Advancement of Loan

RNS Number : 2474N

ICG-Longbow Snr Sec UK Prop DebtInv

05 September 2013

 



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

5 September 2013

ICG-Longbow Senior Secured UK Property Debt Investments Limited (LBOW)

Advancement of Loan

The Company has completed its third transaction with an £18.07million loan to a wholly owned subsidiary of Meadow Real Estate Fund II LPM. The facility has a maturity date of December 2017 and is secured by a first and only charge on a multi-let retail warehouse park situated in a prominent location in Greater London. The loan is fully compliant with the parameters set out in the Prospectus.

The completion of the Meadow loan increases the total investments made to date to £50.34 million, representing 49.11% of available capital. The Company's loan portfolio now produces an average coupon of 7.18% pa⁽¹⁾, with a projected internal rate of return if held to maturity of 8.27% pa⁽¹⁾. The average Loan to Value exposure across the three loans is 59.73%⁽¹⁾, with an average Interest Coverage Ratio of 182%⁽¹⁾ .

The loan portfolio security shows a geographical split of:

Greater London:             36%

North West:                   28%

West Midlands:              25%

Scotland:                       11%

The split by property sector is:

Retail:                          36%

Industrial/ Distribution     28%

Other (student accommodation): 36%

⁽¹⁾  All averages calculated on a capital weighted basis

For further information, please contact:

Heritage International Fund Managers Limited:
Mark Huntley James Christie	[phone]
Investec Bank plc:
Tim Mitchell	[phone]
Jeremy Ellis
Maitland Consultancy Limited:
Rebecca Mitchell	[phone]

Further information on the Company can be found on its Investment Manager's website at http://www.icglongbow.co.uk.

 

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