Real Est Crd InvsLtd - Fact Sheet Announcement

Real Estate Credit Investments

12/05/2022 07:00

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RNS Number : 1406L  Real Estate Credit Investments Ltd  12 May 2022

This announcement contains inside information

 

Date and time of release: 12 May 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 30 April 2022 is now available on the Company's
website at:

 

https://www.recreditinvest.com/investors/fact-sheets/
(https://www.recreditinvest.com/investors/fact-sheets/)

 

The highlights of the monthly update are provided below:

 

 ·         NAV as at 30 April 2022 was £1.506 per share, representing an increase of
           0.7p per share from the 31 March 2022 NAV of £1.499 per share.
 ·         The change in NAV per share was due to:-
           Ø      1.0p of interest income; and
           Ø    0.3p 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 £15.8m across two loans:-
           Ø     £5.2m to a senior development loan for a co-living facility in
           France. This deal has an expected levered IRR of 14%, with an entry LTV of 65%
           and an expected exit date of April 2025.
           Ø    £10.6m to a senior development loan to support the development of an
           assisted living facility in London. This deal has an expected IRR of 8.8%,
           with an entry LTV of 55% and an expected exit date of July 2025.
 ·         During the month of April 2022, two loans repaid:-
           Ø     A core mezzanine loan in multiple locations in the UK repaid
           £22.7m. This deal repaid with an exit IRR of 10.2% and a multiple of 1.2x.
           Ø      A senior development loan in Dortmund, Germany repaid £3.8m. This
           deal repaid with an exit IRR of 8.1% and a multiple of 1.1x.
 ·         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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