Fact Sheet Announcement

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)	[phone]
Investment Manager:	Richard Lang (Cheyne)	[phone]

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