24th Apr 2019 11:36
LONDON (Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd on Wednesday reported a rise in assets and said that it looks forward with confidence following a shift to investment policy.
ICG-Longbow invests in UK real estate debt, in particular loans secured by fixed charges against commercial property investments.
At January 31, the closed-ended investment company's NAV per share stood at 99.16 pence compared to 100.80p the year before, a 1.6% decrease.
The company's net assets increased 1.8% in the period, however, to GBP121.1 million from GBP119.0 million. The company issued 4.3 million shares in the period.
For financial 2019, ICG-Longbow paid out 6.0p dividends, 27% lower than the 8.25p distributed in financial 2018 but the investment company noted it paid a 2.25p special dividend the year before.
"The company continues to make strong progress against its key objectives. Following shareholder approval, the board adopted the revised investment policy in March 2017 to facilitate the reinvestment of the maturing loan portfolio and to grow the company. A significant proportion of the investment portfolio has now been transitioned and the board is greatly encouraged by the increasingly attractive pipeline of new lending opportunities," said Chair Jack Perry.
At January 31, the company's investment portfolio comprised nine loans with a principal balance of GBP107.2 million, representing about 89% of shareholder equity. At the end of January last year, the company's portfolio comprised 10 loans with a principle balance of GBP111.2 million.
The weighted average loan-to-value of the portfolio was 62.2%, higher than the 58.03% reported the year prior. The investment company said the change reflected the different composition of the loan portfolio.
The interest coverage ratio of the portfolio ended the year at 208% compared to 218% the year before.
As of Tuesday, ICB-Longbow's investment portfolio comprises 10 loans with an aggregate principal balance of GBP121.3 million.
Shares in ICG-Longbow Senior Secured UK Property Debt Investments were down 0.5% Wednesday at 100.00 pence each.
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