2nd May 2014 16:46
LONDON (Alliance News) - Starwood European Real Estate Finance Ltd Friday said it has committed to increase an existing EUR21.8 million whole loan facility that it provided in October 2013 by an additional EUR13.5 million of proceeds.
The closed-ended investment company said the additional funds will facilitate the acquisition of seven light-industrial and office properties in the Netherlands, taking the overall portfolio to 19 assets.
It said the loan is expected to be fully drawn before the middle of May, and is expected to earn a single digit return, in line with the company's investment criteria.
Starwood said that it has now either used or committed to investment totalling approximately 77% of its net proceeds from its initial public offering in December 2012.
The company's shares closed flat Friday at 99.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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