ICG Longbow LEI:
2138008BKBH3OP2CA764
30
January 2025
ICG-Longbow Senior Secured UK
Property Debt Investments Limited
(the
"Company")
Portfolio
Update and Board Changes
Portfolio Update
The Company continues to make
progress in exiting its three final investments in what remain
challenging market conditions.
Since issuance of the Company's
interim report and accounts in October 2024, the asset securing the
Affinity loan has been placed under offer for sale following a
competitive bidding process, and the Company continues to see buyer
interest for the Southport hotel asset, however the exit of this
position is taking longer than anticipated.
The Company, its fellow lenders and
the operating partner continue to work together to restabilise the
portfolio securing the RoyaleLife loan under the new Regency Living
brand, with home sales having restarted in earnest in the fourth
quarter of 2024. An exit of this portfolio is anticipated
when the conditions are right for sale.
Board Changes
The board has sought to control the
cost base of the Company as assets have shrunk. As noted
above, some progress is being made in relation to the remaining
three loans and, accordingly, the board has agreed that it is an
appropriate time to reduce the size of the board.
Stuart Beevor, who has served as
Director and Fiona Le Poidevin, who has served as a Director and
Chair of the Audit and Risk Committee, will retire from the Board
of the Company with effect from 31 January 2025.
Jack Perry and Paul Meader will
remain as Directors.
The Company also announces the
following changes to the roles and responsibilities of some
Directors with effect from 31 January 2025, in accordance with
listing rule 6.4.6 (2) & (3):
Paul Meader will be appointed as
Chair of the Audit and Risk Committee with effect from 31 January
2025 following Fiona Le Poidevin's retirement.
The Company extends its thanks to
Stuart and Fiona for their hard work and wise counsel during their
tenures.
For further information, please
contact:
|
Ocorian Administration (Guernsey)
Limited:
|
|
|
Louise Manklow
|
+44 (0)14 8174 2742
|
|
Cavendish:
|
|
James King
Daniel Balabanoff
|
+44 (0)20 7397 1910
+44 (0)20 7397 1909
|
|
ICG
Real Estate:
David Mortimer
|
+44 (0)20 3545 138
|
|
|
| |
Further information on the Company
can be found on its website at http://www.lbow.co.uk/