBP1 billion throughout
Europe.
About Starwood European Finance
Starwood European Finance is a commercial real estate lending
and debt investment platform that leverages the resources from
Starwood Property Trust (NYSE: STWD), Starwood European Real Estate
Finance (SWEF: London) and private funds associated with Starwood
Capital Group to originate, invest and service commercial real
estate debt investments in liquid markets throughout the United
Kingdom and Continental Europe.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. is focused on originating,
acquiring, financing and managing commercial mortgage loans and
other commercial real estate debt investments, commercial
mortgage-backed securities, and other commercial real
estate-related debt investments. The Company through its 2013
acquisition of LNR Property, LLC (LNR) now also operates as a
special servicer in the United States and as a primary and special
servicer in Europe and has expanded its product offering to include
fixed rate conduit loans. The Company may also invest in
residential mortgage-backed securities, residential mortgage loans,
distressed or non-performing commercial loans, commercial
properties subject to net leases and commercial real estate owned.
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 U.K.
and Continental European markets.
www.starwoodeuropeanfinance.com
Investor Relations
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
Media Relations
Jason Chudoba or Hayley Cook, ICR, Inc.
Phone: +1 203-682-8200
Email: Jason.Chudoba@icrinc.com, Hayley.Cook@icrinc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBELFFZDFFBBZ
Starwood European Real E... (LSE:SWEF)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Starwood European Real E... (LSE:SWEF)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024