| Investment Manager | Starwood European Finance Partners Limited |
|---|---|
| Corporate broker | Jefferies International Limited |
| Structure | Guernsey domiciled closed-end investment company with premium listing on London Stock Exchange |
| Target Dividend | 6.5p, payable quarterly for 2020 and 5.5p from 2021 onwards |
| Share Classes | GBP share class |
| Base Currency and Hedging | Sterling, with prudent FX hedging strategy for any non-sterling principal and interest |
| Management Fee | 0.75% p.a. of NAV |
| Performance Fee | 20% over 8% p.a. hurdle payable on each 2 year anniversary |
| Origination Fee | 0.75% of transaction value |
| Reporting / Valuation | NAV published monthly, based on manager valuations subject to annual audit –with loan impairment reviews by manager at least quarterly |
| Leverage | Limited to 30% of NAV in aggregate with longer term borrowings limited to 20% of NAV. Leverage limit excludes FX hedging liabilities |
| Realisation Rights |
Investors will have realisation rights for 75% of shares through orderly realisation and distribution of all or part of their pro rata net share of the Fund’s investments, subject to certain conditions and a structure presented in the prospectus. Such realisation rights will be triggered if the shares trade at an average discount that is greater than 5% of the Fund’s net asset value during the last six months of the financial year ending to 31 December 2022 and the realisation vote mechanism would apply (where the discount-triggered realisation mechanism has not been activated) by no later than 28 February 2023 and in each case on successive five year anniversaries of such dates |
| Share Buybacks | The Directors have authority to repurchase shares and will give consideration to repurchasing shares, but are not bound to do so, where the average discount exceeds 7.5% below the Net Asset Value per share for more than three months, subject to cash not otherwise required for working capital purposes or the payment for dividends in accordance with the Company’s dividend policy. |
1 The target dividend payments are targets only and there is no guarantee whatsoever that they can or will be achieved and they should not be seen as an indication of the Company’s actual return. Accordingly, investors should not place any reliance on the target dividend payment whether to invest in ordinary shares or C Shares (if relevant). Cash receipts may be applied to dividend payments before they are fully recognised in the Company’s income statement.