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8 Aug 2023 07:00
8 August 2023
Real Estate Credit Investments Limited
Investment Manager's Q1 Investor Presentation
Real Estate Credit Investments Limited ("RECI" or "the Company") is pleased to announce that the Investment Manager's Q1 Investor Presentation is now available on the Company's website at:
https://realestatecreditinvestments.com/investors/results-reports-and-presentations/#currentPage=1
An extract from the Summary section of the presentation is set out for investors in the Appendix to this announcement.
For further information, please contact:
Broker: | Richard Crawley / Edward Mansfield (Liberum Capital) | +44 (0)20 3100 2222 |
Investment Manager | Richard Lang (Cheyne) | +44 (0)20 7968 7328 |
Appendix: Q1 Investor Presentation Extract
Key Quarter Updates
• Portfolio
- Total NAV Return for the quarter: +2.0% |
- No defaults in the portfolio |
- Rotation of market bond portfolio into strong senior loans with attractive returns |
- During the quarter, two UK loans and one Portuguese loan fully repaid, realising net proceeds of £28.2m, and providing headroom to invest in new deals at enhanced IRRs |
• Cash
- Cash reserves remain targeted at between 5% to 10% of NAV |
- As at 30 June 2023, cash was £27.8m. |
• Dividend
- Dividends maintained at 3p per quarter, 9.5% yield, based on share price, as at 30 June 2023 |
- Dividend predominantly covered by interest income |
• Opportunities
- The present macroeconomic backdrop is set to continue through 2023, resulting in further constraints in bank lending and alternative sources of capital. The opportunity to provide senior loans at low risk points, for higher margins, is increasingly evident |
- The Company expects to deploy its currently available cash resources to its near term commitments and towards a compelling emerging opportunity set in senior loans |
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