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Share Name Share Symbol Market Type Share ISIN Share Description
Real Estate Credit Investments Limited LSE:RECI London Ordinary Share GB00B0HW5366 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -0.32% 156.00 155.50 156.00 156.00 155.50 156.00 161,464 15:39:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 37.2 16.2 9.6 358

Real Estate Credit Inves... Share Discussion Threads

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DateSubjectAuthorDiscuss
12/9/2014
12:18
Liberum; Real Estate Credit Investments (BUY, TP 168p) Loan commitments rise by £14m Event NAV per share at 31 August 2014 was 159.1p (Jul-14: 158.1p) which represents a 0.6% increase in the month. £2.2m of the £6.1m loan commitment announced last month was drawn down during August. This was previously highlighted as being lent to a purchaser and developer of UK distribution assets - we now know it to be a distribution warehouse in Wolverhampton. A further drawdown is expected in the near-term. RECI's German multi-family properties whole loan was restructured during the period, and also increased to fund new portfolio acquisitions. Total loans increased €5.7m to €15.5m from €9.8m. Finally, RECI took a €0.9m gain on an in specie distribution of shares in a borrower as part of a loan deal, which RECI have subsequently been selling in the public market. Looking to the bond portfolio, a small negative 0.48% movement was recorded in the month. £1.5m of bonds were sold in the month at an average price of 1.02 (vs. an average purchase price of 0.94 - a 9% uplift). £0.7m of bonds were purchased during the month at an average purchase price of 0.98, in line with July. Liberum view Following the activity in August, drawn loans have increased from 34% of gross assets to 39% of gross assets, with total loan commitments rising £14m from £74.1m to £87.9m - now greater than 50% of gross assets for the first time at 55%. Positive NAV performance continues, with NAV total return of 8.0% YTD. RECI trades on a 4.4% premium to NAV after adjusting for the 2.7pps dividend (ex-date 3 September) - lower than peers SWEF (6.1% premium) and LBOW (4.6% premium), offering a dividend yield of 6.5%.
davebowler
08/9/2014
07:09
Fact sheet 31 August 2014
skinny
05/9/2014
14:22
FT Mr Draghi, the ECB president, said this was the final rate cut as it unveiled its latest move to revive lending across the bloc: policy makers will start purchasing bundles of loans, known as asset-backed securities, and covered bonds in October.
davebowler
28/8/2014
10:04
http://www.bloomberg.com/news/2014-08-27/blackrock-appointed-by-ecb-as-abs-program-consultant.html
davebowler
28/8/2014
09:32
Investec on SWEF vs. RECI; Property Starwood Real Estate Finance (SWEF) Half Year Results from 1 Jan to 30 June 2014. ¢ NAV: 98.91p/share ¢ Committed: As of 30 June the company had committed 96% of the net IPO proceeds and tap issues of £233.8m. Shortly after 30 June 2014 the Group committed a further €25m to the W Hotel in Amsterdam meaning that all Net Proceeds have now been committed. ¢ Yield: Once the W Hotel loan has been substantially drawn, the Group will be generating a net portfolio yield of 6.9 %. ¢ Syndication to achieve yield: Some properties still require subsequent syndication to achieve target return levels. Of the loans originated to date the Group expects to syndicate approximately £42m, releasing this for reinvestment in order to increase the net portfolio yield to target levels. SWEF are ‘in advanced discussions with credit approved acquirers’ in respect of these loans and expect to complete the syndications during the second half of the year. ¢ Extended Investment Remit – to include Spain and Italy and the residential for sale sector: Now that the Company has fully deployed the Net Proceeds within the parameters of the original investment policy and will continue to focus on the relative risk / return of opportunities which fall within this extended investment policy. The company’s borrowing limits have been clarified to exclude foreign exchange hedging facilities. ¢ Dividends Paid: At launch, the Company had targeted a dividend of 7.0 p/ordinary share upon full investment. It has taken roughly 18 months to achieve full investment and as noted above, the Group will be delivering a net portfolio yield of 6.9 % once the W hotel loan is substantially drawn and credit facilities are negotiated ¢ Outlook: It is the intention of the Company to seek to implement permitted liquidity facilities up to an amount of £50 m (and in any event limited to 20% of NAV) for bridging purposes. Portfolio Summary Source: Company Investec Insights ¢ SWEF has traded up to a 5.65% premium to yesterday’s closing price since the portfolio reached substantial investment. ¢ We highlight that the average loan term is relatively short at 4.1 years and Euro exposure is currently 43.80% (although hedging may be utilised at a cost) ¢ Our preferred stock of a comparable nature is RECI and is achieving (and exceeding) the dividend target, and has a considerable pipeline of accretive loan deals, mainly in creditor friendly regimes such as UK and Northern Europe. ¢ LBOW may be more comparable in that it does not have RMBS / CMBS (although is entirely senior deals and UK focussed). This portfolio is unlikely to be replicated due to the dynamics prevalent at the time.
davebowler
14/8/2014
10:58
Investec; ¢ Performance: NAV +2.6% to 158.1pps, up from 154.1pps at the start of the period. ¢ Dividends: 2.7pps dividend declared for the quarter, after the 2.7pps dividend for the previous quarter. Ex-dividend date is 3 September 2014, with pay date of 26 September. ¢ Bonds: Portfolio valued at £78.6m (49% of gross assets) with a nominal value of £96m. Bond portfolio performance has been strong, with positive net performance each month from the start of the financial year. ¢ Loans: The funded loan portfolio grew to a value of £54.1m as at 31 July 2014, accounting for approximately 34% of gross assets. £23.9m of new loan commitments were made through 5 loans closing, with undrawn commitments of £20m. Two loans repaid during period at levels accretive to NAV and another loan generated an in specie distribution of shares in the borrower. ¢ Cash: At 31 July was £23.3m. New commitments and loan drawdowns in excess of £20.0m are anticipated before the end of September. Investec Insights ¢ The manager's active approach has been adding value, with capital rolled out of bonds that have benefitted from a pull to par, and in some cases early repayment, into the more attractive loan space. The manager is also in a strong position compared to competitors as the fund can access much larger deal sizes through the wider Cheyne platform. A larger loan component to the portfolio going forward will boost overall returns given the compression in bond yields, and will also lead to a more stable NAV. ¢ We see RECI as ideally positioned in the current market environment to continue to grow the loan portion of the portfolio and deliver strong risk adjusted returns.
davebowler
14/8/2014
09:28
current yield 6.5%
owenski
14/8/2014
09:07
Skinny, thanks for your insight into the news available in the header.
deadly
14/8/2014
07:09
Interim Management Statement RECI1 Highlights · From 31 March 2014 to 31 July 2014, RECI's NAV increased from £1.541 per share to £1.581 per share2. · The Board has declared a dividend of 2.7p per share in respect of RECI Ordinary Shares for the quarter ended 30 June 2014. Bonds · As at 31 July 2014 the value of the bond portfolio was £78.6 million2 (approximately 49% of gross assets) and nominal value was £96.0 million2. The bond portfolio reduced in the period due to repayments of positions at par ahead of legal final maturities, and RECI's net sales of bonds in anticipation of new loan advances. · Continued strong performance from the bond portfolio, recording positive net performance over each month from the start of the financial year. Loans · Between 1 April and 31 July 2014, £23.9 million new loan commitments were made through 5 loans closing. · The funded loan portfolio grew to a value of £54.1 million2 as at 31 July 2014, accounting for approximately 34% of gross assets. · As at 31 July 2014 RECI has undrawn loan commitments of £20.0 million2. · During the period, two loans repaid at levels accretive to NAV, and another loan generated an in specie distribution of shares in the borrower. Cash · Cash at 31 July was £23.3 million2, up from £18.3 million as at 31 March. New commitments and loan drawdowns in excess of £20.0 million are anticipated before the end of September.
skinny
08/8/2014
10:14
Investec; Property Debt Real Estate Credit Investments (RECI) July factsheet ¢ NAV at end-July 158.1pps (vs 156.5pps at end-June) showing a strong return over the period. ¢ The bond portfolio rose 1.25% over the month. ¢ The manager has been active, deploying £6.1m of new commitment to a new investment loan to a purchaser and developer of UK distribution assets. ¢ The manager expects to see borrowers make further draws on their loan facilities along with making several new loans in the near future. Investec Insights ¢ Portfolio metrics: The current LTV on the top 10 positions has moved from 67% at the end of June to 66% as at the end of July. The weighted average effective yield is now up from the 10.2% level at the end of June to 10.5% at the end of July. Bond purchases were made at a slight discount to par (0.98) compared to May, where bonds were purchased at par. ¢ Background: Overall we see RECI as an attractive way to gain a high level of income from the property debt sector, where background conditions are supportive. The manager has shown strength in his active management and demonstrated the ability to efficiently invest proceeds from the last raise. The benefit of the relationship with the larger Cheyne Group has also become apparent, as RECI is able to take portions of larger deals that it would otherwise not able to participate in. ¢ RECI is trading in line with the rest of the sector at a stable premium, and in our view offers strong risk adjusted returns with a high level of yield (C.7%
davebowler
08/8/2014
09:43
Liberum; Real Estate Credit Investments (BUY, TP 168p) £6.1m new loan commitment Event NAV per share at 31 July 2014 was 158.1p (Jun-14: 156.5p) which represents a 1.0% increase in the month. A new £6.1m loan commitment to a purchaser and developer of UK distribution assets was made, and RECI also expect borrowers to make further drawdowns on their unutilised loan commitments in the near future. Several new investments are also in the near-term pipeline. The bond portfolio delivered a strong 1.25% return in the month. £2.5m of bonds were sold in the month at an average price of 1.04 (vs. an average purchase price of 0.94 - an 11% uplift). £2.9m of bonds were purchased during the month at an average purchase price of 0.98. Liberum view The latest £6.1m new loan investment forms part of the £30m pipeline discussed in the year-end results published in June. We believe there to be two further remaining investments in the pipeline with expected loan commitments by RECI of c£17m. Drawn loans now comprise 34% of gross assets with total loan commitments as a percentage of gross assets standing at 47%. We estimate this could rise to 57% based on loan investment projections. RECI's shares continue to perform well, delivering 11.8% TSR YTD and 26% over the last 12 months. We forecast NAV total return to average 9.6% over the next 3 years with further NAV growth potential from the early repayment of bonds and credit spread tightening. RECI has delivered NAV total return of 4.3% over their financial year to date (since Mar-14) and now trades on a 4.5% premium to NAV (6.4% dividend yield), in line with peers LBOW, SWEF and TFIF which also all trade on a 4.6% premium to prevailing NAV.
davebowler
08/8/2014
07:05
Fact sheet 31 July 2014
skinny
25/7/2014
19:44
From IC :- Share tip summary RECI's set-up is relatively complex, but it works well, and there are significant checks and balances to accommodate adverse swings in sentiment. That said, the preference shares do increase risks and a turn in the property credit market could prove painful. Developing its own loan portfolio makes sense too, and the potential for further gains makes the small premium in the share price to net asset value well justified and the yield is highly attractive. Buy.
skinny
24/7/2014
19:00
Tipped in tomorrow's IC...
skyship
09/7/2014
10:15
Investec; Real Estate Credit Investments (RECI) Portfolio Update & ERII Mandatory Announcement RECI ¢ The investment portfolio now stands at £132.5m, with cash at £24.8m and derivatives at £1.9m, bringing total gross assets to £159.2m ¢ Liabilities total £45.2m, of which the preference share accounts for £41.9m and the ordinary dividend £2.0m. Other liabilities which include the accrued performance fee total £1.3m ¢ Net assets therefore stand at £113.9m, representing 156.5 p/share (after the deduction of the dividend) ¢ Bond Portfolio: number of bonds = 76 with the dirty fair value at 30 June 2014 being £79.1m and the nominal face value being £97.57m ¢ There were no new bond purchases during the month. ¢ Bond Sales: £7.2m of bonds were sold at an average sale price of 1.00 which had an average purchase price of 0.86. ¢ Loan Portfolio Summary: Number of loans now totals 12 with the drawn dirty value of £53.4m and total loan commitments of £68.6m. Loans now stand at 33.5% of GAV (drawn loan balance) with a weighted average LTV 71.1% ¢ New Loans: The total number of loans has increased, bringing further diversification to the book. The two new loans have total drawings of £6.6m. ¢ The first new loan is a £2.2m senior loan to a site in Stratford, London which benefits from a pre-let agreement with Accor Hotels. ¢ The second loan made was a £4.4m mezzanine loan investment in a South East of England focused residential house builder with security over residential properties under construction and with planning consent. ¢ ERII Cell ¢ Redemption: ERII is to redeem 73.7% of the cell's issued share capital on 25 July 2014. The redemption will be effected pro rata to individual holdings, with fractions of shares being ignored. ¢ Payment: The aggregate payment to shareholders will be €7.85m, equivalent to €0.51 per each of the 15,392,148 current outstanding shares. Investec Insights ¢ The NAV of 156.5 p/share is ex-div after the declaration of an ordinary dividend of 2.7p/share which meets the company's 7% dividend target. ¢ Premium Rating: RECI is today trading at a premium of +5.3%, having broken through par during the last month. ¢ Index Inclusion: RECI joined the FTSE Small Cap on 20 June, and consequently traded volumes have been significantly larger since the inclusion. 1 month average traded value per day is £456,000 versus 6 month average traded value of £160,000. The enhanced liquidity may be attractive to larger investors. ¢ The redemption of 73.7% of the ERII cell is encouraging news as it will go some way to simplifying the structure of the company. At 30 June the number of positions were 4, with cash held in the cell being €8.35m ¢ RECI remains our preferred option for those seeking a higher / mezzanine return through the property debt asset class. ¢ The top ten exposures are formed of 6 loan investments and 4 bond investments and have a WA effective yield of 10.2%. ¢ Mitigates underlying risk: RECI mitigates underlying risk to some extent through holding mezzanine tranches with restrictive covenants that trigger ahead of the senior debt holders. ¢ This acts as an early warning signal and can enhance the level of control of the mezzanine holder through a pre-agreed standstill period or allowing the Mezzanine to take control via its security over the shares in the Borrower, without triggering a change of control covenant in the Senior Debt. The quality and methodology of the real estate underwriting is also a critical part of RECI's mezzanine investing. ¢ Cheyne have an established framework to underwrite loans, a significant network and in many instances will work with sponsors with whom they have a historic relationship. ¢ Since 1 Jan 2013 RECI has produced a total return of 64.3% versus SWEF total return of 4.16%
davebowler
09/7/2014
09:57
Accept your reasoning, Skinny, but all the announcements you post are easily and instantly available in chronological order on the News Tab, so you could follow the dateline there. Alternatively, you could have a document on your own PC with the information. Readers on this particular thread are, IMO, probably (if not definitely) more astute and seasoned investors (compared to the many pump and dump thread participants). They automatically have news alerts and know their way around investor websites, so making this thread longer than it need be tends to be counter-productive, as we should be interested in "comment" on RNS's rather than the RNS's themselves. However, having said that, don't worry if you want to continue posting RNS's as, for readers such as me, it isn't too difficult to scroll through them quickly.
grahamburn
09/7/2014
09:15
Mainly for my own purposes as I have a memory like a sieve. If I come back to a thread after a period of time, the chronology of events is there to see in one place. Hardly contentious or speculative content!
skinny
09/7/2014
09:07
It soon vanishes from the header....
mozy123
09/7/2014
08:59
Why mindlessly post text and links that are available in the header?
deadly
09/7/2014
07:06
Return Of Capital To Cell Shareholders RETURN OF CAPITAL TO CELL SHAREHOLDERS Unless otherwise defined herein, terms used in this announcement shall have the same meanings as those defined in the prospectus issued by the Company dated 16 October 2013 and the Company's subsequent supplemental prospectus issued 18 June 2014. In accordance with the powers granted to the Directors under the Company's Articles of Incorporation, the Directors announce that they intend to implement a distribution to Cell Shareholders of the cash proceeds from the recent realisation of the Cell's assets by way of a compulsory share redemption of Cell Shares (the "Redemption"). Redemption of Cell shares The Company today announces that approximately 73.7 per cent of the Cell's issued share capital will be redeemed at close of business on 25 July 2014 (the "Redemption Date") by way of a compulsory redemption of Cell Shares. The Redemption will be effected pro rata to holdings of Cell Shares on the register at the close of business on the Redemption Date (which is the record date for the purposes of the Redemption), being 25 July 2014. The aggregate payment made to Cell Shareholders will be €7,850,000 (equivalent to €0.51 per each of the 15,392,148 current outstanding Cell Shares). Fractions of Cell Shares will not be redeemed and so the number of Cell Shares to be redeemed for each Cell Shareholder will be rounded down to the nearest whole number of Cell Shares. The amount to be applied to the partial redemption of the Cell Shares comprises the monies from the realisation of the Cell's assets to be received up to and including the Redemption Date, less the costs and expenses of the Redemption. As at today's date, the Cell has 15,392,148 Cell Shares in issue of which none are held in treasury. All of the Cell Shares redeemed on the Redemption Date will be cancelled. Settlement In the case of Cell Shares held in uncertificated form (that is, in CREST), redemptions will take effect automatically on the Redemption Date and redeemed Cell Shares will be cancelled. All Cell Shares in issue will be disabled in CREST on the Redemption Date and the existing ISIN applicable to such Cell Shares (the "Old ISIN") (which, for the Redemption, is GG00BCZQ7837) will expire. A new ISIN (the "New ISIN") in respect of the Cell Shares in issue and which have not been redeemed will be enabled and available for transactions from and including the first Business Day following the relevant Redemption Date (or such other date notified to Cell Shareholders). The New ISIN will be GG00BNZB0D17. Up to and including the Redemption Date, Cell Shares will be traded under the Old ISIN and, as such, a purchaser of such Cell Shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date (which is the record date for the purposes of the redemption) into the New ISIN. For every 1,000 Cell Shares held in the Old ISIN, 263 Cell Shares will be issued in the New ISIN. In the case of Cell Shares held in certificated form (that is, not in CREST), redemptions will take effect automatically on each Redemption Date. As the Cell Shares will be compulsorily redeemed, certificated Cell Shareholders do not need to return their Cell Share certificates to the Company in order to claim their redemption monies. Cell Shareholders' existing share certificates will be cancelled and new share certificates will be issued to each such Cell Shareholder for the balance of their shareholding after each Redemption Date. Cheques will automatically be issued to certificated Cell Shareholders upon the cancellation of any of their Cell Shares. All Cell Shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, Cell Shares will be incapable of transfer. Payments of redemption monies are expected to be effected either through CREST (in the case of Cell Shares held in uncertificated form) or by cheque (in the case of Cell Shares held in certificated form) within 14 Business Days of the relevant Redemption Date, or as soon as practicable thereafter. Cell Shareholders will be paid their redemption proceeds in the currency in which their Cell Shares are denominated or as determined by the Directors. -ENDS-
skinny
08/7/2014
09:14
Liberum- Loan investment progress Event NAV per share at 30 June 2014 was 156.5p (May-14: 158.9p) which represents a 0.2% total return in the month after adjusting for dividends of 2.7p per share. RECI completed 2 new loan investments in the month with total drawings of £6.6m. The new investments include a £4.4m mezzanine loan in a South East of England focused house builder with security over residential properties currently under construction and development land with planning consents. In addition, RECI has provided £2.2m for a senior secured loan against a site in Stratford, London which has a pre-let agreement with Accor hotels. The bond portfolio generated a m-t-m return of 1.12% in June. £7.2m of bonds were sold in the month at an average price of 1.00 (vs. an average purchase price of 0.86 - 16% uplift). Liberum view The two new loan investments form part of the £30m pipeline discussed in the recent year-end results. There are now three remaining investments in the pipeline with expected loan commitments to RECI of c£23m. Loans now comprise 34% of gross assets which we estimate could rise to 56% based on projected loan commitments. RECI's NAV total return in the quarter to Jun-14 was +3.3% which follows a 9.4% total return in the year to Mar-14. We forecast an average 9.6% total return over the next 3 years and we believe there is upside risk to these numbers from the early repayment of bonds and credit spread tightening. The shares have delivered 10.8% total return in 2014 to date and now trade on a 6.7% premium to NAV (6.4% dividend yield). We recently published an update note on RECI which is available on the following link: Download Real Estate Credit Investments (BUY, TP 169p) - The real deal (17 pgs) Other news - Infrastructure
davebowler
08/7/2014
07:05
Fact sheet 30 June 2014
skinny
27/6/2014
16:33
Thanks DB - I just tried to add another 1000, without realising the time!
skinny
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