Directors Talk Interview | Real Estate Credit Investments – Investor Presentation Part 1/2

Real Estate Credit Investments (RECI) is taking advantage of elevated returns in the less competitive sub-sectors of European real estate debt while maintaining a measured approach to risk. In the first of two investor webinars hosted by Hardman & Co’s Mark Thomas, RECI’s Chairman Andreas Tautscher and Cheyne Capital’s Ravi Stickney (RECI’s manager) outlined how the fund delivers a 10.6% weighted average yield by focusing on senior secured loans backed by UK and European property. With £390.1m in gross assets, RECI is actively redeploying repayments into a healthy pipeline of new opportunities across sectors such as logistics, hospitality, and healthcare, supported by prudent LTVs. The discussion also highlighted the fund’s rigorous risk management, comparatively modest 34% leverage ratio, and its clear stance on dividend sustainability and discount-to-NAV.

Key Moments

• 00:11 – Mark Thomas (Hardman & Co): Introduction and session overview
• 00:31 – Andreas Tautscher welcomes investors, introduces RECI
• 01:08 – Ravi Stickney: Cheyne Capital’s role and RECI’s strategy
• 03:06 – Portfolio structure: senior secured lending, conservative LTVs
• 04:09 – Returns: current NAV, yield, leverage and loan book overview
• 05:48 – Dividend yield (9.5%) and NAV discount discussion
• 06:45 – Top 10 positions and sector focus (housing, student, healthcare)
• 07:46 – Risk transparency: traffic light matrix and defaulted loans
• 09:23 – Strategic priorities: credit preservation, dividend sustainability, closing the NAV gap

Download the presentation here

About RECI

RECI is a London-listed investment company focused on senior loans and selected bonds secured against real estate assets in Western Europe and the UK. Cheyne Capital, its manager, originates and actively manages these credit investments.