Starwood Real Estate Income Trust Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has reportedly closed on five new investments totaling $1.8 billion over the last month, according to a filing with the Securities and Exchange Commission.
The REIT originated a senior secured loan to Blackstone Real Estate Partners in their take private of Crown Resorts Limited (ASX: CWN), Australia’s largest hotel and casino company that owns and operates three of the country’s largest resorts.
In an off-market acquisition, the REIT also purchased the Verona Logistics Portfolio, a five-property, newly constructed logistics park in Northern Italy. The park was developed between 2017 and 2021 and contains 2.6 million square feet of Class A logistics space including temperature-controlled features. The portfolio has a weighted-average lease term remaining of 10.2 years.
In another off-market acquisition, Starwood REIT purchased the Denmark Logistics Portfolio, a 10-asset logistics and light industrial portfolio totaling 2.0 million square feet in eastern Denmark. The portfolio is 100 percent leased with a weighted-average lease term remaining of 9.9 years.
Starwood REIT purchased the Barcelona Mediacomplex, a 343,000-square-foot mixed-use asset in Barcelona, consisting of studio/media production, research, office, and retail space. It is 100 percent leased with a weighted-average remaining lease term of 14 years.
In an off-market acquisition, the REIT acquired the Florida Affordable Housing Portfolio IV, comprised of five affordable housing multifamily communities with 1,385 units located in Orlando, Florida. The portfolio has an average vintage of 2001 and current occupancy of approximately 99.6 percent.
Starwood REIT said that its current acquisitions pipeline includes two investments under contract or exclusivity totaling $1.3 billion.
Starwood Real Estate Income Trust invests in stabilized real estate across the United States and Europe and has raised $3.9 billion in its initial public offering from December 2017 to June 2021. Its $10 billion follow-on offering was declared effective in early June 2021 and raised $7.9 billion, as of mid-July 2022. As of June 30, 2022, the REIT’s NAV was approximately $13.9 billion.