ICG-LONGBOW SENIOR SECURED UK PROPERTY DEBT INVESTMENTS LTD (Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd on Friday announced a return of capital to investors.
The London-based investor in UK real estate debt said it will return 7.40 pence per share to shareholders which is about GBP9.0 million in total based on the number of ordinary shares in issue. It will be effected via an issue of redeemable B shares to shareholders on a pro-rata basis.
This follows further partial repayments of the Northlands loan, with receipts since January 31 now at around GBP9 million.
The company added that further properties in the Northland portfolio are under offer for sale, "and their completion at the amounts offered will see the loan repaid in full together with interest and exit fees".
Giving a brief update, ICG-Longbow said that UK commercial property market conditions remain difficult due to high interest rates, high inflation and low property transaction volumes.
"The company and the investment manager are actively seeking to expedite repayment of the remaining loans and secure the best returns for shareholders," it said.
ICG-Longbow Senior shares rose 1.6% to 36.10p each in London on Friday morning.
By Tom Budszus, Alliance News reporter
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