ICG Longbow lends against Lancashire industrial estates

After the repayment of the Mansion loan, as notified on 8 March 2016, the ICG Longbow has redeployed the proceeds through the completion of a new £22.4m loan to Commercial Regional Space Limited and affiliates on 16 March 2016.

The loan has a maturity date of April 2019 and represents 19.96% of the Company’s gross assets as at the date of completion.

The loan is secured by first charges against two multi-let industrial estates located in Lancashire comprising 1.25 million sq ft of accommodation and providing a highly diversified income stream from lettings to over 140 tenants.

This transaction reinvests substantially all of the cash held by ICG Longbow following the repayment of the Mansion loan. The combined effect of the Mansion loan repayment and this reinvestment is materially accretive to shareholders, represented by an increase in NAV of approximately 2.5 pence per share. They say the company remains on target to maintain the current dividend rate of 6.0 pence per share per annum.

LBOW : ICG Longbow lends against Lancashire industrial estates