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.