(Alliance News) - Real Estate Credit Investments Ltd on Thursday said it intends to raise new capital via a share placing to fund near-term investment opportunities.
The investment trust said manager Cheyne Capital Management (UK) LLP continues to be positive about the investment opportunities available within real estate credit markets, despite economic and Brexit-related uncertainty
Placing proceeds will be used by the company to invest in debt secured by commercial or residential properties in the UK and western Europe, which might take the form of secured senior real estate loans and secured real estate-related debt securities, such as commercial mortgage-backed securities.
Liberum Capital Ltd has been appointed as sole bookrunner to procure placees to participate in the placing. Shares will be issued at 167 pence each, a discount of 0.6% to the closing share price of 168p on Wednesday. Real Estate Credit didn't say how much it hoped to raise in the placing, only that the number of shares issued will be agreed between the company and Liberum.
London-listed shares in Real Estate Credit Investments were up 0.3% at 168.50 pence each on Thursday afternoon.
Real Est.cred (RECI)