24th Sep 2019 14:35
(Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd said Tuesday it has entered a new GBP6.5 million loan commitment to a fund managed by real estate developer LBS Properties.
The loan will support the fund's acquisition of a multi-let office property in Farringdon, London.
The loan carries a three-year term with an initial loan-to-value ration of 69%. Day one drawings on the loan will be GBP4.9 million, with ICG-Longbow Senior also providing a committed capital expenditure facility in support of the borrower's business plan.
"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 internal rate of return," said Chair Jack Perry.
Shares in ICG-Longbow Senior were down 0.5% at 97.50 pence on Tuesday.
By Dayo Laniyan; [email protected]
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