Investment commitment of £17.5 million

RNS Number : 1875Z

GCP Asset Backed Income Fund Ltd

10 March 2017

 

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR THE UNITED STATES OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

GCP Asset Backed Income Fund Limited ("GCP Asset Backed Income" or the "Company")

New investments

10 March 2017

Investment commitment of £17.5 million

GCP Asset Backed Income, which invests in asset backed loans, is pleased to announce that it has committed to two loans of up to £17.5 million aggregate which will be used to finance UK residential property.

The first loan, of up to £15 million and with a term of c.three years, will be secured on a subordinated ranking basis against a portfolio of eight co-living properties. The loan note will be issued in tranches, with an initial amount to be advanced of £5.3 million.

The second loan, of £2.5 million and with a term of c.five years, will be drawn immediately and will be secured against a portfolio of first ranking charges against UK residential property. 

The loans have been funded from the net proceeds of its recent issue of C Shares.

For further information, please contact:

Gravis Capital Partners LLP		[phone]
David Conlon	[e-mail]
Philip Kent	[e-mail]
Dion Di Miceli	[e-mail]
Cenkos Securities plc		[phone]
Tom Scrivens	[e-mail]
Oliver Packard	[e-mail]
Sapna Shah	[e-mail]
Buchanan		[phone]
Charles Ryland	[e-mail]
Vicky Watkins	[e-mail]

Notes to Editors

The Company

GCP Asset Backed Income is a closed ended investment company traded on the London Stock Exchange's main market for listed securities. Its investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

The Company seeks to meet its investment objective through a diversified portfolio of investments secured against contracted, predictable medium to long term cash flows and/or physical assets which are predominantly UK based.

 

END

 

 

MSCGGUWAWUPMGCU