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Starwood EREF advances GBP25m mezzanine loan

23 December 2015 10:06

Starwood European Real Estate Finance Limited said on Dec. 22 it advanced a GBP25m mezzanine loan in relation to a portfolio of UK hospitals subject to long term leases to a strong underlying tenant.

The UK healthcare sector is demonstrating solid growth potential and the Company has sought to take advantage of a very interesting investment opportunity which also gives greater diversity to the portfolio.

The fixed rate facility has a remaining term of just under 10 years and the Company expects to earn an attractive risk-adjusted return in line with its stated investment strategy.

The new investment has been funded partially with drawings on the revolving credit facility and in part using the proceeds of a GBP10m repayment on the West End Development, London loan which was received on 22 December 2015 highlighting the Company's continued focus on cash management and thereby cash drag mitigation.

Further to the announcement on 11 December 2015 relating to the adjustments of the existing Dutch light industrial loan, the Company also announces that it has now completed a senior syndication of 12.75m euros of its increased exposure in order to enhance returns. The Company's remaining mezzanine position in the loan is approximately 27.6m euros.

At 10:06am: (LON:SWEF) Starwood European Real Est Fin Ltd share price was 0p at 107.5p

Story provided by StockMarketWire.com

Related Company: SWEF

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