Portfolio Update

RNS Number : 5681V

ICG-Longbow Snr Sec UK Prop DebtInv

10 August 2020

 

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

10 August 2020

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

Portfolio Update

The Company announces that it has now received, or is expecting to receive, approximately 82% of the interest payments due under its investments for the quarter ending 31^st July.  In light of the continued challenges faced by the hospitality sector during the quarter, the Company has agreed to capitalise a further quarter's interest for the borrower of the Southport loan.  With the hotel now having re-opened for trade the Company anticipates interest on this loan being covered from operating cashflows in future periods. 

The Borrowers under the Company's loans have reported rent collections as at the June quarter date of approximately 78% on a weighted average basis.  This is expected to improve to over 90% in the coming weeks as rent is collected from tenants paying on a monthly basis or under agreed payment plans, and as arrears are made good.

While the longer-term impact of the pandemic and its effect on the property market remains uncertain, the Company's borrowers continue to move ahead with their asset management initiatives and the Company has seen business plan driven improvements across its portfolio in recent weeks.  The equity cushions on all of the Company's investments remain robust and the Company continues to believe that all contractual interest, principal and fees will be repaid in full on all investments. 

For further information, please contact:

Ocorian Administration (Guernsey) Limited
Louise Manklow	[phone]
Cenkos Securities:
Will Rogers	[phone]
Maitland Consultancy Limited:
Vikki Kosmalska	[phone]
ICG Real Estate Martin Wheeler David Mortimer	[phone] [phone]

Further information on the Company can be found on its website at http://www.lbow.co.uk .

ICG Longbow LEI: 2138008BKBH3OP2CA764

 

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