Starwood Capital has raised £228 mln (EUR 282 mln) in the initial public offering of shares for its first European real estate debt vehicle on the London Stock Exchange.
Starwood Capital has raised £228 mln (EUR 282 mln) in the initial public offering of shares for its first European real estate debt vehicle on the London Stock Exchange.
As reported in the December edition of PropertyEU Magazine, Starwood and Cushman & Wakefield Investors have joined forces to create Starwood European Finance Company (StarFin) to take advantage of financing opportunities arising from banks’ retreat from property lending.
The initiative has led to the IPO of the debt fund, Starwood European Real Estate Finance (SEREF), in London.
Stephen Smith, chairman of the company, said: 'We are very pleased to have received such broad demand for the IPO which is the largest investment company launch and the second-largest IPO fundraising on the premium segment of the UK Official List this year.'
‘The company is very much looking forward to providing senior, whole loan and mezzanine financing to the property sector across Europe,’ Peter Denton, head of debt at Starwood Capital Europe, added.
StarFin is Starwood Capital’s third major debt platform and follows its two debt platforms in the US which have lent over $10 bn (EUR 7.6 bn).
