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ICG-Longbow Senior Secured UK Property Debt Investments Ltd - London-based investor in UK real estate debt - Appoints an administrator for its loan to RoyaleLife Ltd. Says it is a measure to protect its own interests after a winding up petition was issued by an undisclosed third party creditor against RoyaleLife. RoyaleLife is a UK-based bungalow homes developer. In 2019, ICG-Longbow Senior agreed to a £25.6 million loan commitment to an affiliate of RoyaleLife to refinance a portfolio of 10 residential bungalow assets, carrying a four-year term and a loan-to-value ratio of 79%.
Annual results will be published next week.
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