Starwood Capital Group Originates £1.8 Billion Loan in Acquisition Financing for One of Uk's Premier Leisure Companies
March 01, 2021 at 02:08 pm
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Starwood Capital Group announced it has originated a £1.8 billion Term Loan as Mandated Lead Arrangers to Blackstone Capital Partners ("BCP") and Blackstone Real Estate Partners ("BREP") for the acquisition of Bourne Leisure, a premier UK holiday company. Starwood Capital will hold £720 million split evenly between two of its investment vehicles, Starwood Real Estate Income Trust, Inc. ("SREIT"), a non-traded REIT managed by Starwood REIT Advisors, L.L.C., a subsidiary of Starwood Capital, and Starwood Property Trust, Inc. Bourne Leisure is the largest provider of caravan holidays and holiday home ownership in the U.K., operating three well-known brands — Haven, Butlin's and Warner Leisure Hotels. The company employs over 16,000 team members, hosts 25,000 holiday home owners, and attracts 4.5 million guests to 56 sites across the UK every year. Starwood Property Trust is pleased to participate in this investment alongside SREIT. As the largest Commercial Mortgage REIT in the U.S, with over $36 billion of loans originated since company inception, Starwood Property Trust is optimally positioned to source and underwriting large floating-rate loans to high quality borrowers. Company believe this loan, to a repeat sponsor, represents a very attractive risk-adjusted return for company shareholders," stated Jeffrey DiModica, President of Starwood Property Trust.
Starwood Property Trust, Inc. is a real estate investment trust. The Company's segments include Commercial and Residential Lending, Infrastructure Lending, Property, and Investing and Servicing. Commercial and Residential Lending segment is engaged in originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages, subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities, residential mortgage-backed securities and other real estate and real estate-related debt investments in the United States, Europe and Australia. Infrastructure Lending segment is engaged in originating, acquiring, financing and managing infrastructure debt investments. Property segment is engaged primarily in acquiring and managing equity interests in stabilized commercial real estate properties. Investing and Servicing segment includes a servicing business in the United States; an investment business, and a mortgage loan business.