FINANCE: Real Estate Credit Investments (RECI), a loan and bond investment company managed by Cheyne Capital, has made five loans totalling £23.9m since the start of the financial year.
RECI’s funded loan portfolio now totals £54.1m across nine loans, or 34% of gross asset value. This compares with £51m at the beginning of the period 31 March to 14 August, during which two loans were repaid.
The size of the bond portfolio reduced from £85.8m to £78.6m as the result of repayments ahead of final maturities, and RECI’s sale of bonds in order to free up more capital for further loan investments.
The vehicle’s gross assets grew from £157m to £158.9m during the period. Net asset value rose from £1.54p per share to £1.58p. The board declared a dividend to 2.7p per share for the quarter ended 30 June.
As of 31 July, the fund had undrawn loan commitments of £20m.
Sophia.Furber@estatesgazette.com
