SWEF: Update on Office Portfolio, Ireland

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Starwood European Real Estate Finance Limited

Update on Office Portfolio, Ireland

Starwood European Real Estate Finance Limited (the “Company” or “SWEF”) provides an update on the loan investment secured on a portfolio of properties in Central Dublin known as the Office Portfolio, Ireland (“the Loan”) to a vehicle indirectly owned by the Blackstone Group Inc. As of 30 November 2025, the Loan’s carrying value of €4.8 million represented circa 8.0 per cent of the Company’s Net Asset Value (“NAV”).  After taking account of the Company’s 11 December’s 2025 announcement of a further £30 million share capital redemption by the Company in December 2025 the Loan’s carrying value equates to circa 18.7 per cent of the Company’s NAV as of 30 November 2025 adjusted for the redemption.

On 8 September 2025, the Company announced that it was in discussions in connection with the sale of the Loan. Based on those non-binding discussions, the Board also announced that it had written down the recoverable value of the Loan to €4.8 million.  Further to support any such sale, such announcement also noted that the Board had commissioned an independent report on the above portfolio of properties in Central Dublin.  Today, the Company announces that the Loan has been restructured with the borrower and an entity indirectly owned by the Blackstone Group Inc will acquire the Loan for €4.8 million (the “Transaction”).  €2.8 million of the purchase price under the Transaction is being funded from SPT Real Estate Capital, LLC, an affiliate of Starwood Capital Group (who had been involved in the original sale discussions).  Following completion of this Transaction, Blackstone Group Inc. shall remain as ultimate Investor and owner of the above portfolio of properties in Central Dublin as well as hold the Loan.  The Transaction is expected to complete on 23 December 2025.

As of 30 November 2025, the Company’s NAV was £52.4 million and the NAV per share was 96.74 pence. To date, the Company has returned £346 million to shareholders in Compulsory Redemptions in accordance with its orderly realisation strategy adopted on 27 January 2023. This is equivalent to 83.6 per cent of NAV as of 31 January 2023.  In addition, the Company recently announced that, this month, December 2025, it would return a further £30 million to shareholders in Compulsory Redemptions in accordance with its orderly realisation strategy adopted on 27 January 2023.

Under UKLR 8.2.1, the Transaction constitutes a related party transaction by virtue of SPT Real Estate Capital, LLC being deemed a related party of the Company. The Board of Directors unanimously believe that the Transaction is fair and reasonable as far as the security holders of the Company are concerned and the Directors have been so advised by the Company’s sponsor, Jefferies International.

For further information, please contact: 

Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary

Duke Le Prevost

T: +44 (0) 203 5303 630

E: Starwood@apexgroup.com

Jefferies International Limited

Gaudi Le Roux

Harry Randall

Ollie Nott

T: +44 (0) 20 7029 8000

The person responsible for arranging the release of this information on behalf of the Company is Duke Le Prevost.

A copy of this announcement can be found on the Company’s website: www.starwoodeuropeanfinance.com.

Notes: 

Starwood European Real Estate Finance Limited is an investment company listed on the main market of the London Stock Exchange with an investment objective to conduct an orderly realisation of the assets of the Company. www.starwoodeuropeanfinance.com.

The Group's assets are managed by Starwood European Finance Partners Limited, an indirect wholly-owned subsidiary of Starwood Capital Group.

Information regarding forward-looking statements

This announcement contains (or may contain) statements that are, or may be deemed to be, ‘‘forward-looking statements’’. Forward-looking statements are based on current expectations and projections about future events and other matters that are not historical fact. These forward-looking statements are sometimes identified by the use of a date in the future or forward-looking terminology, including, but not limited to, the words “consider” ‘‘aim’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘plan’’, ‘‘estimate’’, ‘‘expect’’, ‘‘may’’, ‘‘target’’, ‘‘project’’, ‘‘will’’, ‘‘could’’ or ‘‘should’’ or, in each case, their negative or other variations or words of similar meaning. These forward-looking statements include matters that are not historical facts and include statements that reflect intentions, beliefs and current expectations. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future or are beyond the Company’s control. They are not guarantees of future value or performance and are based on one or more assumptions.

Forward-looking statements contained in this announcement apply only as at the date of this announcement. Subject to any obligations under the UK Listing Rules and FCA’s Disclosure Guidance and Transparency Rules, the UK version of the Market Abuse Regulation or any other applicable law or regulation, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.