Title: Starwood European Real Estate Finance Limited URL Source: https://doc.morningstar.com/document/f63aaf2c0be02fff52ad38a351f79ee4.msdoc/?clientid=ajbell&key=805803a4ca9fc338 Markdown Content: 1 / 3 # KEY INFORMATION DOCUMENT PURPOSE: This document provides you with key information about this investment product. It is not marketing material. The inf ormation is designed to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. This document has been prepared in accordance with the Financial Conduct Authority’s statement on forbearance in relation to investment trust disclosure requirements dated 19 Septe mber 2024. It d oes not seek to comply with the UK PRIIPS Regulation, and therefore its content may look different to other Key Information Documents for other products. ## PRODUCT # Starwood European Real Estate Finance Limited (PRIIP) Manufacturer: Name: Starwood European Finance Partners Limited (the ''Company'') Contact Details: For more information call +44 (0) 203 5303 630 Website: www.starwoodeuropeanfinance.com Competent authority: The Financial Conduct Authority (''FCA'') is responsible for supervising Starwood European Finance Partners Limited (the ''Co mpany'') in Date of production: # WHAT IS THIS PRODUCT? Type : This PRIIP is a non -cellular Company limited by shares with an unlimited life, incorporated under the Companies (Guernsey) Law, 2008 and is listed on the London Exchange Main Market. As such, there is a no maturity date. Shares of the PRIIP are bought and sold via markets. Term : This product has no maturity date as the loan investments could be extended. However, please refer to the 'Other Relevant Information' section below for details of an orderly realisation. Objectives : Effective from 27 January 2023, the PRIIPs investment objective is to conduct an orderly realisation of the assets of the Company. The assets of the Company will be realised in an orderly manner, returning cash to Shareholders at such times and in such manner as the Board may, in its absolute discretion, determine. The Company may not make any new investments save that: - investments may be made to honour commitments under existing contractual agreements or to preserve the value of the underlying security; and - cash held by the Company pending distribution will be held in either cash or cash equivalents for the purpose of cash managem ent. Subject to the above restrictions, the Company retains the ability to seek to enhance the returns of selected loan investment s through the economic transfer of the most senior portion of such loan investments which would be by way of syndication, sale, assignment, sub -participation or other financing (including but not limited to true sale securitisation, repurchase transactions and loan -on -loan financing). The Company may utilise borrowings from time to time for working capital and general corporate purposes provided such borrowings will not exceed 30% of the Net Asset Value immediately following the drawdown of the borrowings. The Company will not enter into derivative transactions for purely speculative purposes. The Company will continue to comply with the restrictions imposed by the Listing Rules in force and as amended from time to time. The Fund is actively managed and is not managed in reference to any benchmark. Intended retail investor : This PRIIP will primarily be marketed to institutional and sophisticated investors, investment professionals, high net worth bodies, corporate and unincorporated associations, partnerships and trustees of high trusts and private clients (all of whom will i nvest through brokers). # WHAT ARE THE RISKS AND WHAT COULD I GET IN RETURN? ## Risk indicator ## 1 2 3 4 5 6 7 ## Lower risk Higher risk The risk indicator assumes you keep the product for 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts on how much you get back. We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions could impact our capacity to pay you. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. Be aware of currency risk. You will receive payments in GBP as remitted by the Company, so the final return you will get may depend on the exchange rate between the GBP remitted and your elected bank account currency. This risk is not considered in the indicator shown above. Investors shall note that besides risks included in the risk indicator, other risks such as interest rate risks may affect the Fund's performance. Please refer to the Prospectus for further details. This product does not include any protection from future market performance so you could lose some or all of your investment. ISIN: GG00BTZ JM644 relation to this Key Information Document. Starwood European Real Estate Finance Limited is authorised in Guernsey and regulated by The Guernsey Financial Services Commission (''GFSC''). 10 March 2025 2 / 3 Investment performance information The assets of the Company will be realised in an orderly manner, returning cash to Shareholders at such times and in such a m anner as the Board may, in its absolute discretion, determine. The Board will endeavour to realise all of the Company's investments in a manner that achieves a balance between maximising the net value received from those investments and making timely returns to Shareholders. As the Company invests across different regions within the UK and the wider European Union's internal market, the return can also be affected by the macro -economic factors impacting on those economies. The product does not compare its performance to a specific benchmark. However, if you hold the product through an investment advisor/investment manager, that person may set an appropriate benchmark against which you could compare its performance. What could affect my return positively ? The Company's financial performance will be positively impacted by a stable economic outlook, lower interest rate environment and/or a positive outlook for commercial real estate and occupational demand, which may lead to earlier repayments and return of c apital to investors. What could affect my return negatively? High interest rates and poor demand for the underlying real estate assets are amongst the factors that will impact underlying property values and therefore the timing of loan repayments and the potential impairments of loans, leading to lower and/or delayed realisations. The Company m ay be required to enforce over its security where loans becom e non -performing or fall past due and as such it may be considered to be a distressed seller resulting in lower realisable values i n adverse market conditions. Under adverse market conditions, the Company could suffer significant and prolonged, or even per manent loss of capital. The maximum loss is 100% of the money invested in the Company. There is no minimum guaranteed level of capital to be returned. The value of the shares in the product is directly impacted by the solvency status of Starwood European Real Estate Finance Limited. There are no investor compensation or guarantee schemes available to investors should the product be unable to pay out. # WHAT ARE THE COSTS? The disclosure has been prepared with reference to the Financial Conduct Authority's Statement on forbearance in relation to investment trust disclosure requirements dated 19 September 2024. It does not seek to comply with the requirements of the PRIIPS Regulation in this regard. The Reduction in Yield (''RIY'') shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one - off, on -going an incidental costs. The amounts shown here are the cumulative costs of the product itself, for different holding perio ds. The figures assume you invest £10,000. The figures are estimates and may change in the future. We have not included operating and interest expenses paid by the Company, which are disclosed in the Company's Annual Report and Accounts, and its portfolio of investments on the basis that the return that you may receive will depend on the Company's share price and the expenses that it incurs. The operating and interest expenses incu rred by the Company (together with other market factors) can affect the share price of the Company. ## Cost over time The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time. The figures shown include all the costs of the product itself, but exclude operating and interest expenses incurred by the Company and its portfolio of investments, and do not include any off the costs that you may pay to your adviser and / or distributor. The figures do not take into account your personal taxation circumstances, which may also affect how you might recover from the sale of your shares. Example Investment of 10,000 GBP If you exit after 1 year If you exit after 5 years(RHP) Total costs 0 GBP 0 GBP Impact on return (RIY) per year 0. 00 % 0. 00 % # WHAT HAPPENS IF STARWOOD EUROPEAN FINANCE PARTNERS LIMITED (THE ''COMPANY'') IS # UNABLE TO PAY OUT? 3 / 3 ## Composition of costs The table below shows: The impact each year of the different types of product costs on the investment return you might get at the end of the recommended holding period; and What the different cost categories mean This table shows the impact on return per year One -Off costs Entry costs 0.00% No entry costs are payable to the Company or its investment manager when you acquire ordinary shares, although you may be required to pay your own broker fees or commissions. Exit costs 0.00% No exit costs are payable to the Company or its investment manager when you dispose of ordinary shares, although you may be required to pay your own broker fees or commissions. Ongoing costs Portfolio transaction costs 0. 00 % No portfolio transaction costs, relating to the buying and selling of underlying investments, are payable by you to the Company or its investment manager. You should be aware that portfolio transaction expenses are incurred by the Company, as set out in the Company’s Annual Report and Accounts. Other ongoing costs 0.00% No management or advisory fees are payable by you to the Company, its investment manager or other service providers. You should be aware that management, advisory and administrative expenses are incurred by the Company, as set out in the Company’s Annual Report and Accounts. Incidental costs Performance fees 0.00% The Company does not pay a performance fee. Carried interests 0.00% The Company does not pay carried interest. # HOW LONG SHOULD I HOLD IT AND CAN I TAKE MY MONEY OUT EARLY? The recommended minimum holding period: 5 years. The minimum recommended holding period for the product is 5 years, however, the shares of the PRIIP trade continuously on the London Stock Exchange Main Market and is not bound by any prescribed redemption or sale restrictions. # HOW CAN I COMPLAIN? As a shareholder of Starwood European Real Estate Finance Limited you do not have the right to complain to the Financial Ombu dsman Service (FOS) about the management of Starwood European Real Estate Finance Limited. Any complaints concerning this Fund or the Key Information Document should be directed to the following address: Postal Address: 1 Royal Plaza, Royal Avenue St Peter Port, Guernsey Channel Islands, GY1 2HL. E-mail: Starwood@apexgroup.com Website: https://starwoodeuropeanfinance.com/investors/governance/ # OTHER RELEVANT INFORMATION Additional Information: Copies of the latest prospectus, annual report, semi -annual report (all available in English) are available free of charge on the Company website; www.starwoodeuropeanfinance.com or on www.londonstockexchange.com. Further information on gearing and borrowing limits can be found on page 48 of the Prospectus dated 2015. However, at the Annual General Meeting held on 6 May 2016, the borrowing limit was increased to 30% of NAV at time of drawdown, of which 20% may be longer term. Depending on how you buy these shares you may incur other costs, including platform fees. The distributor will provide you with additional documents where necessary. Orderly Realisation: Despite strong portfolio performance, due to a near term likelihood that the Company would no longer be of a viable size to p rovide Shareholders with sufficient liquidity and scale, and following a review of the Company's strategy and advice sought from its advisors, the Board announced on 31 October 2022 that it intended to recommend to Shareholders that the investment objective and policy of the Company are amended, such that the Board can pursue a strategy of orderly realisation and the return of capital over time to Shareholders. On 28 December 2022, the Company published a Circular containing a Notice of Extraordinary General Meeting (''EGM'') to this effect. The EGM was held on 27 January 2023, where Shareholders app roved the Company's amended investment objective and policy to pursue a strategy of orderly realisation and return of capital over time to Shareholders. It is expected that it may take approximately 5 years to wind up the Company. Past Performance: The figures presented in this document are based on past performance and are not a guarantee of future returns. The performan ce scenarios in the section ''What are the risks and what could I get in return?'' are presented in accordance with Financial Conduct Auth ority's PRIIP Regulatory Technical Standards.