Document:

EX-10.8

 Exhibit 10.8 

STARWOOD REAL ESTATE INCOME TRUST, INC. 

INDEPENDENT DIRECTOR COMPENSATION POLICY 

Effective Date 
 On
                    , 2017, the Board of Directors (the “Board”) of Starwood Real Estate Income Trust, Inc. (the “Company”)
adopted this Independent Director Compensation Policy, to be effective                     , 2017. Capitalized terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Starwood Real Estate Income Trust, Inc. Independent Director Restricted Share Plan (the “Plan”). 

Eligibility 
 This policy shall apply to directors of the
Company who meet the requirements set forth for an “independent director” in the Company’s Charter. 
 Compensation 

Each independent director shall receive an annual retainer of $65,000 and the chairperson of the Company’s audit committee shall receive an additional
annual retainer of $10,000 (the “Compensation”). The Compensation shall remain in effect until changed by the Board. 
 Payment Timing and Form

 The Company will pay the Compensation in quarterly installments of which 75% shall be paid in cash in arrears, as soon as possible following the end
of the calendar quarter to which the Compensation relates, and the remaining 25% shall be paid in the form of restricted shares of the Company’s Class I common stock (“Class I Restricted Stock”). 

Terms and Conditions of Class I Restricted Stock 
  

	 	•	 	Class I Restricted Stock shall be granted under, and subject to the terms and conditions of, the Plan, and the award certificate evidencing such grant. 

 

	 	•	 	The Class I Restricted Stock shall be granted on the third (3rd) business day following the last day of the calendar quarter to which the Compensation relates
(each, a “Grant Date”). The number of shares of Class I Restricted Stock granted shall be determined by (A) dividing twenty-five percent (25%) the quarterly Compensation due by the per share net asset value (“NAV”) of
the Company’s Class I common stock, determined as of the last day of the applicable calendar quarter, and (B) rounding to the nearest whole number. 

 

	 	•	 	Unless and until provided otherwise by the Board, the Class I Restricted Stock granted pursuant to this Policy in connection with the first annual grant shall vest and become non-forfeitable on the one-year anniversary
of the date on which such Independent Director is appointed to the Board and subsequent grants shall vest and become non-forfeitable on the one-year anniversary of the Grant Date, provided, in each case, that the Independent Director is providing
services to the Company as a director on each such vesting date. Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall become fully vested on the earlier occurrence of: (i) the termination of the Independent
Director’s service as a director of the Company due to his or her death or Disability; or (ii) a Change in Control of the Company. If the Independent Director’s service as a director of the Company 

	 	 
terminates other than as described in clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any unvested shares
of Restricted Stock as of the date of such termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director. 

Proration 
  

	 	•	 	If an Independent Director is newly appointed or elected to the Board at the Annual Meeting of Shareholders (“Annual Meeting”), then his or her Compensation shall be prorated to reflect his or her full
calendar months of service (e.g. if the Annual Meeting is in May, then the first quarterly payment will be with respect to service during June of such quarterly service period). 

 

	 	•	 	If an Independent Director is newly appointed or elected to the Board at any time other than at an Annual Meeting, then his or her first quarterly payment will be prorated to reflect the number of full calendar months
of service between the effective date of the Independent Director’s appointment or election through the last day of the respective quarterly calendar period (e.g. if an Independent Director is appointed to the Board on January 15, then his
or her first quarterly payment will be with respect to service during February and March of such quarterly calendar period). 

  

	 	•	 	If an Independent Director is not newly appointed or re-elected at the Annual Meeting, then he or she will not receive payment for services during the month of such Annual
Meeting. 

  
 - 2 -EX-10.9

 Exhibit 10.9 

ESCROW AGREEMENT 
 THIS
ESCROW AGREEMENT dated as of September 29, 2017 (this “Agreement”), is entered into among Starwood Capital, L.L.C. (the “Dealer Manager”), Starwood Real Estate Income Trust, Inc. (the
“Company”) and UMB Bank, N.A., as escrow agent (the “Escrow Agent”). 
 WHEREAS, the Company
intends to raise funds from Investors (as defined below) pursuant to a public offering (the “Offering”) of the sale of Class T, Class S, Class D and Class I shares of common stock, par value $0.01 per share (the
“Securities”), by offering and selling: (a) up to $4,000,000,000 in shares of the Securities in the primary offering; and (b) up to $1,000,000,000 in shares of the Securities pursuant to the Company’s distribution
reinvestment plan (the “DRP Securities”), pursuant to the registration statement on Form S-11 of the Company (File
No. 333-[            ]) (as amended, the “Registration Statement”); 

WHEREAS, the Company has agreed that the subscription price paid by Investors (as defined below) for Securities promptly will be
refunded to such Investors if at least $150,000,000 of gross offering proceeds, including Securities sold to directors and officers of the Company, Starwood REIT Advisors, L.L.C. and their respective affiliates (the “Minimum
Offering”), has not been raised from the sale of shares of the Company’s common stock within one year from the date that the U.S. Securities and Exchange Commission (the “SEC”) initially declares the Registration
Statement effective; 
 WHEREAS, the Company desires to establish an escrow account with the Escrow Agent for funds contributed by
the Investors (as defined below) with the Escrow Agent in accordance with the Registration Statement, to be held for the benefit of the Investors and the Company until such time as aggregate subscriptions received from all Investors equals the
Minimum Offering, in each case in accordance with the terms and subject to the conditions of this Agreement; and 
 WHEREAS, the
Escrow Agent is willing to accept appointment as escrow agent only for the express duties set forth herein. 
 WHEREAS, the Company has
directed the Escrow Agent to engage DST Systems, Inc. (the “Transfer Agent”) to receive, examine for “good order” and facilitate subscriptions into the Escrow Account as further described herein and to act as record keeper,
maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account. In so acting the Transfer Agent shall be acting solely in the capacity of agent for the Escrow Agent and not in any capacity on behalf of the Company, nor shall
the Transfer Agent have any interest other than that provided in this Agreement in assets in Transfer Agent’s possession as the agent of the Escrow Agent. 

 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Proceeds to be Escrowed. On or before
the date on which the Offering commences, the Company shall direct the Escrow Agent to establish an deposit account in the name of the Escrow Agent to be invested in accordance with Section 7 hereof (including such abbreviations as are required
for the Escrow Agent’s systems) (the “Escrow Account”). This Agreement shall be effective as of the date first written above. The escrow period shall commence upon the effectiveness of this Agreement and shall continue until
the Termination Date (as defined in Section 5) (the “Escrow Period”). 
 All checks, wire transfers and other funds
received from persons submitting subscriptions for the purchase of Securities (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day
following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the
Company or its agents shall cause all checks received by and made payable to it in payment for the Securities to be endorsed for favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. 

The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and
collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all
costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent
reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the
Offering. 
 2. Investors. During the Escrow Period, Investors will be instructed by the Dealer Manager or any soliciting dealers retained by the
Dealer Manager in connection with the Offering (the “Soliciting Dealers”) to remit the purchase price in the form of checks, drafts, wires, Automated Clearing House or money orders (each an “Instrument of Payment”
and, collectively, the “Instruments of Payment”) payable to the order of, or wired in favor of, as applicable, “UMB Bank, N.A., as escrow agent for Starwood Real Estate Income Trust, Inc.” Any Instrument of Payment made
payable to, or wired in favor of, a party other than the Escrow Agent shall be returned to the Dealer Manager or Soliciting Dealer that submitted the check. By 12:00 p.m. (EST) of the next business day following the receipt of Instruments of Payment
from the Offering, the Company or the Dealer Manager, as applicable, shall furnish the Escrow Agent with a list of the Investors who have paid for the Securities showing the name, address, tax identification number, the amount of Securities
subscribed for purchase and the amount paid. The information comprising the identity of Investors shall be provided to the Escrow Agent in substantially the format set forth in the list of Investors attached hereto as Exhibit A (the
“List of Investors”). 
 When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which
the subscription agreement and the check for the purchase of Securities were initially 

  
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received by Soliciting Dealer from the subscriber, such Soliciting Dealer shall transmit the subscription agreement and such check to the Escrow Agent by the end of the next business day
following receipt of the check for the purchase of Securities and subscription agreement. When, pursuant to such Soliciting Dealer’s internal supervisory procedures, such Soliciting Dealer’s final internal supervisory procedures are
conducted at a different location (the “Final Review Office”), such Soliciting Dealer shall transmit the check for the purchase of Securities and subscription agreement to the Final Review Office by noon of the next business day
following Soliciting Dealer’s receipt of the subscription agreement and the check for the purchase of Securities. The Final Review Office will, by the end of the next business day following its receipt of the subscription agreement and the
check for the purchase of Securities, forward both the subscription agreement and check to the Escrow Agent. If the Escrow Agent is notified in writing that any subscription agreement solicited by a Soliciting Dealer has been rejected by the Dealer
Manager or the Company, then the subscription agreement and check for the purchase of Securities will be returned to the rejected subscriber within ten (10) business days from the date of rejection. 

All Investor Funds deposited in the Escrow Account shall not be subject to any liens or charges by the Company or the Escrow Agent, or
judgments or creditors’ claims against the Company, until and unless released to the Company as hereinafter provided. The Company understands and agrees that the Company shall not be entitled to any Investor Funds on deposit in the Escrow
Account and no such funds shall become the property of the Company, or any other entity except as released to the Company pursuant to Section 3 hereto. The Escrow Agent will not use the information provided to it by the Company for any purpose
other than to fulfill its obligations as Escrow Agent hereunder. The Company and the Escrow Agent will treat all Investor information as confidential (“Confidential Information”). If the Escrow Agent is requested or required
(including by law or by oral questions, interrogatories, requests for information or documents in legal proceedings, subpoena, civil investigative demand, or other process) to disclose any Confidential Information, the Escrow Agent shall provide the
other parties hereto with prompt written notice of the request or requirement, to the extent permitted by applicable law, so that the other parties (at it sole expense) may seek a protective order or other appropriate remedy or waive compliance with
this Section. If the Escrow Agent is compelled—in the absence of a protective order or other remedy or the receipt of a waiver from the other parties—to disclose Confidential Information, the Escrow Agent or any of its representatives may
without liability disclose the Confidential Information that is required but must exercise commercially reasonable efforts (at the sole expense of the other parties) to preserve the confidential treatment of the Confidential Information. Despite the
foregoing, however, nothing in this Agreement prohibits, prevents, or limits the Escrow Agent or any of its representatives from disclosing any Confidential Information, without notice to or consent of the other parties, if the disclosure is made to
a supervisory or governmental authority or a self-regulatory organization in the course of any examination, inquiry, or audit of the Dealer Manager or Company. The Escrow Agent shall not be required to accept any Investor Funds which are not
accompanied by the information on the List of Investors. 
 3. Disbursement of Funds. Once proceeds from the sale of Securities equal the Minimum
Offering, the Company shall notify the Escrow Agent of the same in writing. Further, if the Minimum Offering has not been sold on or prior to the Termination Date (as defined in Section 4), 

  
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the Company shall notify the Escrow Agent in writing of such. At the end of the third business day following the Termination Date, the Escrow Agent shall notify the Company of the amount of the
Investor Funds received. 
 If the Minimum Offering has been obtained on or before the Termination Date, the Company shall promptly notify
the Escrow Agent and, upon receiving such notice and written instructions from the Company’s Chief Executive Officer, President or Chief Financial Officer to disburse the Investor Funds, the Escrow Agent shall disburse to the Company, by check
or wire transfer, the funds in the Escrow Account, except for amounts payable by the Company to the Escrow Agent pursuant to Exhibit B to this Agreement that remain outstanding. The Escrow Agent agrees that funds in the Escrow Account shall
not be released to the Company until and unless the Escrow Agent receives written instructions to release the funds from the Company’s Chief Executive Officer, President or Chief Financial Officer. 

If the Company notifies the Escrow Agent in writing that the Minimum Offering has not been obtained prior to the Termination Date, the Escrow
Agent shall promptly following the Termination Date, but in no event more than ten (10) business days after the Termination Date, refund to each Investor by check, funds deposited in the Escrow Account, or shall return the Instruments of
Payment delivered to Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each Investor at the address provided on the List of Investors, it being agreed and understood that, notwithstanding
anything to the contrary contained herein or elsewhere, the only transactional fees that shall be incurred by the Company following notice to the Escrow Agent that the Minimum Offering has not been obtained prior to the Termination Date shall be the
transactions fees set forth on Exhibit B relating to each Investor’s refund of fund deposited in the Escrow Account. Included in the remittance shall be a proportionate share of the income earned in the account allocable to each Investor’s
investment in accordance with the terms and conditions specified herein, except that in the case of Investors who have not provided an executed Form W-9 or substitute Form
W-9 (or the applicable substitute Form W-8 for foreign investors), the Escrow Agent shall withhold the applicable percentage of the earnings attributable to those
Investors in accordance with Internal Revenue Service (“IRS”) regulations. Notwithstanding the foregoing, the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been collected by
the Escrow Agent. 
 If the Escrow Agent receives written notice from the Company that the Company intends to reject an Investor’s
subscription, the Escrow Agent shall pay to the applicable Investor(s), within a reasonable time not to exceed ten (10) business days after receiving notice of the rejection, by first class United States Mail at the address provided on the List
of Investors, or at such other address as shall be furnished to the Escrow Agent by the Investor in writing, all collected sums paid by the Investor for Securities and received by the Escrow Agent, together with the interest earned on such Investor
Funds (determined in accordance with the terms and conditions specified herein). 
 4. Term of Escrow. The “Termination Date,” shall
be the earliest of: (i) the date the Company notifies the Escrow Agent in writing of the close of business on the one-year anniversary of the date the Registration Statement was initially declared
effective by the SEC, if the Minimum 

  
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Offering has not been obtained prior to such date; (ii) the date on which all funds held in the Escrow Account are distributed to the Company or to Investors pursuant to Section 3 and
the Company has informed the Escrow Agent in writing to close the Escrow Account; (iii) the date the Escrow Agent receives written notice from the Company that it is abandoning the sale of the Securities or that the Offering is terminating; and
(iv) the date the Escrow Agent receives notice from the SEC or any other federal regulatory authority that a stop or similar order has been issued with respect to the Registration Statement and has remained in effect for at least twenty
(20) days. 
 5. Duty and Liability of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities other than those expressly
set forth in this Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The sole duty of the Escrow Agent shall be to receive Investor Funds and hold them subject to release, in accordance
herewith, and the Escrow Agent shall be under no duty to determine whether the Company or the Dealer Manager is complying with requirements of this Agreement, the Offering or applicable securities or other laws in tendering the Investor Funds to the
Escrow Agent. 
 No other agreement entered into between the parties, or any of them, shall be considered as adopted or binding, in whole or
in part, upon the Escrow Agent notwithstanding that any such other agreement may be referred to herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically but without limitation, the Registration
Statement or any other document relating to the Offering (including the subscription agreement and exhibits thereto), and the Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. 

The Escrow Agent shall not be responsible for or be required to enforce any of the terms or conditions of the Registration Statement or any
other document relating to the Offering (including the subscription agreement and exhibits thereto) or other agreement between the Company and any other party. The Escrow Agent may conclusively rely upon and shall be protected in acting upon any
statement, certificate, notice, request, consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall have no duty or liability to verify any such
statement, certificate, notice, request, consent, order or other document, and its sole responsibility shall be to act only as expressly set forth in this Agreement. The Escrow Agent shall be under no obligation to institute or defend any action,
suit or proceeding in connection with this Agreement unless first indemnified to its satisfaction. The Escrow Agent may consult counsel of its own choice with respect to any question arising under this Agreement and the Escrow Agent shall not be
liable for any action taken or omitted in good faith upon advice of such counsel. Other than DST Systems, Inc. the Escrow Agent is not authorized to assign or delegate any duties hereunder to its agents or other third parties. 

The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except to the extent that a court of competent
jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of loss. The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary or
otherwise, to any other person by reason of this Agreement, except as otherwise stated herein, and no implied duties, covenants or obligations, fiduciary or otherwise, shall be read into this Agreement against the Escrow Agent. 

  
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 If any disagreement between any of the parties to this Agreement, or between any of them and any
other person, including any Investor, resulting in adverse claims or demands being made in connection with the matters covered by this Agreement, or if the Escrow Agent is in doubt as to what action it should take hereunder, the Escrow Agent may, at
its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any
way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have been fully and finally adjudicated by a court of
competent jurisdiction, or (ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof in writing signed by all such persons.
Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to comply with and
obey any such orders, judgments, decrees or levies. If any controversy should arise with respect to this Agreement, the Escrow Agent shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction to
determine the rights of the parties. IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE
ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. 
 The parties hereto agree
that the Escrow Agent has no role in the preparation of the Registration Statement or any other document related to the Offering (including the subscription agreement and exhibits thereto) and makes no representations or warranties with respect to
the information contained therein or omitted therefrom. The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure or tax laws concerning the Registration Statement or any
other document related to the Offering (including the subscription agreement and exhibits thereto) or the issuance, offering or sale of the Securities. The Escrow Agent shall have no duty or obligation to monitor the application and use of the
Investor Funds once transferred to the Company, that being the sole obligation and responsibility of the Company. 
 6. Escrow Agent’s Fee. The
Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached hereto as Exhibit B, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder is intended
as full compensation for the Escrow Agent’s services as contemplated by this Agreement; provided, however, that if (i) the conditions for the disbursement of funds under this Agreement are not fulfilled, (ii) the Escrow Agent renders
any material service not contemplated in this Agreement, (iii) there is any assignment of interest in the subject matter of this Agreement, (iv) there is any material modification hereof, (v) if any material controversy arises
hereunder, or (vi) the Escrow Agent is made a party to any litigation pertaining to this Agreement, or the subject matter hereof, 

  
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then the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorneys’ fees, occasioned by any
delay, controversy, litigation or event, and the same shall be recoverable from the Company. The Company’s obligations under this Section 6 shall survive the resignation or removal of the Escrow Agent and the assignment or termination of
this Agreement. 
 7. Investment of Investor Funds. The Investor Funds shall be deposited in the Escrow Account in accordance with Section 1.
The Escrow Agent is hereby directed to invest all funds received under this Agreement, including principal and interest in UMB Money Market Special, a bank money market deposit account or as otherwise set forth in written investment instruction
provided by the Company. Notwithstanding the foregoing, Investor Funds shall not be invested in anything other than “Short Term Investments” in compliance with Rule 15c2-4 of the Securities Exchange
Act of 1934, as amended. The following are not permissible investments: (a) money market mutual funds; (b) corporate debt or equity securities; (c) repurchase agreements; (d) banker’s acceptance; (e) commercial paper;
and (f) municipal securities. Any interest received by the Escrow Agent with respect to the Investor Funds, including reinvested interest shall become part of the Investor Funds, and shall be disbursed pursuant to Section 3. 

The Escrow Agent shall be entitled to sell or redeem any such investments as necessary to make any payments or distributions required under
this Agreement. The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment made pursuant to this Agreement, or for any loss resulting from the sale of such investment. The parties acknowledge that
the Escrow Agent is not providing investment supervision, recommendations, or advice. 
 On or prior to the date of this Agreement, the
Company or Dealer Manager shall provide the Escrow Agent with a certified tax identification number by furnishing an appropriate IRS form W-9 or W-8 (or substitute Form W-9 or W-8) and other forms and documents that the Escrow Agent may reasonably request, including without limitation a tax form for each Investor. The Company understands that
if such tax reporting documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code of 1986, as amended, to withhold a portion of any interest or other income earned on the Investor Funds
pursuant to this Agreement. For tax reporting purposes, all interest and other income from investment of the Investor Funds shall, as of the end of each calendar year and to the extent required by the IRS, be reported as having been earned by the
party to whom such interest or other income is distributed, in the year in which it is distributed. 
 The Company agrees to indemnify and
hold the Escrow Agent harmless from and against any taxes, additions for late payment, interest, penalties and other expenses that may be assessed against the Escrow Agent on or with respect to any payment or other activities under this Agreement
unless any such tax, addition for late payment, interest, penalties and other expenses shall be determined by a court of competent jurisdiction to have been caused by the Escrow Agent’s gross negligence or willful misconduct. The terms of this
Section shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 

  
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 8. Notices. All notices, requests, demands, and other communications under this Agreement shall be in
writing and shall be deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission if sent by facsimile/email transmission bearing an authorized
signature to the facsimile number/email address given below, and written confirmation of receipt is obtained promptly after completion of transmission, (c) on the day after delivery to Federal Express or similar overnight courier or the Express
Mail service maintained by the United States Postal Service, or (d) on the fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed,
return receipt requested, to the party as follows: 
 If to the Company: 

Starwood Real Estate Income Trust, Inc. 
 1601 Washington Avenue

 Suite 800 
 Miami Beach, FL 33139 

Attention: John McCarthy 
 Phone: (203) 422-8122 
 Email: jmccarthy@starwood.com 

If to the Dealer Manager: 
 Starwood Capital, L.L.C. 

591 West Putnam Avenue 
 Greenwich, CT 06830 

Attention: Matthew Guttin 
 Phone: (203) 422-7775 
 Email: mguttin@starwood.com 

If to Escrow Agent: 
 UMB Bank, N.A. 

Corporate Trust & Escrow Services 
 1010 Grand Blvd., 4th
Floor 
 Mail Stop: 1020409 
 Kansas City, Missouri 64106 

Attention: Lara L Stevens 
 Phone:
816-860-3017 
 Email: lara.stevens@umb.com & escrows@umb.com

 Any party may change its address for purposes of this Section by giving the other party written notice of the new address in the manner set forth above.

 9. Indemnification of Escrow Agent. The Company and the Dealer Manager hereby agree to jointly and severally indemnify, defend and hold harmless
the Escrow Agent from and against, 

  
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any and all loss, liability, cost, damage and expense, including, without limitation, reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action,
claim or proceeding brought against the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates unless such loss, liability, cost, damage or expense is finally determined by a court of
competent jurisdiction to have been primarily caused by the gross negligence or willful misconduct of the Escrow Agent. The terms of this Section shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent.

 10. Security Interests. No party to this Escrow Agreement shall grant a security interest in any monies or other property deposited with the
Escrow Agent under this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 
 11.
Successors and Assigns. Except as otherwise provided in this Agreement, no party hereto shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other parties hereto and any such attempted
assignment without such prior written consent shall be void and of no force and effect. This Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto. Any corporation or association
into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any
corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this Agreement and shall have and succeed to the
rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act. 

12. Governing Law; Jurisdiction. This Agreement shall be construed, performed, and enforced in accordance with, and governed by, the internal laws of
the State of New York, without giving effect to the principles of conflicts of laws thereof. Each party hereby consents to the personal jurisdiction and venue of any court of competent jurisdiction in the State of New York. 

13. Severability. If any provision of this Agreement is declared by any court or other judicial or administrative body to be null, void, or
unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain in full force and effect. 

14. Amendments; Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations, warranties, or conditions hereof
may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant, representation, or
warranty contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition, or of the breach of any other provision, term, covenant, representation, or warranty
of this Agreement. The Company and the Dealer Manager agree that any requested waiver, modification or amendment of this Agreement shall be consistent with the terms of the Offering. 

  
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 15. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties
hereto with respect to the escrow contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow. 

16. Section Headings. The section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement. 
 17. Counterparts. This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in
counterparts, each of which shall be deemed an original, but all of which shall constitute the same instrument. The parties hereto agree that the transactions described herein may be conducted and related documents may be stored by electronic means.
Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or
suit in the appropriate court of law. 
 18. Resignation. The Escrow Agent may resign upon thirty (30) calendar days’ advance written
notice to the Company. In the event of any such resignation, a successor escrow agent, which shall be a bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such successor escrow
agent shall deliver to the Company a written instrument accepting such appointment, and thereupon shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Investor Funds from the Escrow Agent. The
Escrow Agent shall promptly pay the Investor Funds in the Escrow Account, including interest thereon, to the successor escrow agent, whereupon the Escrow Agent’s obligations hereunder shall terminate. If a successor escrow agent is not
appointed within the thirty (30) calendar day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent or interplead the Investor Funds with such court, whereupon the
Escrow Agent’s duties hereunder shall terminate. 
 19. Removal. The Escrow Agent may be removed by the Company at any time by written notice
provided to the Escrow Agent, which instrument shall become effective on the date specified in such written notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to such removal. In the event of
any such removal, a successor escrow agent, which shall be a bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such successor escrow agent shall deliver to the Company a written
instrument accepting such appointment, and thereupon shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Investor Funds from the Escrow Agent. The Escrow Agent shall promptly pay the Investor
Funds in the Escrow Account, including interest thereon, to the successor escrow agent, whereupon the Escrow Agent’s obligations hereunder shall terminate. If a successor escrow agent is not appointed by the Company within the thirty
(30) day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent, whereupon the Escrow Agent’s obligations hereunder shall terminate. 

20. References to Escrow Agent. Other than the Registration Statement, any of the other documents related to the Offering (including the subscription
agreement and exhibits thereto) 

  
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and any amendments thereof or supplements thereto, no printed or other matter in any language (including, without limitation, notices, reports and promotional material) which mentions the Escrow
Agent’s name or the rights, powers, or duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s behalf, unless the Escrow Agent shall first have given its specific
written consent thereto. Notwithstanding the foregoing, any amendment or supplement to the Registration Statement or any other document related to the Offering (including the subscription agreement and exhibits thereto) that revises, alters,
modifies, changes or adds to the description of the Escrow Agent or its rights, powers or duties hereunder shall not be issued by the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s behalf, unless the Escrow Agent
has first given specific written consent thereto. 
 21. Maintenance of Records. The Escrow Agent shall maintain accurate records of all transactions
hereunder. Promptly after the Termination Date, and as may from time to time be reasonably requested by the Company before such date, the Escrow Agent shall provide the Company with a copy of such records, certified by the Escrow Agent to be a
complete and accurate account of all transactions hereunder. The authorized representatives of the Company and the Dealer Manager shall also have access to the Escrow Agent’s books and records to the extent relating to its duties hereunder,
during normal business hours upon reasonable notice to the Escrow Agent. 
 22. Electronic Transactions. The parties hereto agree that the
transactions described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid
counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 
 23.
Patriot Act Compliance; OFAC Search Duties. The Company and Dealer Manager shall provide to the Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to
comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended from time to time. The Escrow Agent, or its agent, shall complete a search with the Office of
Foreign Assets Control (“OFAC Search”), in compliance with its policy and procedures, of each subscription check for the purchase of Securities and shall inform the Company if a subscription check for the purchase of Securities
fails the OFAC Search. The Dealer Manager shall provide a copy of each subscription check in order that the Escrow Agent, or its agent, may perform such OFAC Search. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Subscription Escrow Agreement to be executed the
date and year first set forth above. 
 STARWOOD REAL ESTATE INCOME TRUST, INC. 

 

			
		
	By:	 	 /s/ John McCarthy

	Name:	 	John McCarthy
	Title:	 	Chief Executive Officer

 STARWOOD CAPITAL, L.L.C. 

			
		
	By:	 	 /s/ Matthew Guttins

	Name:	 	Matthew Guttin
	Title:	 	Chief Compliance Officer

			
	
	UMB BANK, N.A., as Escrow Agent

			
		
	By:	 	 /s/ Lara L. Stevens

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
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 Exhibit A 

List of Investors 
 Pursuant to the Escrow
Agreement dated as of            , 2017, among Starwood Real Estate Income Trust, Inc. (the “Company”), Starwood Capital, L.L.C. (the “Dealer Manager”) and
UMB Bank, N.A. (the “Escrow Agent”), the Company or its agents hereby certifies that the following Investors have paid money for the purchase of shares of the Company’s common stock, par value $0.01
(“Securities”), and the money has been deposited with the Escrow Agent: 
  

	1.	Name of Investor 

	  	Address 

	  	Tax Identification Number 

	  	Amount of Securities subscribed for 

	  	Amount of money paid and deposited with Escrow Agent 

	  	Is Investor (i) an officer or director of the Company; (ii) an officer or director of Starwood REIT Advisors, L.L.C.; or (iii) an affiliate of either (i) or (ii)? (Yes or No)? 

 

	2.	Name of Investor 

	  	Address 

	  	Tax Identification Number 

	  	Amount of Securities subscribed for 

	  	Amount of money paid and deposited with Escrow Agent 

	  	Is Investor (i) an officer or director of the Company; (ii) an officer or director of Starwood REIT Advisors, L.L.C.; or (iii) an affiliate of either (i) or (ii)? (Yes or No)? 

 

			
	Dated:	 	  

STARWOOD CAPITAL, L.L.C. 

			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
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 Exhibit B 

ESCROW FEES AND EXPENSES 
  

					
	 Acceptance Fee
	  			
	 Review escrow agreement, establish account
	  	 	$1,500	 
	 DST Agency Engagement
	  	 	$250	 
		
	 Annual Fees
	  			
	 Annual Escrow Agent
	  	 	$2,000	 
		
	 Transactional Fees
	  			
	 Outgoing Wire Transfer
	  	 	$35 each	 
	 Daily Recon File to Transfer Agent
	  	 	$3.75 per Bus Day	 
	 Wire Ripping to Transfer Agent
	  	 	$10 per Bus Day	 
	 Online UMB Direct Access
	  	 	$60 per month	 
	 Overnight Delivery/Mailings
	  	 	$16.50 each	 
	 IRS Tax Reporting
	  	 	$10 per 1099	 

 Acceptance fee and first year Annual Fee will be payable at the initiation of the escrow. Thereafter, the Annual Fee will be
billed annually in advance and Transactional Fees will be billed quarterly in arrears. Other fees and expenses will be billed as incurred. 
 Fees specified
are for the regular, routine services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy
or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. 
 All expenses related to the administration
of the Escrow Agreement such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. 

  
 14

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