17th Mar 2014 13:23
LONDON (Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd Monday said it has committed to its ninth transaction, a GBP10.0 million loan to Lanos (York) Ltd, and is considering a potential tenth opportunity.
The loan to Lanos matures at the end of 2018 and will be advanced on or before March 21 2014.
It is secured by a first and only charge on the Best Western York Monkbar Hotel, which is located close to the city centre of York.
The company said the mid-market 99 bed hotel benefits from a stabilised income profile and offers the potential to grow income and value through a planned refurbishment and 27 bedroom extension. The extension will be funded through a ring-fenced element of the facility.
ICG-Longbow Senior Secured UK Property Debt Investments has now invested GBP97.255 million, or 94.9% of its available capital.
Its loan portfolio now produces an average coupon of 7.3% a year.
ICG-Longbow Senior Secured UK Property Debt Investments shares were Monday quoted at 103.00 pence, untraded.
By Samuel Agini; [email protected]; @samuelagini
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