Real Estate Credit Investments (RECI) committed over £105m in December 2019, across four deals.
- A £38m 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 €4m 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.
- €16.7m for the development of an office building in Bagnolet, in the suburbs of Paris;
- A €54.7.0m 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).
RECI’s manager continues to see a strong pipeline of opportunities in both the UK and Western Europe.
Ravi Stickney, head of real estate at RECI’s manager, 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.”
About RECI
RECI 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.
RECI: Real Estate Credit Investments discusses £105m deals completed over December 2019