GCP Infrastructure announces assignment of leases on 24 supported living units
By Josh White
Date: Thursday 12 Jul 2018
(Sharecast News) - GCP Infrastructure Investments updated the market on the loan note to Supported Living Infrastructure, secured against a portfolio of 24 residential properties, which it had said it was exposed to at the end of March.
The FTSE 250 firm had announced on 22 February that its board and investment adviser, Gravis Capital Management, were "monitoring events" in relation to First Priority Housing Association (FPHA).
As at 31 March, the company said it was exposed to the loan to Supported Living Infrastructure, to finance supported living units for occupation by adults with learning or physical difficulties.
The loan note was secured on a senior basis against a portfolio of 24 underlying properties in England and Wales let to around 200 tenants.
GCP said the properties were subject to fully repairing and insuring 35-year leases with FPHA, and represented 3.7% of the company's total assets as at that date.
"The company today announces that each of the 24 leases against which the loan is secured has been assigned to Bespoke Supportive Tenancies (BeST) on terms which the company believes, following discussions with its advisers, will have no material impact on the company's net asset value," GCP's board explained on Thursday.
It described BeST as a national, not-for-profit registered provider of social housing for vulnerable adults that operated nationwide, and had a presence in all major regions.
"It is a registered charity which works in partnership with a wide range of local authorities and care providers.
"It obtained its Homes and Communities Agency (now the Regulator of Social Housing) registration in June 2012."
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