Starwood European Real Estate Finance Limited

(the “Company” or “SEREF”)

 

Initial Capital Distribution

 

The Board of Starwood European Real Estate Finance Limited is pleased to announce the Company’s first capital distribution following the amendments to the Company’s articles of incorporation approved by shareholders at the Extraordinary General Meeting held on 27 January 2023.

 

The Company has resolved to make an initial capital distribution totaling (after expenses) £10 million to SEREF shareholders by way of a compulsory partial redemption of shares at a price of £1.0363 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 £15,000.

 

Shareholder Information

 

The Compulsory Redemption will be affected pro rata to holdings on the share register as at the close of business on 26 June 2023 (the "Redemption Date"), being the record date for the Compulsory Redemption. Approximately 2.44 per cent. of the Company’s issued share capital will be redeemed on the Redemption Date (the “Redemption Ratio”) equivalent to approximately 9,649,715 of the Company’s issued shares. 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 30 June 2023. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to certificated shareholders by 30 June 2023.

 

The Company currently has 395,592,696 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, GG00B79WC100, (the "Old ISIN") will expire. The new ISIN number, GG00BQWPBM39, (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 27 June 2023. 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:

“In accordance with the Company’s expectation in SEREF’s circular to shareholders on 28 December 2022 to announce the first realisation in H1, we are pleased to declare an initial redemption distribution of £10 million to shareholders. The relatively modest size of this initial redemption is due to both the funding of a special dividend to shareholders on 21 April 2023 of 2.0 pence per share and to the repayment of the £19 million outstanding on the Company’s own credit facilities at the end of December 2022. We look forward to updating shareholders on our next redemption in due course.”

 

 

 

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.