Portfolio Update

RNS Number : 4740N

ICG-Longbow Snr Sec UK Prop DebtInv

24 September 2019

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

24 September 2019

ICG-Longbow Senior Secured UK Property Debt Investments Limited (the "Company")

Portfolio Update

The Company has entered into a new £6.5 million loan commitment to a fund managed by LBS Properties, in support of its acquisition of a multi-let office property in Farringdon, London.   

The loan carries a three-year term with an initial LTV ratio of 69%.  Day 1 drawings on the loan will be approximately £4.9 million, with the Company also providing a committed capital expenditure facility in support of the borrower's business plan.   The loan provides an attractive risk-adjusted return to the Company and is accretive to shareholders.

The Chairman, Jack Perry comments, "The board are delighted that the Company continues to redeploy capital in deals that offer attractive returns to shareholders, with good risk profiles.  The Investment Advisor has a strong pipeline of deals and the board is optimistic that further loans will be completed over the coming months.  With dividend cover already fully restored, this latest deal will further lengthen the average life of the portfolio and enhance the future portfolio IRR."

For further information please contact:

Estera International Fund Managers (Guernsey) Limited:
Louise Manklow	[phone]
Cenkos Securities:
Will Rogers Alex Collins	[phone] [phone]
Maitland Consultancy Limited:
Rebecca Mitchell	[phone]
ICG-Longbow Martin Wheeler David Mortimer	[phone] [phone]

Further information on the Company can be found on its website at http://www.lbow.co.uk.

 

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