Real estate income fund RECI impresses with 12 committed deals and growing pipeline

Real Estate Credit Investments - RECI

Real Estate Credit Investments Ltd (LON:RECI) announced its Investment Manager’s monthly Fact Sheet as at 31 March 2022. 

The highlights of the monthly update are provided below:

  • NAV as at 31 March 2022 was £1.499 per share after payment of the latest dividend, representing an overall decrease of 2.2p per share from the 28 February 2022 NAV of £1.521 per share.
  • The change in NAV per share was due to:-
    • the payment of the fourth interim dividend of 3.0p, which went ex-dividend in March,
    • receipt of 1.0p of interest income; and
    • 0.2p 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.
  • Since 1 April 2021, the total NAV return for RECI was 7.2%.
  • During the month of March 2022, RECI committed £20.0m to a senior development loan to support the development of an assisted living facility in London. This deal has an expected IRR of 8.5%, with an entry LTV of 60% and an expected exit date of December 2024.
  • Since 1 April 2021, RECI has:-
    • committed £171.8m to 12 deals across 6 countries; and
    • fully realised a total of £94.8m across 6 deals.
  • RECI paid out 4 dividends since 1 April 2021, totalling 12p.
  • The pipeline for the Cheyne real estate debt business continues to grow in 2022, with many new attractive opportunities.

Real Estate Credit Investments (LON:RECI) is a closed-ended investment company, incorporated in Guernsey, which originates and invests in real estate debt secured by commercial or residential properties in Western Europe, focusing primarily on the United Kingdom, France and Germany. The Company’s aim is to deliver a stable quarterly dividend with minimal volatility, across economic and credit cycles, through a levered exposure to real estate credit investments.

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