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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 Shares Traded Last Trade
  -0.50 -0.35% 141.50 263,264 16:35:26
Bid Price Offer Price High Price Low Price Open Price
141.00 142.00 143.00 141.00 142.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial -17.42 -8.70 325
Last Trade Time Trade Type Trade Size Trade Price Currency
16:39:57 AT 18,960 141.50 GBX

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Date Time Title Posts
21/2/202108:06Real Estate Credit Investments1,752

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Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-03 16:39:57141.5018,96026,828.40AT
2021-03-03 16:39:57141.505,0007,075.00AT
2021-03-03 16:39:48141.5045,00063,675.00AT
2021-03-03 16:39:48141.505,0007,075.00AT
2021-03-03 16:39:36141.5015,00021,225.00AT
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DateSubject
03/3/2021
08:20
Real Estate Credit Inves... Daily Update: Real Estate Credit Investments Limited is listed in the General Financial sector of the London Stock Exchange with ticker RECI. The last closing price for Real Estate Credit Inves... was 142p.
Real Estate Credit Investments Limited has a 4 week average price of 141p and a 12 week average price of 131p.
The 1 year high share price is 171.50p while the 1 year low share price is currently 90.20p.
There are currently 229,332,478 shares in issue and the average daily traded volume is 258,759 shares. The market capitalisation of Real Estate Credit Investments Limited is £324,505,456.37.
10/2/2021
07:36
skyship: MONTHLY UPDATE: • NAV as at 31 January 2021 was £1.507 per share, representing an increase of 1.2p per share from the 31 December 2020 NAV of £1.495 per share • The increase in NAV per share was primarily due to: ...# 1.0p of interest income, contributing to dividend cover; and ...# 0.3p of positive mark-to-market (‘MTM’) adjustments across the bond portfolio • RECI funded £1.6m of its existing commitments in the month • The Company received the final repayment of £1.5m on the London Office to Residential senior loan, as well as strong cash interest income from its diverse loan and bond portfolios • RECI has now paid two quarterly dividends of 3.0p each for the current financial year ending 31 March 2021. The Board confirmed in May 2020 that there will be no change to its dividend policy for the current financial year ending 31 March 2021 • RECI had cash as at 31 January 2021 of £28m and gross leverage of £74m (representing 21% of NAV and 1.13x net/effective look through leverage).
12/1/2021
09:14
davebowler: Liberum; Strong end to 2020 on bond portfolio recovery Mkt Cap £316m | Prem/(disc) -8.0% | Div yield 8.7% Event Real Estate Credit Investments' NAV per share at 31 December 2020 was 149.5p, representing a NAV total return of 1.8% in the month (+5.2% over six months). NAV performance in December benefited from a 1.8p per share uplift related to mark-to-market movements on the bond portfolio. The company has deployed further cash in the month bringing the gross portfolio value to £387m (diversified across 59 positions). Gross leverage has remained broadly unchaged at 21.6% of NAV and net leverage has risen to 15.4% due to capital deployment. Investments in the month included: £7.5m of a new £18.7m commitment to a senior development loan (67% LTV) to support the refurbishment of a 1,955 sqm prime mixed use scheme in Central Paris (9.7% expected yield); £6.2m of a new £6.5m commitment to a senior development loan to fund the development of a 340-unit co-living scheme in Maida Vale, London. RECI's investment will also benefit from a profit participation in the overall success of the scheme; £4m to a senior development loan (61% LTV) to fund a student accommodation scheme in Dortmund, Germany (expected return of 8.2%); £3.5m to a mezzanine loan (52% LTV) to fund working capital requirements for a borrower to secure planning for a Central London redevelopment. RECI benefits from a share charge over the borrower and the loan has an expected return of 13.7%. Liberum view The new loan transactions form part of the pipeline identified by the manager in the recent company update. The manager outlined a pipeline of seven loans that are mainly in senior positions at lower LTVs and offering high returns (58% weighted average LTV and 9.7% IRR). RECI’s share of these loans is expected to be £52m. The deployment in December and the small increase in net leverage will enable the company to increase dividend cover. We regard the 8% discount to NAV and 8.7% dividend yield as highly compelling given the fund’s long-term track record, defensive positioning and the improved environment for new lending opportunities We believe there is also the potential for considerable further re-rating in the bond portfolio as European real estate debt has lagged the wider credit rally. The bond portfolio experienced 8.9p of mark-to-market losses in March and April and we estimate the mark-to-market gains since then have totalled 4.6p. The bond portfolio is secured on core and core+ assets (weighted average LTV of 52%) owned by institutional borrowers. RECI has a track record of delivering strong returns in periods of dislocations in the CMBS markets (e.g. in 2009, 2011 and 2016)
12/1/2021
07:41
skyship: MONTHLY UPDATE: • NAV as at 31 December 2020 was £1.495 per share, representing a decrease of 0.4p per share from the 30 November 2020 NAV of £1.499 per share. • The change in NAV per share was primarily due to: ----• the second interim dividend of 3.0p for the financial year ending 31 March 2021, which went ex dividend in December; ----• 1.0p of interest income; and ----• 1.8p of positive mark-to-market (‘MTM’) adjustments reported across several positions in the bond portfolio. • In the month of December, RECI invested £3.0m to fund its existing loan commitments. • The Company funded: ----• £6.2m of a new £6.5m RECI commitment (£28.5m total deal commitment) to a senior development loan to support the development of a purpose-built 340-unit co-living scheme in Maida Vale, London. This asset will also benefit from a profit participation in the overall success of the scheme; and ----• £7.5m of a new £18.7m RECI commitment (€34.9m total deal commitment) to a senior development loan, with an LTV of 67%, to support refurbishment of a 1,955 sqm mixed use prime Haussmanian triple fronted building located in Boulevard Malesherbes, Central Paris. The loan has an expected yield of 9.7% • The Company also fully funded: ----• A new £4.0m RECI commitment (€30.0m total deal commitment) to a senior development loan, with an LTV of 61.3%, to support the development of a hybrid student accommodation building in the German city centre of Dortmund. The loan has an expected yield of 8.2%. ----• A new £3.5m RECI commitment (£8.0m total deal commitment) to a mezzanine loan, with a low LTV of 52%, to support the working capital requirements of a sponsor to secure planning for wider redevelopment plans in central London. This deal benefits from a share charge over the borrower and has an expected yield of 13.7%. • The Company had cash as at 31 December 2020 of £21m and gross leverage of £74m (representing 22% of NAV and 1.15x net/effective look through leverage).
11/12/2020
09:08
davebowler: Liberum; Mkt Cap £313m | Prem/(disc) -7.1% | Div yield 8.8% Event Real Estate Credit Investments' NAV per share at 30 November 2020 was 149.9p, representing a NAV total return of 0.9% in the month (+4.7% over six months). November's NAV performance benefited from a 0.6p per share uplift related to mark-to-market movements. The £360m portfolio is diversified across a total of 55 positions. Several repayments were received during November, maintaining the high level of cash generation in recent months. £100m in repayments, interest and coupon have been received since 31 March. November's payments included: £11.5m partial repayment of the London office to residential loan. £2.7m was repaid in October and full repayment is expected by 31 December. The development is complete and the commercial space is fully let. £2.3m full repayment of a loan to fund a student housing development in Bologna, Italy. The loan was initially funded in January and the realised return on the investment was 21%. £17m was reinvested in November to fund existing loan commitments. Cash on the balance sheet at 30 November was £50.7m and the net debt to equity ratio was unchanged at 6.8%, leaving RECI well-capitalised to fund pipeline transactions Liberum view RECI’s portfolio has performed resiliently in the period, despite the challenges posed by Covid-19. Prudent loan structuring and the 64% LTV offer significant downside protection. We believe there is also the potential for considerable further re-rating in the bond portfolio as European real estate debt has lagged the wider credit rally. The bond portfolio is secured on core and core+ assets (weighted average LTV of 51%) owned by institutional borrowers. We regard the 7% discount to NAV and 8.8% dividend yield as highly compelling given the fund’s long-term track record, defensive positioning and the improved environment for new lending opportunities. The dislocation in real estate debt funding markets is creating attractive opportunities for RECI. The recent uncertainty caused by the outbreak of Covid-19 has accelerated the withdrawal of traditional lenders. In the recent company update, the manager outlined a pipeline of seven loans that are mainly in senior positions at lower LTVs and offering high returns (58% weighted average LTV and 9.7% IRR). RECI’s share of these loans is expected to be £52m. The higher returns available and potential quick redeployment of cash should enable the company to grow dividend cover.
11/12/2020
07:53
skyship: MONTHLY UPDATE: • NAV as at 30 November 2020 was £1.499 per share, representing an increase of 1.4p per share from the 31 Oct ober 2020 NAV of £1.485 per share • The change in NAV per share w as primarily due t o1.0p of interest income; and 0.6p of positive MTM adjustments across several positions in the portfolio • Following on from the £24.2m cash repayments received in October, RECI also received in November: • full repayment of £2.3m for a loan to support the development of a student housing asset in Bologna. The realised IRR was approximately 21% • another partial repayment of £11.5m on t he £20.0m commitment to the London Office t o Residential senior loan (portfolio position 10) position. The development has completed and the commercial accommodation is fully let. Full repayment is expect ed before 31 December 2020; and • approximately £2.7m in coupon and interest , with all loans structured to pay cash coupon continuing to pay in accordance with their terms • Since 31 M arch 2020, RECI has received in over £100m in loan repayments, interest and coupon, including five loans that have fully or partially repaid • RECI funded £17.1m of its existing commitments in the month of November • The Company had cash as at 30 November 2020 of £50.7m and gross leverage of £74m (representing 21.6% of NAV and 1.07x net /effective look through leverage) • In November the Company declared a second interim dividend of 3.0 pence per share for the financial year ending 31 M arch 2021 • RECI remains well placed to participat e in the healthy new pipeline of deals comprising predominantly loans that are senior risk, at lower LTVs, but for higher returns
27/11/2020
10:15
davebowler: Pleasure, tournesol. Liberum - Real Estate Credit Investments Strong returns and attractive pipeline Mkt Cap £302m | Prem/(disc) -11.4% | Div yield 9.1% Event RECI's NAV per share at 30 September 2020 was 148p (previously reported), reflecting a NAV total return of 4.7% for the 6 month period. This strong performance has been a result of both robust interest collection and a modest amount of mark-to-market gains on the bond portfolio. The portfolio is diversified across 53 positions in loans and bonds. Senior loans and bonds make up the majority of the portfolio (77%) and 80% of the portfolio is self-originated bilateral loans and bonds, providing greater control and security. The underlying borrowers are typically well-capitalised institutions with significant operational and financial resources. The weighted average levered yield is 9.% and the average LTV is 62.7%. The portfolio remains focused on the UK and France. The company's flexible gearing enabled the manager to reduce leverage swiftly in April and it has remained low throughout the period. Net gearing was 6.7% at 30 September (March 2020: 13.3%). The manager recently reported an increase in loan repayments with £41m received since the end of June. This includes £32m from the full repayment of a mixed use senior loan to a UK developer at an uplift to carrying value (10.5% IRR). The company is also expecting more than £15m of further repayments before the end of 2020, mostly from a London office/residential loan as the development is complete and the project is significantly de-risked. The manager has also reported a strong pipeline of potential transactions. Liberum view RECI’s portfolio has performed resiliently in the period, despite the challenges posed by Covid-19. Prudent loan structuring and the 63% LTV offer significant downside protection. We believe there is also the potential for considerable further re-rating in the bond portfolio as European real estate debt has lagged the wider credit rally. The bond portfolio is secured on core and core+ assets (weighted average LTV of 51%) owned by institutional borrowers. The dislocation in real estate debt funding markets is creating attractive opportunities for RECI. The recent uncertainty caused by the outbreak of Covid-19 has accelerated the withdrawal of traditional lenders. In the recent company update, the manager outlined a pipeline of seven loans that are mainly in senior positions at lower LTVs and offering high returns (58% weighted average LTV and 9.7% IRR). RECI’s share of these loans is expected to be £52m. The higher returns available and potential quick redeployment of cash should enable the company to grow dividend cover. We regard the 11% discount to NAV and 9.1% dividend yield as highly compelling given the fund’s long-term track record, defensive positioning and the improved environment for new lending opportunities.
11/11/2020
19:11
williamcooper104: Can see capital gains tax being fully aligned with income tax No question what way taxes are headed I'm into RECI for the yield, but would like to see them trade at or ideally a bit above NAV, to be able to accretivly raise further equity capital (though appreciate that lower share price means greater long term total return if you are reinvesting yield)
11/11/2020
07:24
skyship: MONTHLY UPDATE • NAV as at 31 October 2020 was £1.485p per share, representing an increase of 1.0p per share from the 30 September 2020 NAV of £1.475 per share. • RECI has recently received further cash repayments on four deals: • Final repayment of £19.4m from the loan backed by a London mixed use development, predominantly office and residential (portfolio position 3 as at 30 September). The realised IRR on this deal was approximately 11% • A partial repayment of £2.7m on an asset backed by an income producing granular UK portfolio (portfolio position 2) • Another partial repayment of £2.1m on the £20.0m commitment to the London Office to Residential senior loan (portfolio position 10) position. The development has completed and the commercial accommodation is fully let. Full repayment is expected before 31 December 2020 • Post October month end, RECI has also received full repayment of £2m for a loan to support the development of a student housing asset in Bologna. The realised IRR was approximately 25% • RECI funded £2.3m of its existing commitments in the October, and invested £4.8m in the purchase of three new bonds • RECI also fully funded its allocation of a new £21.7m senior loan (£60m total) to finance the purchase of a core income producing Grade A new office build asset in London, with an LTV of 59% • The Company had cash as at 31 October 2020 of £47m and gross leverage of £70m (representing 21% of NAV and 1.07x net/effective look through leverage). • The Investment Manager will be publishing a Company Update on 17 Nov
09/10/2020
10:01
davebowler: Liberum; Significant bond upside potential Mkt Cap £282m | Prem/(disc) -16.6% | Div yield 9.8% Event Real Estate Credit Investments' NAV per share at 30 September 2020 was 147.5p, representing a NAV total return of 1.2% in the month. NAV performance was driven by a combination of interest income (0.9p) and a 1.0p mark-to-market uplift on two bonds in the portfolio. The mark-to-market movements relate to two bonds secured on Italian outlet malls owned by a global private equity sponsor. The manager remains confident of a full recovery of all of the exposure from the positions due to the quality of the asset and the low LTV. RECI funded £1.2m of a new £8.8m commitment to a senior development loan secured on a student accommodation scheme in Seville, Spain. The £347m portfolio is diversified across 53 positions. The portfolio has a weighted average LTV of 62.7% (loans 65.6%, bonds 51.4%) and the weighted average unlevered yield is 8.9% (11.3% levered). Cash on the balance sheet remains high at £49m and the net debt to equity ratio at 30 September was 6.8%. Liberum view The mark-to-market uplift on the Italian bonds represents a swift recovery as these bonds had been marked down by a similar amount in July. We believe the bond portfolio offers considerable re-rating potential as European real estate debt has lagged the wider rally in wider credit markets since March. The bond portfolio experienced 8.9p of mark-to-market losses in March and April and the mark-to-market gains since then have totalled 2.2p. The bonds are primarily senior secured with relatively conservative LTVs (51.4% LTV). The underlying collateral largely comprises income-producing core assets owned by large institutional borrowers with significant resources. We believe RECI holds bonds secured on UK Center Parcs assets and we note, for example, that Brookfield agreed to inject £185m of capital into Center Parcs to support the business during the pandemic. RECI's discount to NAV stands at 16.6%. In terms of downside protection implied by average LTVs and share price discount to NAV, we estimate the average headroom for reduction in collateral values before capital loss is 46%. Loan repayments have continued to come through in recent months and a further £40m of repayments are expected in the remainder of 2020. These will provide additional liquidity for RECI and the ability to recycle capital into new investments generating attractive returns. We believe the discount offers an attractive entry point given the manager's track record and the defensive positioning in senior loans.
07/7/2020
07:58
davebowler: Liberum; Real Estate Credit Investments 2.7% NAV return in Q2 2020 Mkt Cap £287m | Prem/(disc) -17.2% | Div yield 9.6% Event Real Estate Credit Investments' NAV per share at 30 June 2020 was 150.9p, reflecting a NAV total return of 1.2% in the month and 2.7% in Q2 2020. NAV performance benefited from mark-to-market gains on the bond portfolio (1.0p) in addition to interest income (0.8p). Investment activity was limited during the month with £1.8m of drawdowns to fund existing loan commitments. Gross leverage has reduced slightly to £49.8m (14.4% of NAV). Cash on the balance sheet at the end of the month was £30.5m, resulting in a net debt to equity ratio of 5.6%. RECI’s £357m portfolio has been assembled with a focus on capital preservation and is diversified across 48 positions. The portfolio has a weighted average LTV of 63% and the weighted average unlevered yield is 8.9% (10.4% levered). Liberum view The uplift in the bond portfolio maintains the recent recovery against the 8.9p of mark-to-market losses in March and April. 1.9p of mark-to-market gains have occurred across May and June. At 30 April, the bonds were valued at a 17.3% discount to par. The bonds are primarily senior secured with relatively conservative LTVs (55.3% LTV). The underlying collateral largely comprises income-producing core assets owned by large institutional borrowers. RECI's discount to NAV has narrowed since the lows of mid-May and now stands at 17%. In terms of downside protection implied by average LTVs and share price discount to NAV, we estimate the average headroom for reduction in collateral values before capital loss is 46%. We believe loan repayments could act as a catalyst for a further re-rating of the shares in the second half of the year. Three of the larger loans in the portfolio are expecting partial repayments in the near term following agreed asset sales, providing additional liquidity for RECI and the ability to recycle capital into attractive returns. The company's confidence in the portfolio was illustrated by the commitment to an unchanged dividend policy over the next 12 months. RECI has a strong track record in distributing a consistent level of income to shareholders.
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