ICG-Longbow SSUP

LN: LBOW

£91m market cap

75p last close

ICG-Longbow SSUP focuses on constructing a portfolio of UK real estate debt-related instruments, mainly comprising whole loans secured by first ranking fixed charges against commercial property investments. It aims at providing attractive, quarterly dividends totalling 6p annually, capital preservation and a degree of capital gains in the long term. LBOW was launched in February 2013 and its investing strategy was revised in March 2017 allowing for higher LTV loan investments.

Investment summary

ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) provides exposure to the UK real estate debt market through investments in senior secured whole loans. Recently, the company has successfully completed its portfolio transition under the revised investment strategy (adopted in 2017). As a result, its current weighted average coupon rate of 7.11% pa (at end-October 2019), together with contractual arrangement and exit fees, should generate sufficient income to cover the targeted dividend payout of 6p per annum (translating into a c 6% dividend yield).

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Share price graph
Price performance
%
1m
3m
12m
Actual (2.6) 1.4 (23.5)
Relative* 2.1 6.0 (5.4)
52-week high/low 99.5p/64.8p
*% relative to local index
Key management
Jack Perry Chairman