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RECI makes progress with real estate debt investment

By BFN News | 09:10 AM | Tuesday 30 November, 2010

Real Estate Credit Investments Limited, the former Queen's Walk Investment, reported a net profit of €3.1m for the quarter ended September 30, up from €2.8m for the June quarter. The company said this represented its fifth consecutive quarter of profit. RECI said it was delivering on objectives laid out in September. A €26.6m capital raising had put the company in a position to invest in undervalued real estate debt. At September 30, the real estate debt portfolio was valued at €37.4m, or 37% of the investment portfolio, up from 31% three months earlier. RECI made €9.8m of new bond purchases in the three months. From October 1 to November 15, it had purchased a further €15.4m, increasing the fair value of the debt portfolio to €52.9m, or 45% of the investment portfolio. Chairman Tom Chandos said, 'It is a sign of the growing strength of Real Estate Credit Investments Limited that it has delivered a fifth consecutive quarter of profit while laying the foundations for future growth with fresh investments in the real estate debt portfolio.' The shares were up €0.02 at €0.96. Story provided by

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