Advancement of Loan

RNS Number : 2151V

ICG-Longbow Snr Sec UK Prop DebtInv

11 December 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.

11^th December 2013

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

Advancement of Loan

The Company has completed its eighth transaction with a £13.25 million loan to Raees International Limited.

The facility has a maturity date of December 2018. The facility is secured by a first and only charge on a mixed use portfolio of high street retail and residential units located in London. The security portfolio comprises 25 properties with a highly diverse income stream from 54 commercial tenants and 65 residential tenants.

The completion of this loan increases the total investments made to date to £87.255 million, representing 85.13% of available capital. The Company's loan portfolio now produces an average coupon of 7.28% pa⁽¹⁾, with a projected internal rate of return if held to maturity of 8.29% pa⁽¹⁾. The average Loan to Value exposure across all loans is 61.65%⁽¹⁾, with an average Interest Coverage Ratio of 165%⁽¹⁾ .

The loan portfolio security shows a geographical split of:

Greater London: 43%

Midlands:                      22%

North West:                   16%

Scotland:                        6%

East:                              5%

South East:                     4%

South West:                    2%

North                               2%

The split by property sector is:

Retail:                                                  21%

Industrial/ Distribution                            34%

Other (student accommodation):             20%

Mixed                                                   23%

Office                                                      2%

⁽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 website at http://www.lbow.co.uk.

 

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