Real Estate Credit Investments Limited Commits Over £105 million in December 2019
London, 20 January 2020: Real Estate Credit Investments Limited ('RECI') is pleased to announce that, together with its investment manager, Cheyne Capital Management ('Cheyne'), it made commitments of £105.7 million during December across four deals.
· A £38 million loan to a portfolio of 17 properties located across the UK, which include completed residential apartments in London, future development assets (either with full planning, outline planning or resolution to grant) and one office.
· A €4 million loan to fund the acquisition of a plot of land in Bologna, Italy with full planning permission for the development of a 513 bed student accommodation scheme.
· €16.7 million for the development of an office building in Bagnolet, in the suburbs of Paris.
· A €54.7.0 million senior loan to support the acquisition and refurbishment of a mixed use prime residential and retail building located in the 8th arrondissement of Paris, which comprises 2,056sqm of lettable area comprising 1,478sqm of residential area and 578sqm of ground floor retail (295sqm ITZA).
The above demonstrates RECI's continued presence in the French real estate market. Cheyne continues to see a wealth of opportunities in both the UK and Western Europe, and the deal pipeline remains strong.
Ravi Stickney, Head of Real Estate at Cheyne Capital, added, "We are pleased to have had such a strong conclusion to 2019 and are excited to maintain this momentum into the new year. Our deal pipeline remains strong and RECI is well positioned to participate in the continued opportunities in its target real estate markets."
RECI has participated in these commitments in partnership with Cheyne, acting alongside Cheyne's private funds and in line with Cheyne's allocation policy.
ENDS
For further information please contact:
Broker:
Richard Crawley / Richard Bootle
Liberum Capital Limited
+44 (0)20 3100 2222
Investment Manager:
Richard Lang / Sophie Turner
Cheyne Capital
+44 (0) 20 7968 7560
Notes:
About Real Estate Credit Investments (RECI):
Real Estate Credit Investments (RECI) is a closed-ended investment company which originates and invests in real estate debt secured by commercial or residential properties in Western Europe, focusing primarily in the United Kingdom, France and Germany.
The Company's aim is to deliver a stable quarterly dividend with minimal volatility, through economic and credit cycles via a levered exposure to real estate credit investments. Investments may take different forms but are principally in:
· Loans: predominantly senior real estate loans
· Bonds: listed real estate debt securities such as Commercial Mortgage Backed Securities (CMBS) bonds.
Current Investment Focus:
Since the UK Referendum on EU membership in June 2016, the Company believes that the best risk adjusted returns are in senior loans and core income bonds.
Investment Manager
RECI is managed by Cheyne Capital Management (UK) LLP (Cheyne).
About Cheyne Capital Management:
Launched in 2000, Cheyne Capital is one of Europe's leading alternative investment managers and is headquartered in London. Cheyne invests across the capital structure from the senior debt to the equity of corporates and real estate. In real estate specifically, Cheyne has provided financing solutions since 2009 and now manages over £2.6 billion of assets across direct real estate lending, securitised European real estate debt and selective special situations. Cheyne seeks to provide specialised non-bank loans to borrowers in select European markets, with a flexible approach that enables it to invest into all parts of the capital structure.
