Real Estate Credit Investments (RECI) has announce that it has conditionally raised £25.26m through a placing of 15,546,613 new ordinary shares, at a price of 162.5p per share. RECI says that it intends to utilise the net proceeds of this initial placing to invest primarily in debt secured by commercial or residential properties in the United Kingdom and Western Europe. RECI has also announced proposals for a placing programme to enable it to raise capital in an efficient and cost-effective manner over the next 12 months.
About Real Estate Credit Investments
Launched in December 2005, RECI’s ordinary shares are listed on the premium segment of the London Stock Exchange. RECI is domiciled in Guernsey and has a range of different shareholders. Its investment objective is to provide its ordinary shareholders with a levered exposure to a portfolio of Real Estate Credit Investments, its cell shareholders with an amortising portfolio of Residual Income Positions and its preference shareholders with stable returns in the form of quarterly dividends. RECI’s portfolio is manager by Cheyne Capital Management. RECI describes itself as being a specialist investor in European residential and commercial credit markets with a focus on fundamental credit and value.
Real Estate Credit Investments raises £25.26m and announces placing programme : RECI