25th Oct 2013 08:28
LONDON (Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd Friday said a GBP18.07 million loan to two subsidiaries of The Mansion Student Accommodation Fund won't be impacted by the fund's decision to suspend trading in its shares.
The company said the loans are fully ring fenced from the wider Mansion Group and secured against the properties for which the money was loaned.
Mansion Group Wednesday suspended trading in The Mansion Student Accommodation Fund because it doesn't have enough cash to meet all the redemption requests made by its shareholders. It said it would sell assets and raise new funding to tray and meet its obligations.
ICG-Longbow shares were down 0.4% at 102.5 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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