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RNS Number : 5426O
Real Estate Credit Investments Ltd
13 June 2022
 

This announcement contains inside information

 

Date and time of release: 13 June 2022, 7:00 am

 

Real Estate Credit Investments Limited

 

Investment Manager Fact Sheet

 

Real Estate Credit Investments Limited (the "Company"), a non-cellular company incorporated in Guernsey, is pleased to announce that its Investment Manager's monthly Fact Sheet as at 31 May 2022 is now available on the Company's website at:

 

https://realestatecreditinvestments.com/investors/fact-sheets

 

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.

                                     

For further information please contact:

 

Broker:

Richard Crawley / Darren Vickers (Liberum Capital)

+44 (0)20 3100 2222

Investment Manager:

Richard Lang (Cheyne)  

+44 (0)20 7968 7328

 

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