GCP Asset Backed Income Fund Ltd Co-living Group Loan Update (5224A)
February 03 2022 - 12:59AM
UK Regulatory
TIDMGABI TIDMGABC
RNS Number : 5224A
GCP Asset Backed Income Fund Ltd
03 February 2022
GCP Asset Backed Income Fund Limited
(the "Company", "GCP Asset Backed" or "GABI")
LEI: 213800FBBZCQMP73A815
Co-living Group Loan Update
3 February 2022
GCP Asset Backed, which invests in asset backed loans, announces
a further update in respect of its loan to the co-living group (the
"Co-living Group").
As announced on 22 December 2021, discussions are progressing in
respect of the acquisition of three assets that are transferring
out of the Co-living Group. The Board advises that the prospective
purchaser, GCP Co-Living REIT plc, is an entity which is in the
process of being launched and will be managed by the Company's
investment manager, Gravis Capital Management Limited ("Gravis").
Exclusivity has been granted in respect of these assets,
conditional on the launch, and, once launched, Gravis will receive
management fees in relation to this new fund.
As Gravis is a related party of GABI these arrangements fall
within the related party transaction rules under Listing Rule
11.1.10R. The Board has taken steps to manage this conflict,
including overseeing all commercial and price discussions alongside
the other Co-living Group lenders and the co-investors in two of
the assets.
There have been no material developments in connection with the
Co-living Group loan arrangements which would require an adjustment
to the previously announced NAV per share at the present time.
For further information, please contact:
Gravis Capital Management Ltd
David Conlon
Joanne Fisk +44 (0)20 3405 8500
Investec Bank plc
Helen Goldsmith
Denis Flanagan
Neil Brierley +44 (0)20 7597 4000
Buchanan/Quill
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson +44 (0)20 7466 5000
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 backed loans which have contracted, predictable medium to
long term cash flows and/or physical assets.
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