Starwood Expands Platform; Registers Nontraded REIT
October 19, 2017 | James Sprow | Blue Vault
Starwood Real Estate Income Trust, Inc. Files for Proposed Initial Public Offering
Starwood Real Estate Income Trust, Inc. (“Starwood REIT”) on October 18 announced that it has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed initial public offering of Class D, Class I, Class S and Class T shares of its common stock. Starwood REIT, which is externally managed by an affiliate of Starwood Capital Group, is offering up to $4,000,000,000 in shares of its common stock in its primary offering, and up to $1,000,000,000 in shares of its common stock pursuant to its distribution reinvestment plan.
Starwood REIT will be a diversified vehicle focusing on acquiring stabilized, income-oriented commercial real estate in both primary and secondary markets in the United States, with an ability to also invest in Europe. It intends to qualify as a real estate investment trust for federal income tax purposes. Shares will be offered on a continuous basis at a price generally equal to the net asset value per share of each class of common stock, updated monthly.
Starwood Capital, L.L.C. will act as the dealer manager for the offering on a best efforts basis and will engage selected broker-dealers to participate in the distribution of the shares to individual investors. Copies of the prospectus relating to the offering may be obtained, when available, from Starwood Capital, L.L.C. at 591 W. Putnam Ave., Greenwich, CT 06830.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
Starwood Capital Group Announces Expansion of Broker-Dealer Affiliate, Starwood Capital, L.L.C.
Starwood Capital Group, a leading global private investment firm, today announced the expansion of its broker-dealer affiliate, Starwood Capital, L.L.C., as well as the appointment of Trisha A. Miller, CFP® to be its CEO.
“Our broker-dealer’s expanded focus to include individual investors represents an important step in Starwood’s growth,” said Barry Sternlicht, Chairman and CEO of Starwood Capital Group. “We have been carefully evaluating how to reach individual investors for some time, and believe now is the opportune time to diversify our offerings to this growing source of capital. While Starwood has historically raised funds with institutional investors, the marketplace for alternative investment products tailored to individual investors has evolved and strengthened in recent years in ways that can benefit the individual investor. We are excited to bring on Trisha Miller to lead our broker-dealer affiliate and begin welcoming a new group of investors to participate in our longstanding business of buying high-quality assets and improving them through hard work, attention to detail and creativity.”
Ms. Miller, a veteran of the financial services industry, was previously an Executive Director of W. P. Carey, Inc., and CEO of Carey Financial, LLC, W. P. Carey’s broker-dealer subsidiary. A substantial portion of Ms. Miller’s team at W. P. Carey, widely regarded as one of the most effective capital raising teams in the industry, has joined Starwood Capital, L.L.C as well.
“I am thrilled to be joining the Starwood team,” said Ms. Miller. “With Starwood’s deep market and asset knowledge across the United States and Europe, I am confident we will be able to provide individual investors with very attractive alternative investment products.”
About Starwood Capital Group
Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 10 offices in four countries around the world, and currently have more than 3,400 employees. Starwood Capital Group has raised over $42 billion of equity capital since its inception in 1991, and currently manages more than $54 billion in assets. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 26 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com.
The well-attended Blue Vault session at the recent National Planning Holdings National Conference was very well received. The value of their products was evidenced by the volume of questions from the attendees. Stacy Chitty, Managing Partner, did an excellent job of explaining the history, strategy and value of Blue Vault data.