Starwood European Real Estate Finance makes Spain office investment – Starwood European Real Estate Finance (SWEF) has announced that on 29th November 2019, the group closed an investment in a 5-year floating rate loan secured by a portfolio of office assets Spain, with Starwood Property Trust, Inc (through a wholly owned subsidiary) participating in 50 per cent of the mezzanine loan amount, providing the group with a net commitment of €24m.
The financing has been provided in the form of an initial advance along with a capex facility to support the sponsors’ business plan to make further investment in the properties. SWEF says the properties are well-located within the decentralised submarkets of Madrid and Barcelona and they appear well positioned to benefit from the sponsors’ active asset management strategy.
Spain is one of the SWEF’s target markets for further lending and it continues to seek good risk-adjusted lending opportunities. Overall, the company says its pipeline is diversified and remains strong.
Following these transactions, the company has net debt of approximately £50m. The group has unfunded commitments to borrowers of approximately £84m.
SWEF: Starwood European Real Estate Finance makes Spain office investment