ICG-Longbow backs RoyaleLife with £24.6m loan

ICG-Longbow Senior Secured UK Property Debt Investments has agreed a £24.6m loan to bungalow homes provider RoyaleLife. The listed company is participating in a larger £142.7m loan facility alongside two other ICG-managed funds. The loan will refinance a portfolio of 10 assets in the bungalow homes sector and carries a four-year term with a loan-to-value ratio of 78.9%. On completion, ICG-Longbow’s total invested capital will be £112.5m, with undrawn follow-on commitments of £10.3m. The company has drawn down £10m from its revolving credit facility to finance the RoyaleLife deal, as well as a separate £15.3m hotel investment and £6.5m office investment. To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette