Starwood European Real Estate Finance Limited and its subsidiaries (“the Group”), a leading investor originating, executing and managing a diverse portfolio of high-quality real estate debt in the UK and Europe, has successfully closed a three year £13.5 million floating rate loan secured by a freehold, consisting of a 38k square foot, fully let office and a 145-key hotel located in the central business district of Belfast, Northern Ireland. 

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The Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy of providing shareholders with regular income and an attractive total return while limiting downside risk. At 31 March 2021, the invested loan portfolio unlevered annualised total return1 was 6.7% and dividend yield was 6.5%.

Following this investment activity the Group has approximately £25 million drawn on its credit facilites net of cash held. 

Lorcain Egan, Managing Director – Head of Lending, Europe at Starwood Capital Group, the Investment Adviser to the Group, said: “We are delighted to have closed this loan, with highly attractive risk-adjusted returns, on  a strong asset with high quality counterparties. The office is fully occupied and let to high quality tenants for a WAULT of over 5.5 years.

We continue to take a detailed, hands-on approach to asset management and engage in regular dialogue with our borrowers in order to ensure that the performance of our portfolio continues to be robust, as it has been throughout the Covid-19 pandemic.”

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