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RECI had cash at end-August of £45m. Seven more deals are expected to repay in the coming months, which should return a further ca.£100m to RECI. These resources will be required to meet the expected near-term drawings on existing loan commitments (total £108m), and new opportunities in Cheyne’s pipeline, should cash allow. With the shares now at a 3.6% premium to NAV, RECI has potential access to capital to further exploit Cheyne’s strong pipeline (12 deals with a value of ca.£0.7bn), which would deliver further economies of scale in the listed vehicle. Since March 2020, RECI has participated in just 10 of Cheyne’s 24 deals, given its historical funding constraints.
If you'd like to be introduced to the team at Real Estate Credit Investments (RECI), get in touch.Request a meeting