Current Portfolio (as at 31 December 2022)

The Group advanced a £25 million mezzanine loan in relation to a portfolio of UK hospitals subject to long term leases to a strong underlying tenant.

The Group committed to fund a £62.5 million fixed rate mezzanine loan to support the development of a prime mixed-use scheme in Central London with Starwood Property Trust, Inc (through a wholly owned subsidiary), participating in 66 per cent of the loan amount, providing the Company with a net commitment of £41.25 million. The loan partially funded on 21 December 2018 with the remaining balance  funded in January 2019.  In February 2020 the Group increased its commitment by £10.0 million.

In July 2019 the Group committed to fund a £20.5 million floating rate whole loan to support an office redevelopment in London. £12.5 million was drawn on 26^th July and the balance will be drawn over the life of the development. The term of the loan is approximately 3 years.

In April 2021 the Group closed a £26.6 million floating rate whole loan secured by a portfolio of four properties.  The properties consist of laboratory and office speces let to a diverse range of life scince occupiers in the UK.  The loan term is four years.

The Group committed to fund two new hotel acquisition financings for a total commitment of £64.3 million (this investment and Hotel, Scotland). Both investments are with the same sponsor and a repeat borrower for Starwood Capital. Whilst the sponsor is the same on each investment, the two loans are not cross-collateralised as the investments sit in different fund vehicles. Each financing has been provided in the form of a significant initial advance to finance an asset acquisition along with a smaller capex facility to support the sponsor's capital expenditure for improvements and rebranding of the hotels. The day one advance on this loan amounts to £16.7 million whilst the total commitment is £22.95 million which is expected to be drawn over the first 1-2 years of the five year loan.

The Group committed to fund two new hotel acquisition financings for a total commitment of £64.3 million (this investment and Hotel, Scotland). Both investments are with the same sponsor and a repeat borrower for Starwood Capital. Whilst the sponsor is the same on each investment, the two loans are not cross-collateralised as the investments sit in different fund vehicles. Each financing has been provided in the form of a significant initial advance to finance an asset acquisition along with a smaller capex facility to support the sponsor's capital expenditure for improvements and rebranding of the hotels. The day one advance on this loan amounts to £25.9 million whilst the total commitment is £41.35 million which is expected to be drawn over the first 1-2 years of the five year loan.

The Group committed to fund a hotel acquisition financing for a total commitment of £15.0 million. The sponsor is a repeat borrower for the Group. The financing, which has been provided in the form of a significant initial advance to finance an asset acquisition together with a smaller capex facility, will support the sponsor's capital expenditure for improvement and rebranding of the hotel. The day one advance amount is £10.5 million whilst the total commitment is £15.0 million. The loan is for a term of 5 years.

In July 2021 the Group announced that it had closed a £13.5 million floating rate whole loan secured by a mixed use hotel and office property. The financing has been provided in the form of an acquisition loan. The loan term is 3 years, and the Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy.

In November 2021 the Group announced that it closed a £76 million floating rate, acquisition and capital expenditure whole loan secured on a portfolio of two UK based hotel assets. This loan was closed in conjunction with Starwood European Real Debt Finance I and its subsidiaries, a newly launched, Guernsey domiciled, private debt fund acting as co lender.  SEREF has taken on two thirds of the £76 million commitment, with the private debt fund taking the other third. The loan term is five years and the Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy.  The portfolio consists of two hotels in attractive city centre locations in Manchester and Edinburgh. The hotels will be rebranded, targeting domestic and international visitors in two of Europe's best performing markets in 2021.

On 26th May 2022, the Group announced its €16.4 million and £5.5 million investment in a three-year multi-currency loan secured on a portfolio of five offices and one industrial property located in the Netherlands and the UK. The Dutch portfolio consists of four office properties in the highly sought-after Randstad region that contains two of the largest Dutch cities - The Hague and Utrecht. The portfolio also includes an industrial property of 7,586 square metres located near the Port of Rotterdam, Europe’s largest and busiest industrial zone. The UK office asset is located in Southwark, London, adjacent to Borough tube station and very close to London Bridge station, one of the city’s major terminals for commuter and regional services. It provides 16,000 square feet of space fully-let to four tenants across six floors.

In September 2022 the Group funded the initial advance of a £46.2 million floating rate whole loan secured by an industrial estate in Loughborough, UK. The financing has been provided in the form of an initial advance to assist the acquisition of the asset along with a capex facility to support the borrower's value-enhancing capex initiatives.  The asset is a multi-let industrial estate consisting at loan inception of 802k sq ft over 11 buildings across 53 acres with a strong income base. It is located in Loughborough within the Golden Triangle for logistics providing strong transport links within the UK.