GCP Asset Backed Income Fund Ltd Co-living Group Loan Update (9308L)
September 16 2021 - 1:00AM
UK Regulatory
TIDMGABI TIDMGABC
RNS Number : 9308L
GCP Asset Backed Income Fund Ltd
16 September 2021
16 September 2021
GCP Asset Backed Income Fund Limited
(the "Company", "GCP Asset Backed" or "GABI")
LEI: 213800FBBZCQMP73A815
Co-living Group Loan Update
GCP Asset Backed, which invests in asset backed loans, announces
an update in respect of its co-living group (the "Co-living Group")
loan.
Further to the Company's announcement of 13 September 2021, the
Company can announce that on 15 September 2021 certain entities
within the Co-living Group were placed into administration.
The Company, together with the co-lenders, in its loan to the
Co-living Group (the "Lender Syndicate") along with an operator
(the "Operator"), have proposed to fund an acquisition vehicle with
the intention of completing a credit bid in respect of six of the
Co-living Group's assets to maximise their returns. The six assets
are a split of three operational assets and three development
assets. Five of the assets are situated in London with one asset in
New York.
The Operator, is managed by a team that has developed and
operated in excess of 25,000 student accommodation and co-living
beds. As part of the proposed transaction, some of the existing
debt from the Co-living Group would be assumed by the acquisition
vehicle. This, together with the funding provided to the
acquisition vehicle to fund the credit bid, is intended to be
repaid as assets are disposed of. The terms of the proposed
transaction are still being finalised and further information will
be provided to investors as matters progress.
The Company's net asset value announced on 13 September reflects
the anticipated return available to the Company following the sale
by the acquisition vehicle of the assets subject to this credit
bid. The Lender Syndicate will also be focussed on unlocking value
from the remaining assets of the Co-living Group which are subject
to the security provided to the Lender Syndicate. No recoveries
from such remaining assets are reflected in the Company's
determination of its net asset value.
The Investment Manager will be holding an investor webinar to
discuss the Co-living Group loan on Monday 20 September at 10.00
am. Please contact zoe.french@graviscapital.com to register for the
webinar. In addition, the Investment Manager will be available to
hold one-to-one discussions with investors.
For further information, please contact:
Gravis Capital Management Ltd +44 (0)20 3405 8500
David Conlon
Joanne Fisk
Investec Bank plc +44 (0)20 7597 4000
Helen Goldsmith
Denis Flanagan
Neil Brierley
Buchanan/Quill +44 (0)20 7466 5000
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson
Notes to Editors
GCP Asset Backed (GABI) is a closed ended investment company
traded on the Main Market of the London Stock Exchange. Its
investment objective is to generate attractive risk-adjusted
returns primarily through regular, growing distributions and modest
capital appreciation over the long term.
The Group seeks to meet its investment objective by making
investments in a diversified portfolio of predominantly UK based
asset back loans which have contracted, predictable medium to long
term cash flows and/or physical assets.
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