17th Sep 2013 09:56
LONDON (Alliance News) - Starwood European Real Estate Finance Ltd Tuesday said it had teamed with Starwood Property Trust Inc to provide a EUR95 million medium term facility to an entity sponsored by Tristan Capital Partners and AEW Europe.
The facility will refinance 225 retail hypermarket and convenience stores in Finland.
Starwood European Real Estate Finance has contributed EUR45 million to the facility, which has a low-60% loan to value. It expects to earn a solid single digit return.
The portfolio of properties being refinanced with the facility will be divested over the coming years with reasonably rapid loan repayment expected, Starwood said in a statement.
Starwood European Real Estate Shares were up 0.3% at 101.798 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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