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RECI had cash at end-September of £58.4m, following the repayment of two loans. Five more deals are expected to repay in the coming months. These resources will be largely required to meet the expected near-term drawings on existing commitments and new opportunities in Cheyne’s pipeline, should cash allow. RECI has potential to access capital to further exploit the strong pipeline, as its shares are at a premium to NAV. This would deliver further economies of scale in the listed vehicle. Since March 2020, RECI has participated in under half of Cheyne’s deals, given its historical funding constraints. We note that there have been multiple director share purchases in October.
If you'd like to be introduced to the team at Real Estate Credit Investments (RECI), get in touch.
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