News Column

Starwood European Real Estate Finance Commits To Property Finance Facility

June 6, 2014

Steve McGrath

LONDON (Alliance News) - Starwood European Real Estate Finance Ltd Friday said it has committed to provide a GBP27 million financing facility for an office building in Park Royal, West London, and it expects to earn a solid single-digit return on the loan.

In a statement, the company said the three-year financing is secured against a six-storey, 160,000 square foot building named FC200, which is located within the First Central mixed-use development site in Park Royal.

The financing will allow the sponsors to refinance the all-cash acquisition of the property in late 2011 as well as fund the remaining capex to complete its fit out, it said, adding that GBP22 million of the available facility is expected to be drawn in early June.

Starwood European Real Estate Finance has now made or committed to nine investments, representing approximately 89% of the net proceeds it got in its initial public offering, it said.

Starwood shares were almost flat at 100.99 pence Friday morning.

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Source: Alliance News

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