6th Aug 2015 11:07
LONDON (Alliance News) - Starwood European Real Estate Finance Ltd on Thursday said it provided a GBP32.5 million whole loan to refinance a portfolio of industrial properties throughout the UK.
"The facility has a term of 4 years, and the interest rate is floating over 3 month LIBOR. The company expects to earn an attractive risk-adjusted return commensurate with its stated investment strategy," Starwood European Real Estate Finance said.
The company also bought GBP8 million of the GBP560 million Class B2 Fixed Rate Secured Notes issued by CPUK Finance Ltd following Brookfield Property Partners' acquisition of Center Parcs in June.
"The company has funded the investments using a combination of cash available within the company following the recent tap issue, and GBP30 million drawn on the revolving credit facility. The amount drawn on the revolving credit facility following these investments is GBP33.25 million,"
Starwood European Real Estate Finance shares were up 0.5% at 102.75 pence on Thursday shortly after midday in London.
By Samuel Agini; [email protected]; @samuelagini
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