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In our note, French and German exposures in perspective, published 27 February, we noted RECI’s approach to its French operations (25% of the portfolio) was unchanged from our note, Vive la difference (15 February 2022). Following the December 2023 factsheet unrealised hit of 1.6p to the NAV from a prime Grade A Paris office exposure, we thought we would review them again. In addition, with the November factsheet 1.1p NAV hit from a legacy Berlin mezzanine position, we also looked at the de minimis German exposure. The unrealised losses were not expected, but our note showed RECI’s prudent accounting and portfolio resilience.
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