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SWEF gets full repayment of Aldgate Tower loan

25 April 2016 09:29

Starwood European Real Estate Finance Ltd said that on April 22 it received full repayment of GBP42m in relation to the Aldgate Tower, London loan as a result of the sale of the property.

During April, the Company has also received full repayment of GBP10.8m in relation to the Salesforce Tower, London loan.

The Company constantly seeks to minimise cash drag and often manages repayment events by tactically using the GBP60m revolving credit facility available to it.

The proceeds of these repayments will be used to repay GBP41.7m of current drawings on the revolving credit facility.

A number of loans in the portfolio benefit from prepayment protection in their early years providing a level of income protection should the loan repay whilst in that protected period.

The Aldgate Tower loan was originated in December 2014 and benefits from such provisions allowing no effective drag on these monies for a further few months in which time the Company will seek to reinvest such cash thereby mitigating cash drag on this sum.

The Company expects additional loan repayments in the coming months and will also focus on reinvestment of any such expected proceeds prior to any consideration of further equity issuance.

At 9:29am: (LON:SWEF) Starwood European Real Est Fin Ltd share price was -0.5p at 107.25p

Story provided by StockMarketWire.com

Related Company: SWEF

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