Investment in co-living

RNS Number : 1330D

GCP Asset Backed Income Fund Ltd

17 February 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

17 February 2020

GCP Asset Backed Income Fund Limited

("GCP Asset Backed" or the "Company")

Investment in co-living

GCP Asset Backed, which invests in asset backed loans, is pleased to announce the repayment of two of its loans invested in co-living properties, representing a repayment of £49m. The Company benefitted from a repayment fee of c.£1m. 

The Company has immediately recommitted £53m, to the co-living borrower as part of a wider facility of up to £140m on comparable terms. The remaining commitments are being provided by Deutsche Bank AG, marking the Company's first group lending transaction. The facility is for a term of up to 4 years and the increased commitment will enable the borrower to build out its current pipeline of projects.  

For further information, please contact:

Gravis Capital Management Ltd		[phone]
David Conlon
Dion Di Miceli
Investec Bank plc		[phone]
Helen Goldsmith
Denis Flanagan
Neil Brierley
Buchanan/Quill		[phone]
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson

Notes to Editors

GCP Asset Backed is a closed ended investment company traded on the Main Market of the London Stock Exchange. Its investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

The Company seeks to meet its investment objective by making investments in a diversified portfolio of predominantly UK based asset back loans which have contracted, predictable medium to long term cash flows and/or physical assets.

 

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