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 2023 is now available on the Company’s website and below:
The highlights of the monthly update are provided below:
| · | NAV as at 30 April 2023 was £1.480 per share, representing an increase of 1.1p per share from the 31 March 2023 NAV of £1.469 per share |
| · | The change in NAV per share was primarily due to receipt of net interest income |
| · | During the month the Company continued the rotation of the market bond portfolio into the funding of existing strong senior loans with attractive returns |
| · | At 30 April 2023, the Company’s balance sheet leverage net of cash was 9.7% and net effective leverage, including contingent liabilities being the partial recourse guarantees provided to certain asset level structured finance counterparties, was 10.8%. The Company had £59.7m borrowings, £26.7m cash and £3.6m contingent liabilities (representing 25% of asset level borrowings subject to partial recourse) |
| · | The Company expects to deploy its currently available cash resources in near term commitments and continues to see a growing pipeline of senior loans at attractive floating rates |
| · | The Investment Manager has released its latest Company Update presentation today (12 May), which is available on the Company’s website |
Real Estate Credit Investments Limited (LON: 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.
RECI is externally managed by Cheyne Capital’s real estate business which was formed in 2008 and currently manages over $5bn 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.
RECI’s aim is to deliver a stable quarterly dividend with minimal portfolio volatility, across economic and credit cycles, through a levered exposure to real estate credit investments.
