<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b) AND (c) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
Starwood Financial Trust
- --------------------------------------------------------------------------------
(Name of Issuer)
Class A Shares of beneficial interest, par value $1.00
- --------------------------------------------------------------------------------
(Title of Class of Securities)
85568W 104
- --------------------------------------------------------------------------------
(CUSIP Number)
October 16, 1999
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
| | Rule 13d-1(b)
|X| Rule 13d-1(c)
| | Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13G
- ------------------------------ ------------------------------
CUSIP No. 85568W 104 Page 2 of 19
- ------------------------------ ------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Lazard Freres Real Estate Fund II L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES ----------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
2,975,400
OWNED BY ----------------------------------------------------------
7 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING ----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON
2,975,400
WITH
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,975,400
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.37 %
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
2
<PAGE>
SCHEDULE 13G
- ------------------------------ ------------------------------
CUSIP No. 85568W 104 Page 3 of 19
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Lazard Freres Real Estate Offshore Fund II L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES ------------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
1,881,512
OWNED BY ------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING ------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON
1,881,512
WITH
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,881,512
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.46 %
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
3
<PAGE>
SCHEDULE 13G
- ------------------------------ ------------------------------
CUSIP No. 85568W 104 Page 4 of 19
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
LF Offshore Investment, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES ------------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
1,143,088
OWNED BY ------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING ------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON
1,143,088
WITH
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,143,088
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.13 %
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
4
<PAGE>
SCHEDULE 13G
- ------------------------------ ------------------------------
CUSIP No. 85568W 104 Page 5 of 19
- ------------------------------ ------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Lazard Freres Real Estate Investors L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES - 0 -
------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 2,975,400
------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING - 0 -
------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 2,975,400
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,975,400
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.37 %
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
5
<PAGE>
SCHEDULE 13G
- ------------------------------ ------------------------------
CUSIP No. 85568W 104 Page 6 of 19
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
LF Real Estate Investors Company
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES - 0 -
------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 3,024,600
------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING - 0 -
------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 3,024,600
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,024,600
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.45 %
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
6
<PAGE>
SCHEDULE 13G
- ------------------------------ ------------------------------
CUSIP No. 85568W 104 Page 7 of 19
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Lazard Freres & Co. LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES ------------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
2,975,400
OWNED BY ------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING ------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON
2,975,400
WITH
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,975,400
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.37 %
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
7
<PAGE>
SCHEDULE 13G
- ------------------------------ ------------------------------
CUSIP No. 85568W 104 Page 8 of 19
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Compagnie Francaise de Participations et d'Assurances
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
France
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES - 0 -
------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 3,024,600
------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING - 0 -
------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 3,024,600
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,024,600
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.45 %
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
8
<PAGE>
SCHEDULE 13G
- ------------------------------ ------------------------------
CUSIP No. 85568W 104 Page 9 of 19
- ------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Eurafrance
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
France
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES - 0 -
------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 3,024,600
------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING - 0 -
------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 3,024,600
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,024,600
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.45 %
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
9
<PAGE>
Schedule 13G
Item 1(a) Name of Issuer: Starwood Financial Trust (the "Issuer").
Item1 (b) Address of Issuer's Principal Executive Offices: 1114 Avenue of
the Americas, 27th Floor, New York, New York 10036
Item 2(a) Names of Persons Filing: This statement is filed on behalf of each
of the following persons:
(i) Lazard Freres Real Estate Fund II L.P. ("Onshore")
(ii) Lazard Freres Real Estate Offshore Fund II L.P.
("Offshore I")
(iii) LF Offshore Investment, L.P. ("Offshore II")
(iv) Lazard Freres Real Estate Investors L.L.C. ("LFREI")
(v) LF Real Estate Investors Company ("LFREIC")
(vi) Lazard Freres & Co. LLC ("LFC")
(vii) Compagnie Francaise de Participations et d'Assurances
("Compagnie")
(viii) Eurafrance
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
The address of the principal business office of Onshore, LFREI and
LFC is 30 Rockefeller Center, New York, New York 10020.
The address of the principal business office of Offshore I,
Offshore II and LFREIC is care of Maples and Calder,
Attorneys-at-Law, Ugland House, P.O. Box 309, George Town, Grand
Cayman, Cayman Islands, British West Indies.
The address of the principal business office of Compagnie and
Eurafrance is 12 Avenue Percier, 75008 Paris, France.
ITEM 2(c) CITIZENSHIP:
(i)-(iii) Onshore, Offshore I and Offshore II are Delaware
limited partnerships
(iv),(vi) LFREI and LFC are New York limited liability
companies
(v) LFREIC is a Cayman Islands exempted company
10
<PAGE>
(vii),(viii) Compagnie and Eurafrance are French corporations
ITEM 2(d) TITLE OF CLASS OF SECURITIES: Class A shares of beneficial
interest, par value $1.00
ITEM 2(e) CUSIP NUMBER: 85568W 104
ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR
13D-2(B), CHECK WHETHER THE PERSON FILING IS A:
(a) | | Broker or dealer registered under Section 15 of the
Exchange Act.
(b) | | Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) | | Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) | | Investment company registered under Section 8 of the
Investment Company Act.
(e) | | An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) | | An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) | | A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) | | A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) | | A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act;
(j) | | Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(C), CHECK THIS
BOX |X|.
ITEM 4 OWNERSHIP:
On December 15, 1998, the Issuer sold Warrants to purchase
2,975,400 Class A Shares of beneficial interest to Onshore and
Warrants to purchase 3,024,600 Class A Shares of beneficial
interest to Offshore I. The Warrants are exercisable on or after
December 15, 1999, 60 days after October 16, 1999. Effective March
30, 1999, Offshore I transferred Warrants to acquire 1,143,088
Class A Shares of beneficial interest to Offshore II.
LFREI, as the sole general partner of Onshore, may be deemed to
beneficially own the Class A Shares that Onshore may acquire upon
exercising its Warrants. LFREI is also the investment adviser to
Offshore I and Offshore II but has no right to bind them or
11
<PAGE>
otherwise direct their actions. LFREI disclaims beneficial
ownership of all Class A Shares that Offshore I or Offshore II may
acquire upon exercise of their respective Warrants.
LFREIC, as the sole general partner of Offshore I and Offshore II,
may be deemed to beneficially own the Class A Shares that Offshore
I and Offshore II may acquire upon exercising their respective
Warrants.
LFC as the managing member of LFREI, may be deemed to beneficially
own the Class A Shares that Onshore may acquire upon exercising
its Warrants. LFC disclaims beneficial ownership of these Class A
Shares.
LFREIC is wholly-owned by Compagnie, which is wholly-owned by
Eurafrance. Each of Compagnie and Eurafrance disclaims beneficial
ownership of the Class A Shares that Offshore I and Offshore II
may acquire upon exercise of their respective Warrants.
ITEM 4(a) AMOUNT BENEFICIALLY OWNED:
(i) Onshore: 2,975,400 shares that may be acquired upon
exercise of Warrants
(ii) Offshore I: 1,881,512 shares that may be acquired upon
exercise of Warrants
(iii) Offshore II: 1,143,088 shares that may be acquired upon
exercise of Warrants
(iv) LFREI: 2,975,400 shares that may be acquired upon exercise
of Warrants held by Onshore
(v) LFREIC: 3,024,600 shares that may be acquired upon
exercise of Warrants held by Offshore I and Offshore II
(vi) LFC: 2,975,400 shares that may be acquired upon exercise
of the Warrants held by Onshore
(vii) Compagnie: 3,024,600 shares that may be acquired upon
exercise of Warrants held by Offshore I and Offshore II
(viii) Eurafrance: 3,024,600 shares that may be acquired upon
exercise of Warrants held by Offshore I and Offshore II
ITEM 4(b) PERCENT OF CLASS:
(i) Onshore : 5.37%
(ii) Offshore I: 3.46%
(iii) Offshore II: 2.13%
12
<PAGE>
(iv) LFREI: 5.37%
(v) LFREIC: 5.45%
(vi) LFC: 5.37%
(vii) Compagnie: 5.45%
(viii) Eurafrance: 5.45%
These percentages are based upon 52,470,951 Class A Shares issued
and outstanding as of August 6, 1999 as reported by the Issuer in
its Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 1999
ITEM 4(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE
- 0 -
(ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE:
(i) Onshore: 2,975,400
(ii) Offshore I: 1,881,512
(iii) Offshore II: 1,143,088
(iv) LFREI: 2,975,400
(v) LFREIC: 3,024,600
(vi) LFC: 2,975,400
(vii) Compagnie: 3,024,600
(viii) Eurafrance: 3,024,600
(iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
- 0 -
(iv) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
(i) Onshore: 2,975,400
(ii) Offshore I: 1,881,512
(iii) Offshore II: 1,143,088
13
<PAGE>
(iv) LFREI: 2,975,400
(v) LFREIC: 3,024,600
(vi) LFC: 2,975,400
(vii) Compagnie: 3,024,600
(viii) Eurafrance: 3,024,600
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not Applicable.
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not Applicable.
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY.
Not Applicable.
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not Applicable.
ITEM 9 NOTICE OF DISSOLUTION OF THE GROUP.
Not Applicable.
ITEM 10. CERTIFICATION.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purpose or effect.
14
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct as of October 26, 1999.
LAZARD FRERES REAL ESTATE FUND II L.P.
By: Lazard Freres Real Estate Investors L.L.C., General Partner
By: /s/ John A. Moore
--------------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
LAZARD FRERES REAL ESTATE OFFSHORE FUND II L.P.
By: LF Real Estate Investors Company, General Partner
By: /s/ Douglas N. Wells
-------------------------------------------
Name: Douglas N. Wells
Title: Authorized Signatory*
LF OFFSHORE INVESTMENT, L.P.
By: LF Real Estate Investors Company, General Partner
By: /s/ Douglas N. Wells
-------------------------------------------
Name: Douglas N. Wells
Title: Authorized Signatory*
LAZARD FRERES REAL ESTATE INVESTORS L.L.C.
By: /s/ John A. Moore
--------------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
LF REAL ESTATE INVESTORS COMPANY
By: /s/ Douglas N. Wells
-------------------------------------------
Name: Douglas N. Wells
Title: Authorized Signatory*
LAZARD FRERES & CO. LLC
By: /s/ Scott D. Hoffman
-------------------------------------------
Name: Scott D. Hoffman
Title: Managing Director
15
<PAGE>
COMPAGNIE FRANCAISE DE PARTICIPATIONS ET D'ASSURANCES
By: /s/ Bruno Keller
-------------------------------------------
Name: Bruno Keller
Title: President and Director General
EURAFRANCE
By: /s/ Bruno Keller
-------------------------------------------
Name: Bruno Keller
Title: Secretaire General
* See attached Exhibit B for authorization
16
<PAGE>
Exhibit A
JOINT FILING AGREEMENT
----------------------
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Class A Shares of Starwood Financial Trust and further agree that
this Joint Filing Agreement be included as an Exhibit to such joint filings. In
evidence thereof, the undersigned, being duly authorized, hereby execute this
Agreement as of October 26, 1999.
LAZARD FRERES REAL ESTATE FUND II L.P.
By: Lazard Freres Real Estate Investors L.L.C., General Partner
By: /s/ John A. Moore
--------------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
LAZARD FRERES REAL ESTATE OFFSHORE FUND II L.P.
By: LF Real Estate Investors Company, General Partner
By: /s/ Douglas N. Wells
-------------------------------------------
Name: Douglas N. Wells
Title: Authorized Signatory
LF OFFSHORE INVESTMENT, L.P.
By: LF Real Estate Investors Company, General Partner
By: /s/ Douglas N. Wells
-------------------------------------------
Name: Douglas N. Wells
Title: Authorized Signatory
LAZARD FRERES REAL ESTATE INVESTORS L.L.C.
By: /s/ John A. Moore
--------------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
LF REAL ESTATE INVESTORS COMPANY
By: /s/ Douglas N. Wells
-------------------------------------------
Name: Douglas N. Wells
Title: Authorized Signatory
LAZARD FRERES & CO. LLC
By: /s/ Scott D. Hoffman
-------------------------------------------
Name: Scott D. Hoffman
Title: Managing Director
17
<PAGE>
COMPAGNIE FRANCAISE DE PARTICIPATIONS ET D'ASSURANCES
By: /s/ Bruno Keller
-------------------------------------------
Name: Bruno Keller
Title: President and Director General
EURAFRANCE
By: /s/ Bruno Keller
-------------------------------------------
Name: Bruno Keller
Title: Secretaire General
18
<PAGE>
EXHIBIT B
The follow resolution was adopted by unanimous written consent of the Board
of Directors of LF Real Estate Investors Company, a Cayman islands exempted
company, as of December 15, 1998 in connection with acquisition of the
Warrants:
FURTHER RESOLVED, that (i) Robert P. Freeman, a Director of the
Corporation, or any other Director of the Corporation (each, an "Authorized
Person"), be, and hereby is, authorized, empowered and directed on behalf of
the Partnership and the Corporation to do and perform, all such further acts
and things and sign all such further documents and certificates and take all
such other steps deemed by him to be necessary or appropriate, to effectuate
and facilitate the intent of the foregoing resolution, including, without
limitation, but subject to the limitations described in the Proposal,
negotiating, executing and delivering all documents (with such additions or
modifications thereto as any Authorized Person shall deem necessary or
appropriate) effectuating, evidencing, securing or otherwise relating to the
Transactions (as defined in the Proposal) and take such other actions as he
may deem necessary or appropriate to effectuate and facilitate the
Transactions; and (ii) Douglas N. Wells, as an authorized signatory for the
Corporation, be, and hereby is, authorized to execute and deliver all
documents (with such additions or modifications thereto as any Authorized
Person shall deem necessary or appropriate) evidencing, securing or otherwise
relating to the Proposal as any Authorized Person may deem necessary or
appropriate to effectuate and facilitate the Proposal, the execution by such
authorized signatory of any instrument or document shall conclusively
establish his authority therefor and the approval thereof by an Authorized
Person.
