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RECI released its quarterly investor update on 17 August and its end-August factsheet on 8 September. We reviewed these documents and the market outlook in our 14 September report Improving returns on new opportunities. The key messages are i) robust performance of existing portfolio through COVID-19, ii) full interest and capital repayments expected on bond portfolio, iii) strong volume in investment pipeline, iv) lower-risk business is being added, v) pricing on new business 2%-5% above pre-COVID-19 levels like-for-like, vi) low gearing, and vii) stable dividends. All this appears anomalous with the 15% discount to NAV.
If you'd like to be introduced to the team at Real Estate Credit Investments (RECI), get in touch.Request a meeting