Quarterly Factsheet Publication

RNS Number : 7913K

Starwood European Real Estate Finan

02 August 2013

 



2 August 2013

Starwood European Real Estate Finance Limited: Quarterly Factsheet Publication

Starwood European Real Estate Finance Limited (the "Company") announces that the factsheet for the second quarter ended on 30 June 2013 is available at:

www.starwoodeuropeanfinance.com

The Investment Adviser's Commentary contained in the factsheet provides updated guidance on the Company's dividend policy and investment pipeline.  Extracted text of such commentary is set out below:

"As at 30 June 2013 the Company was 8.1% invested through a mezzanine loan to the Maybourne Group. Subsequent to 30 June the Company has closed one new transaction for £10m and has two loans in final documentation amounting to a further £26.8m of commitments with imminent closure. Once these further two loans close this will bring the total invested and/or committed to 24%.

We see good and growing prospects for the Company and believe the original target of full investment within 12 months could reasonably still be achieved.  We expect six deals to be invested or committed by the end of September 2013 (including two due to close imminently as noted above) and would be 68% invested or committed at thatpoint.  In addition, we have a number of other pipeline transactions that are progressing well. 

At launch, the Company had targeted a dividend of 3.5 pence per Ordinary Share in respect of the period from Admission (17 December 2012) to the first financial year end (31 December 2013) and 7.0 pence per Ordinary Share in subsequent financial periods. This was predicated on the assumption that 50% of the Company's available cash would be invested within six months from Admission and the remainder within 12 months.

For the period to 31 December 2013, the Company now expects to be able to pay a dividend of at least 1.0 pence based on the two deals that have closed, and if all six pipeline deals referred to above close, and no others, the dividend could be up to 2.4 pence.  In the event that further transactions close prior to the year end, the total dividend will be higher and a further update in this regard will be provided in due course. 

It is currently expected that a first interim dividend will be declared in October 2013 for the period ending 30 September 2013 of at least 0.70 pence.

Based on detailed projections, the Company remains comfortable that when fully invested it will be able to meet its dividend target of 7.0 pence per annum."

For further information, please contact:

Gary Gould / Stuart Klein

Jefferies International Limited

T: [phone]

Ravi Anand / Robert Peel

Dexion Capital plc

T: [phone]

Ipes (Guernsey) Limited

John Ellman-Brown   

T: [phone]       

Notes:

Starwood European Real Estate Finance is an investment company listed on the main market of the London Stock Exchange with an investment objective to provide Shareholders with regular dividends and an attractive total return while limiting downside risk, through the origination, execution, acquisition and servicing of a diversified portfolio of real estate debt investments in the UK and Continental European markets. www.starwoodeuropeanfinance.com

 

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