Real Est.cred Regulatory News (RECI)

Hardman & Co Research: Vive la difference

In this note, we analysis RECI's French exposures, which now account for 37% of commitments and three of the top-10 commitments. In particular, we review the geographical and sector risk diversification, and growth opportunity benefits that this brings to RECI investors. We review the competitive advantages of Cheyne, the manager, in this area, noting particularly its structuring of complex deals, certainty of finance and relative simplicity compared with syndicate providers. We use case studies from its €1bn+ cumulative lending to illustrate these advantages. RECI's recent quarterly update highlighted its usual, overall strategic theme of consistency.

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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