Saba Capital and Cox Capital Partners Announce Commencement of Tender Offer for Shares of Starwood Real Estate Income Trust
Saba Capital Management, L.P. today announced the commencement of a tender offer to purchase outstanding shares (“Shares”) of Starwood Real Estate Income Trust (“SREIT”), a non-traded real estate fund with limited liquidity. The SREIT offer (the “Tender Offer”) will commence on March 5, 2026, and expire at 5:00 p.m. Eastern Time on April 25, 2026, subject to the terms in the Tender Offer documents.
The Purchasers have offered to purchase up to 9,533,647 of SREIT’s Class S Shares (or about 5.4% of the outstanding Class S Shares) at $14.30 per Share and up to 10,126,353 of SREIT’s Class I Shares (or about 5.4% of the outstanding Class I Shares) (together with Class S, representing about 5.0% of the total outstanding SREIT Shares) at $15.00 per Share (the “Offer Prices”), without interest and less any applicable withholding taxes, upon the terms and conditions set forth in the Tender Offer documents.
The Class S and Class I Offer Prices represent a 28.6% and a 24.4% discount, respectively, to the transaction prices per share as disclosed by SREIT on February 12, 2026.1 The Purchasers are not affiliated with SREIT or its advisor.
Additional Information on SREIT and the Tender Offer
- Since 2022, SREIT has faced mounting repurchase requests, prompting the fund sponsor in May 2024 to restrict the amount of money that investors can redeem.2
- SREIT currently has approximately $1 billion in outstanding redemption requests. For the past six months, SREIT has only been able to honor shareholder redemption requests on a pro rata basis, meaning that only approximately 4% of each shareholder’s monthly repurchase requests have been satisfied.3
- Together, Saba and Cox are providing a pathway for SREIT shareholders to tender their shares through a simple, transparent process that will enable them to receive guaranteed cash liquidity at the Offer Price for Shares accepted for purchase.
- Shareholders can tender their shares via an easy-to-use online platform built by Cox, which guides advisors and shareholders through the process, with hands-on support as needed.
- If more Shares are properly tendered than the maximum number sought, the Purchasers will accept Shares up to the amount offered on a pro-rata basis.
The Tender Offer documents will be sent by mail to holders of the Shares by the Purchasers. Shareholders may obtain additional copies of the Tender Offer documents by contacting the Purchasers. Shareholders should read these documents, as the documents contain important information about the Purchasers’ Tender Offer.
About Saba Capital Management
Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London.
About Cox Capital Partners
Cox Capital Partners is an investment management firm specializing in secondary liquidity solutions and alternative investment strategies. Cox provides direct liquidity to shareholders, fund sponsors, limited partners, and general partners of non-traded and private BDCs, non-traded and private REITs, interval funds, and other private and feeder funds. Cox is based in Philadelphia, PA.
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