Fact Sheet Announcement
This announcement contains inside information
Date and time of release: 12 January 2023, 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 December 2022 is now available on the Company's website at:
The highlights of the monthly update are provided below:
NAV as at 31 December 2022 was £1.482 per share, representing a decrease of 2.0p per share from the 30 November 2022 NAV of £1.502 per share.
The change in NAV per share was due to:-
Ø the payment of the second interim dividend of 3.0p, which went ex-dividend in December; and
Ø 1.0p of interest income.
RECI's Total NAV Return for the 2022 calendar year was 5.9%.
During the month of December 2022, three loans fully repaid with the following returns:-
Ø A Paris prime resi/retail building fully repaid with an exit IRR of 4.9% and a multiple of 1.2x;
Ø A portfolio of six freehold French hotels fully repaid with an exit IRR of 8.0% and a multiple of 1.3x; and
Ø A hotel in the southeast of France fully repaid with an exit IRR of 6.9% and a multiple of 1.3x.
In December, a new loan on loan lending facility was signed. This will increase RECI's financing flexibility and assist with increasing portfolio returns and dividend cover.
The Company expects to deploy its currently available cash resources in near term commitments and continues to see a growing pipeline of senior loans at attractive floating rates.
RECI expects to re-invest their repayments into high returning deals in 2023.
For further information please contact:
Richard Crawley / Darren Vickers (Liberum Capital)
+44 (0)20 3100 2222
Richard Lang (Cheyne)
+44 (0)20 7968 7328