ICG-Longbow is on track to fully allocate its new £401m senior debt platform this year after deploying £132m in its debut deals.
The debt specialist has closed the refinancing of two central London hotels owned and operated by the London Town Group.
ICG-Longbow agreed the bilateral senior loan to the Kensington-headquartered group, which owns four hotels in the capital including the Hotel Indigo London Paddington, W2.
The remaining three loans include two diversified portfolio acquisition financings and the refinancing of a mixed-use property in the South East.
The loans have been provided pro rata from four discretionary UK separate account mandates, including a £150m BBC pension fund account.
Two other UK pension funds and a UK investor complete the club that ICG-Longbow closed in May.
All the transactions have LTVs of between 58% and ?65% and range in size from £10m to £65.
The programme originates five to 10-year loans and aims to give investors a spread of more than 200 bps above corporate bonds. The transactions mean that the senior debt club, which is led by partner Trevor Homes, has already deployed a third of its capital, with interest coming from borrowers including ?private property companies and funds.
Homes said the platform had an advanced pipeline of four more deals in documentation and a further transaction where terms had been agreed.
This would take it to more than 50% invested, putting it on track to be fully invested by the year end.
Bridget.O’Connell@estatesgazette.com
