Property income fund RECI commits £15.8m to London and France developments

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Real Estate Credit Investments Limited (LON:RECI), a non-cellular company incorporated in Guernsey, has announced that its Investment Manager’s monthly Fact Sheet as at 30 April 2022 is now available on the Company’s website at:

The highlights of the monthly update are provided below:

  • NAV as at 30 April 2022 was £1.506 per share, representing an increase of 0.7p per share from the 31 March 2022 NAV of £1.499 per share.
  • The change in NAV per share was due to:-

– 1.0p of interest income; and

– 0.3p of negative mark-to-market (‘MTM’) adjustments across the bond portfolio, due to yield-widening across the corporate bond market, largely driven by the war in Ukraine and related considerations.

  • During the month, RECI committed £15.8m across two loans:-

– £5.2m to a senior development loan for a co-living facility in France. This deal has an expected levered IRR of 14%, with an entry LTV of 65% and an expected exit date of April 2025.

– £10.6m to a senior development loan to support the development of an assisted living facility in London. This deal has an expected IRR of 8.8%, with an entry LTV of 55% and an expected exit date of July 2025.

  • During the month of April 2022, two loans repaid:-

– A core mezzanine loan in multiple locations in the UK repaid £22.7m. This deal repaid with an exit IRR of 10.2% and a multiple of 1.2x.

– A senior development loan in Dortmund, Germany repaid £3.8m. This deal repaid with an exit IRR of 8.1% and a multiple of 1.1x.

  • Real Estate Credit Investments expects to deploy its currently available cash resources in near term commitments and continues to see a growing pipeline of new attractive opportunities.
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