ICG-Longbow SSUP

LN: LBOW

£115.8m market cap

95.5p 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) offers exposure to the UK real estate debt market through investments in senior secured whole loans. This year, LBOW has continued the evolution of its portfolio under the revised investment policy (adopted in 2017). This is now enabling LBOW to reinvest its funds in higher-yielding loans while maintaining an LTV at portfolio level well within the target range. After a slower than expected start, LBOW’s deal activity recently picked up with two new deals closed so far this year on top of short-term extensions and/or repricing of several existing loans. The company’s encouraging investment pipeline allows it to more than absorb the cash from maturing loans.

Share price graph
Price performance
%
1m
3m
12m
Actual 0.0 (3.1) (5.0)
Relative* (1.4) (5.2) (9.1)
52-week high/low 102.5p/94.5p
*% relative to local index
Key management
Jack Perry Chairman