Realised Portfolio (as at 30 June 2023)

The Group together with Starwood Property Trust, Inc. acted as one of the three partners for the £147m mezzanine component of the £547m refinancing of the Maybourne Hotel Group (“Maybourne”). The refinancing was secured on three five-star luxury London hotels being Claridge’s, the Connaught and the Berkeley and consisted of a £400m senior loan and £147m of mezzanine of which the Group committed £19m. The Group’s investment was undertaken on an attractive loan to value in the low fifties per cent. In January 2015, the Maybourne facilities were amended and restated with the effect of increasing the senior financing by £40 million and the mezzanine facilities being reduced by a corresponding amount. This restructure was an alternative to a complete refinancing of the debt and enabled the Group to retain an investment (albeit lower) notwithstanding the improvement in the debt markets since the time of the original transaction. Subsequently, during the final quarter of 2015 the remaining loan of £11.2 million was repaid when the borrower refinanced.

The Group provided £10 million out of a £55.75 million loan to a very strong opportunistic property investor secured by a well located transitional asset in the Tottenham Court Road area of the West End. The Borrower’s business plan was to obtain a mixed use planning consent which would then facilitate a refurbishment process at which time the loan would be repaid. The loan was repaid in December 2015 following achievement of planning.

The Group, together with Starwood Property Trust, Inc., provided a €95 million facility to an entity sponsored by Tristan Capital Partners and AEW Europe. The facility refinanced 225 retail hypermarket and convenience stores located in Finland. The Group invested €45 million in the facility which had a low-60 per cent. loan to value. The portfolio was gradually divested with final loan repayment in April 2016.

The Group provided a £17.95 million participation in a £288 million refinancing facility for Salesforce Tower (formerly Heron Tower), a single office property located in the EC2 district of the City of London. The remainder of the facility was provided by Starwood Property Trust, Inc. The loan was refinanced upon completion of the borrower’s lease up strategy in April 2016.

The Group provided a £27 million financing facility for an office building in Park Royal, West London. The financing was secured against a six-storey, 160,000 square foot building named FC200 located within the First Central mixed-use development site in Park Royal. The financing allowed the sponsors to refinance the all-cash acquisition of the property in late 2011 as well as providing funding for the remaining capex to complete its fit out. In September 2014, the Group completed the syndication of a £13.5 million senior note on to a UK clearer. The loan was repaid in June 2015 upon completion of the borrower’s business plan.

The Group provided a £45 million participation in a £200 million facility for the refinancing of Aldgate Tower, a new Grade A office building located in the City of London. The facility supported the acquisition and stabilisation through the leasing of the property. The loan was repaid in April 2016 as a result of a sale of the property.

The Group provided a facility to the LifeCare Residences Group to fund £8.5 million of a £16.75 million mezzanine loan and £4.3 million of a £40 million senior loan together to finance the development of a prime London retirement village. LifeCare Residences is a leading developer and operator of retirement care villages in both the United Kingdom and New Zealand. The Group was the mezzanine loan arranger. The loan was gradually repaid upon completion of sales of the units with final repayment in June 2016.

The Group committed to provide €25 million out of a total of €99 million for the refinancing and refurbishment of a new W branded hotel located in the centre of Amsterdam. The sponsor was Liran Wizman, a highly experienced hotel owner and key shareholder in Grand City Hotels, a highly rated pan-European hotel management company. The refurbished hotel is based on Spuistraat, a prime location within the city and providing easy access to transport links and attractions including the Royal Palace and Dam Square, which the hotel adjoins. The loan was repaid upon completion of the refurbishment and a subsequent refinancing of the loan.

The Group provided two facilities for a total of DKK 327.4 million for a portfolio of light industrial assets throughout Denmark. The first facility was a mezzanine facility to refinance a portfolio already owned by the sponsor. The second facility was a whole loan to support the acquisition of a new portfolio. On 28 February 2017, the Group received full repayment of the loan as a result of the sale of the portfolio.

The Group initially provided a €21.8 million loan in November 2013 to finance the acquisition of an industrial and office portfolio in the Netherlands. The Group subsequently entered into an agreement to refinance and enlarge upon the previous facility to support acquisitions resulting in a net investment following syndication of a portion of the loan of €27.6 million. In March 2017, the Group received full repayment of the loan as a result of the sale of the portfolio, in line with the sponsor’s business plan.

The Group, together with Starwood Property Trust, Inc originally participated in a £220 million facility secured on Centre Point, one of London’s most iconic towers. The facility refinanced the existing loan at Centre Point and the comprehensive refurbishment of the property. The Group initially participated in £40 million of the facility. In 2014, the Group, along with other Starwood affiliated vehicles, reached an agreement to supplement its existing loan based on the achievement of planning permission and strong underlying debt metrics. The overall facility increased by £45 million to £265 million, with the Group funding £5 million of the increase. The Group received final repayment of the Centre Point loan in February 2018 following successful execution of the borrower’s business plan.

The Group provided a €14.3 million facility for the acquisition of an office building in Amsterdam fully occupied by UPC Nederlands, BV, one of the largest telecom operators in the Netherlands and a member of the Liberty Global Inc. group of companies. In July 2017 the Group received full repayment following a successful refinancing of the property by the owner.

The Group provided £6.9 million of a £14 million junior loan to refinance a 5 star hotel in central London. The Group subsequently committed to increase its existing loan by £6.2 million in July 2015. In September 2017, the Group received full repayment of the loan following a successful refinancing of the property by the owner.

The Company purchased £9.5 million of the £560 million Class B2 Fixed Rate Secured Notes issued by CPUK Finance Limited following the acquisition of the Center Parcs group by a Brookfield managed fund. The Group received full repayment in June 2017 at a redemption price of 104.8%.

The Group funded a €6.2 million whole loan relating to the acquisition of 47 apartments in Cork to a strong and highly regarded local sponsor. The Group received full repayment of the loan in March 2018 following successful completion of the borrower’s business plan.

The Group advanced a £26.95 million whole loan in relation to a hotel in the Channel Islands. The Group received full repayment of the loan in May 2018 following a refinancing by the borrower.

The Group provided a €6.1 million loan on a portfolio of residential rental properties in the Republic of Ireland. The Group received full repayment of the loan in June 2017 following completion of the borrower’s business plan.

The Group acquired the mezzanine component of a package of loan facilities provided by internationally recognised banks to fund the acquisition of a portfolio of UK budget hotels. The portfolio was a homogeneous portfolio of UK regional limited-service hotels that was geographically diversified, benefitted from strong branding and management by an international operator and was owned by an experienced hotel investor. In November 2017, the Group received full repayment of the loan following a successful refinancing of the portfolio by the owner.

The Group provided £32.5 million for a whole loan on a portfolio of industrial assets located around the UK. The loan was repaid in December 2018 upon completion of the borrower's business plan.

The Group arranged a £158.1 million floating rate facility for certain affiliated companies of Varde Partners to refinance a portfolio of 141 retail, office and industrial assets located throughout the UK. With 393 tenants the portfolio reflected very strong diversification in terms of tenant, geography and sector. The Group worked closely with a major investment bank which provided the borrower with a £123 million senior loan facility, leaving the Group to advance a £35.1 million mezzanine facility. The loan amortised significantly over time in line with the borrower’s business plan and final repayment was received in January 2019,

The Group provided a €7.9 million loan on a portfolio of residential rental properties in the Republic of Ireland. The Group received full repayment of the loan in November 2018 following completion of the borrower’s business plan.

The Group committed to a €11.25 million whole loan facility to finance a 127 bed purpose built student development scheme in central Dublin. The Dublin student market suffers from a severe structural undersupply of purpose built student accommodation, and the borrower’s aim was to deliver high quality schemes in strong locations across Ireland in order to address this shortage. The loan was repaid in March 2019 on achievement of the business plan.

The Group arranged and subscribed to a €14.77 million note issuance, the proceeds of which were used to finance the acquisition of a light industrial asset in the Parisian region of France. The loan was repaid in December 2018 following a sale of the property.

The Group advanced a €18.85 million whole loan to support the acquisition and repositioning of a South Dublin office building in the Republic of Ireland. The building was converted to educational use with a new lease to a premium global education company. The sponsor, Barry O'Callaghan, is a highly regarded local investor with deep experience in the education sector. The loan was repaid due to a refinancing on successful completion of the business plan.

The Group advanced a €46.0 million whole loan to finance the acquisition of a 4-star, 240-key hotel in central Barcelona's 22@ district. The borrower was a partnership between institutional-quality investors with track records of successful hotel acquisitions throughout Europe. The loan was repaid following a sale of the hotel.

The Group advanced a €68.5 million whole loan for a portfolio of industrial assets located across Central and Eastern Europe. €26.5 million of the loan was funded in March 2017 with the remaining commitment drawn in May 2017. Amortisation was received during the life of the loan as the borrower executed their business plan of asset disposals with final repayment in September 2019.

The Group advanced a £45.9 million mezzanine loan secured by a well-invested portfolio of geographically diversified mid-range hotels in strong regional UK cities. The loan was repaid in full following a sale of the portfolio.

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. Full repayment of the loan was received in December 2019 following a sale of the portfolio.

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 a hotel in Dublin in which the Group also invested. The financing was provided in the form of an initial advance along with a capex facility to fund the refurbishment works. The loan was repaid upon full completion of the borrowers' business plan.

The Group, together with Starwood Property Trust, Inc, committed to a whole loan in relation to three mixed use development projects in the south east of England. The borrower’s aim is to deliver strong mixed use schemes in the centre of high growth commuter locations providing PRS, private residential for sale, retail, office, hotel and serviced apartments. The loan repaid in March 2020 on completion of the borrower's business plan.

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 with final repayment in February 2020.

The Group acquired £21.77 million junior notes linked to the performance of a portfolio of high quality UK real estate loans owned by a major commercial bank. The underlying reference loan pool ws secured by an institutional quality, well-diversified pool of commercial real estate assets with an average LTV of less than 50 per cent.

On 19th September 2019 the Group committed to fund a £56.8 million floating rate whole loan to support a residential scheme in London. The financing was primarily provided in the form of an initial advance along with a smaller capex facility to support the sponsor's completion of the scheme. The original loan term was 2 years.

In March 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 was provided in the form of an initial advance along with a capex facility to support the sponsor’s repositioning strategy.

£5.0 million whole loan

On 17 June 2020, the Group closed an investment in the funding of a €71.9 million, 36 month floating rate senior loan secured by a portfolio of industrial/logistics assets in the UK and Germany. The investment has been made alongside Starwood Property Trust, Inc (through a wholly owned subsidiary) with the Group participating in €20 million (27.8 per cent) of the senior loan amount. The single loan agreement has a Euro and Sterling tranche and this represents the sterling tranche outstanding. This sterling tranche was fully repaid in 2021.

On 26th May 2022, the Group announced it €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 Euro tranche of the loan was repaid in December 2022

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 was 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 amounted to £16.7 million whilst the total commitment is £22.95 million which was drawn in full.

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.

On 17 June 2020, the Group closed an investment in the funding of a €71.9 million, 36 month floating rate senior loan secured by a portfolio of industrial/logistics assets in the UK and Germany. The investment has been made alongside Starwood Property Trust, Inc (through a wholly owned subsidiary) with the Group participating in €20 million (27.8 per cent) of the senior loan amount. The single loan agreement had a Euro and Sterling tranche. This Euro tranche was fully repaid in 2023.