Real Estate Credit Investments invests in property-related debt across the UK and Western Europe, aiming to generate returns for shareholders through a diversified portfolio of loans and bonds.
As at 31 August 2026, the company held 23 investments valued at £284.6 million, with a net asset value of £306.8 million. The portfolio covers a range of property sectors and markets, with investments in the UK, France, Spain and other European locations.
The portfolio’s key figures include a weighted average yield of 11.2% and a weighted average loan-to-value ratio of 67.7%. Net effective leverage stood at 29.4%, while total cash and cash equivalents amounted to £23.1 million.
Living assets accounted for 38% of the portfolio by sector, followed by hotels and leisure at 34% and offices at 15%. Geographically, 55% of the portfolio was in the UK, 23% in France and 12% in Spain, with the remaining 10% in other markets.
The portfolio comprised 21 bilateral loans and bonds and two market bonds. Bilateral loans and bonds represented 92.4% of NAV, with a current levered yield of 11.1%.
During August, RECI committed £12.1 million to a senior development loan for the refurbishment of an office building in central London. Net movements in asset valuations during the month had no material impact on NAV.
The company’s share price was 117.0p at the end of August, compared with NAV per share of 138.8p, representing a 15.7% discount to NAV. Dividends paid or declared over the preceding 12 months totalled 12.0p per share, equivalent to a 10.3% yield based on the month-end share price.
