Real Est Crd InvsLtd - Fact Sheet Announcement

Real Estate Credit Investments

13/06/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220613:nRSM5426Oa&default-theme=true

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
(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

-----END------

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCFLFLTRDIILIF