Starwood Capital Calls For Support From London to Invest in Spain

9/04/2014 – Expansion

Real estate magnate Barry Sternlicht wants to enter Spanish property market with his fund Starwood Europe Real Estate Finance. In order to achieve that, he asked other investors of the listed firm to lift restrictions blocking way to investment in Spain.

If the amendment in policy approved by shareholders (BlackRock, Russell Investments and Schroders among others), the fund will be allowed to acquire credit portfolios. Sterlicht claims that they had already missed many opportunities.

The markets of Spain and Italy started to show signs of recovery and the appetite of investors for property found in these countries returned. At present, investment in the south of Europe is banned, therefore the transactions are conducted mainly in the United Kingdom, Germany and the Netherlands. Starwood Europe has been listed on the London Stock Exchange since 2013 when it raised £230 million (€280 million) at flotation. (…).

The company´s branch, Starwood Capital, has been outbid in auction of Altamira, the property manager of Santander, that was eventually acquired by Apollo Global Management. Also, the affiliate did not manage to reach the final bidding for the ´Octopus Portfolio´.

(…) Once the request approved, Starwood will search for hotel, office and shopping center opportunities.



Original article: Expansión (by Roberto Casado)

Translation: AURA REE