16th May 2016 13:35
LONDON (Alliance News) - Starwood European Real Estate Finance Ltd on Monday said it has arranged GBP158.1 million loan facilities for affiliated companies of investment advisor Varde Partners.
The investment company said the loan facilities were to refinance a portfolio of 141 retail, office and insutrial assets throughout the UK.
Starwood said the loan facilities were advanced on May 16 and are floating with an initial term of three years.
Starwood said it has worked closely with an unnamed major investment bank, which has provided Varde Partners's affiliated company with a GBP123.0 million senior loan facility. This has left Starwood to advance a GBP35.1 million mezzanine facility on which Starwood said "it expects to earn an attractive risk-adjusted return in line with its stated investment strategy".
The new investment has been funded with available cash and the Starwood remains substantially fully invested, it said.
Shares in Starwood were down 0.2% at 106.34 pence on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
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