Current Portfolio (as at 30 September 2019)

The Group committed to advance a €31.2 million whole loan to support the acquisition of a portfolio of fully let prime logistics assets in Dublin.  Much of the portfolio was let on a long term basis to a strong covenant using the assets as its national headquarters.  The loan had an initial drawdown of €17.6 million in June 2016 with a further drawdown of €4.4 million in July 2016.  Post-closing the additional loan uses proved to be unnecessary and the remaining commitment was cancelled.  In addition, a prepayment of €7 million was received shortly after 30 June 2016, leaving a net position remaining of approximately €15 million.

The Group committed to a €44.6 million whole loan secured by three shopping centres in Spain.  The loan was made available to fund an initial acquisition advance along with capex funding to support the sponsors' proven retail repositioning capability to make further investment in the properties.

The Group committed to a €17 million floating rate mezzanine loan secured by a shopping centre in Spain.  The property is well anchored, dominates its catchment area and is positioned to benefit from the sponsors’ active asset management strategy.  The financing was provided in the form of an initial advance along with a capex facility to implement further value enhancing initiatives.

The Group advanced a €60 million whole loan to finance the acquisition of a 764 key hotel, 27 apart-hotel units and ancillary development land in Dublin.

The Group committed to a €9 million floating rate whole loan to finance the conversion of 84 apart hotels to residential use on a site adjacent to the Hotel, Dublin.  The financing was provided in the form of an initial advance along with a capex facility to fund the refurbishment works.

The Group subscribed to a senior €26 million note issuance, the proceeds of which were used to finance an office building in suburban Paris.  A repayment of €10 million was received in December 2018.

The Group closed a €110 million floating rate whole loan secured by a hotel in Spain with Starwood Property Trust, Inc (through a wholly owned subsidiary) participating in 50 per cent of the loan amount, providing the Company with a net commitment of €55 million.  The financing has been provided in the form of an initial advance along with a capex facility to support the sponsor’s repositioning strategy.

On 09 November 2018 the Group committed to a €19.5 million fixed rate whole loan secured by a mixed-use office and hotel property located in Madrid, Spain.  The financing was primarily provided in the form of an initial advance along with a smaller capex facility to support the borrower's value=enhancing, light capex initiatives.  The loan term is 5 years, and the Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy.

On 10 May 2019 the Group committed to participate in the funding of a €104 million mezzanine loan secured by a diversified portfolio of assets located in the Netherlands, Germany and Finland. Starwood Property Trust, Inc (through a wholly owned subsidiary) is participating in 50 per cent of the mezzanine loan amount, with the Group funding the balance amounting to a net commitment of €52 million. The portfolio is comprised of 165 assets and provides strong diversification in terms of tenant base, location and asset class. The loan has a term of 3 years with two, 1 year extension options and the Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy.

On 30^th September 2019 the Group committed to fund a €14.7 million fixed rate whole loan to support a mixed use development in Dublin. The loan is currently undrawn and is expected to draw down gradually over the next 2.5 years.