24th Sep 2019 12:42
(Alliance News) - Starwood European Real Estate Finance Ltd on Tuesday said it has committed to fund a GBP56.8 million loan for a London residential scheme.
The floating rate whole loan has largely been provided as an initial advance, and there is a "smaller capex facility" for use in completing the scheme. Starwood said it committed to the funding on Thursday last week.
The term of the loan is two years and should produce "an attractive risk-adjusted return" aligned with Starwood's investment strategy.
Real estate debt investor Starwood also announced it had received a EUR15 million final repayment for the loan against its European Industrial portfolio, following the portfolio's sale "in line with the borrower's business plan".
Given the new commitment and the final repayment, Starwood has now drawn EUR28.2 million of its revolving credit facility plus GBP31 million in cash. Its resultant net cash is around GBP3.3 million and its unfunded commitments to borrowers totals GBP51 million.
Shares in Starwood were down 0.3% at 101.25 pence in London on Tuesday.
By Anna Farley; [email protected]
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