REG - Real Est Crd InvsLtd - Fact Sheet Announcement

Real Estate Credit InvestmentsAnnouncement

12/01/2024 07:00

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RNS Number : 4430Z  Real Estate Credit Investments Ltd  12 January 2024

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 December 2023 is now available on the Company's
website at:

 

https://realestatecreditinvestments.com/investors/fact-sheets/#currentPage=1
(https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Frealestatecreditinvestments.com%2Finvestors%2Ffact-sheets%2F%23currentPage%3D1&data=05%7C01%7CKitten.Ozanne%40aztecgroup.co.uk%7Cc57d48098cc044cef33c08db46fca8cf%7C5f75785019e44329bc48045f1fe3eecd%7C0%7C0%7C638181823255240174%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=JzKf39S6BljvT2QFxbzoEHbH6r8sSJr4LQWAgj3xfgk%3D&reserved=0)

 

As at 31 December 2023, the Company was invested in a diversified portfolio of
34 investments with a valuation of £322.0m.

 

The second interim dividend of 3p per share went ex-dividend (reducing the
NAV) on 7 December 2023.

 

The French real estate market experienced a difficult year in 2023, with
investments volume at its lowest since the Global Financial Crisis of 2007/8.
In addition, with changes in working patterns since COVID, office demand has
been scarce and leasing much slower than expected. Following a careful
analysis of market conditions, RECI has conservatively taken an unrealised
mark down on one of its positions, reporting (but not realising) a decrease of
1.6p on NAV on its senior loan to a development of a prime Grade A Paris
office. The development was concluded on time and on budget, and Cheyne will
continue to work actively with the borrower and a selected asset manager to
expedite leasing the asset, in order to secure early repayment of the
principal as well as all accrued interest.

 

Cheyne continues to monitor all of its positions and remains confident in the
overall quality of its portfolio; a more detailed analysis of all of the
positions will be included in the next quarterly update to be released in the
first week of February 2024.

 

During the month, RECI was fully repaid at par its position in a fully let
grade A office block located in Hoxton, London. RECI received £9.4m (net of
financing).

 

RECI continues to use its cash to invest in its existing commitments in highly
accretive wider opportunities in senior mortgage lending.

 

Cash Balance as at 31 December 2023 was £12.1m.

 

A full attribution of changes in the NAV per share is presented in the table:

 

 November NAV      148.1p
 Interest income   1.0p
 Asset valuations  (1.6)p
 FX                0.1p
 Expenses          (0.2)p
 Dividend          (3.0)p
 December NAV      144.2p

 

 

For further information please contact:

 

 Broker:              Richard Crawley / Edward Mansfield (Liberum Capital)  +44 (0)20 3100 2222
 Investment Manager:  Richard Lang (Cheyne)                                 +44 (0)20 7968 7328

 

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