Real estate investment fund RECI May fact sheet (LON: RECI)

Property

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 31 May 2022 is now available below and on the Company’s website at:

The highlights of the monthly update are provided below:

·   NAV as at 31 May 2022 was £1.522 per share, representing an increase of 1.6p per share from the 30 April 2022 NAV of £1.506 per share.
·   The change in NAV per share was due to:-
Ø 0.8p of interest income;
Ø 1.0p proceeds from the sale of Vanderbilt; and
Ø 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.
·   During the month, RECI committed £22.8m across two loans:-
Ø £16.5m to a senior core+ loan for a hotel in the UK. This deal has an expected IRR of 7.0%, with an entry LTV of 67% and an expected exit date of April 2027.
Ø £6.3m to a senior development loan to support the development of a residential facility in the UK. This deal has an expected IRR of 8.4%, with an entry LTV of 55% and an expected exit date of June 2026.
·   During the month of May 2022, three loans repaid:-
Ø A profitable exit of a UK housebuilder mezzanine loan which repaid £16.4m to RECI. With this sale, RECI has recovered in excess of the investment made into the position.
Ø A stretch senior core loan in the UK repaid £17.0m to RECI. This deal repaid with an exit IRR of 8.5% and a multiple of 1.3x.
Ø A mezzanine value add/transitional loan in Paris repaid £11.6m to RECI over the past 3 months. This deal repaid with an exit IRR of 13.7% and a multiple of 1.4x.
·   The Company expects to deploy its currently available cash resources in near term commitments and continues to see a growing pipeline of new attractive opportunities.

Real Estate Credit Investments Limited (RECI) is a closed-ended investment company 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.

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RECI is externally managed by Cheyne Capital’s real estate business which was formed in 2008 and currently manages over $3bn via private funds and managed accounts. Its investments span the entire spectrum of real estate risk from senior loans, mezzanine loans, special situations to direct asset development and management.

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Real Estate Credit Investments RECI

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Find more news, interviews, share price & company profile here for:
Real Estate Credit Investments RECI

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