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Real Estate Credit Investments Ltd (RECI) Ord NPV

Sell:166.50p Buy:167.50p 0 Change: 1.00p (0.60%)
Market closed Prices as at close on 15 October 2019 Prices delayed by at least 15 minutes | Switch to live prices |
Change: 1.00p (0.60%)
Market closed Prices as at close on 15 October 2019 Prices delayed by at least 15 minutes | Switch to live prices |
Change: 1.00p (0.60%)
Market closed Prices as at close on 15 October 2019 Prices delayed by at least 15 minutes | Switch to live prices |
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.


The investment objective of the Company is to provide Ord Shareholders with attractive and stable returns, primarily in the form of quarterly dividends, by exposure to a diversified portfolio of real estate credit investments, predominantly comprising real estate loans and bonds. The Company invests and will continue to invest in real estate credit secured by commercial or residential properties in the UK and Western Europe. The Company may take different forms: (i) secured real estate loans, debentures or any other forms of debt instruments. Individual Secured Debt investments will have a weighted average life profile ranging from six months to 15 years. Investments in Secured Debt will also be directly or indirectly secured by one or more commercial or residential properties; (ii) listed debt securities and securitised tranches of real estate related debt securities; (iii) other direct or indirect opportunities, including equity participations in real estate.

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Fee Structure

Management Fee at 1.25% of NAV. Performance fee is calculated as Adjusted performance NAV - NAV per share at the beginning of the performance period increased by an annual rate of 7% x 20% x the time weighted average number of core shares in issue in the period since the starting date. Contract terminable on notice period of 24 months.

Dividend Policy

The company remains the Investment Manager's intention to maintain a stable dividend paying capability through challenging economic conditions. Ords offer investors a levered exposure to a portfolio of real estate credit investments and pay a quarterly dividend.


Total number of holdings: 0.

Trust Manager

Ravi Stickney

Manager Bio

Ravi Stickney joined Cheyne in 2008, and is responsible for managing a portfolio of €500 million in direct commercial real estate mezzanine loans and CMBS spread across the UK and Europe. Previously he was on ING Bank's proprietary investments desk, with sole responsibility for managing a €400 million long / short portfolio of predominantly subordinate interests in European commercial real estate loans and CMBS. Prior to that, he was at Lehman Brothers, structuring and executing UK and European CMBS/RMBS and commercial real estate B loans and mezzanine loans. He acted as sole operating advisor to the restructuring and eventual sale of the first distressed UK CMBS deal. He continues to play an active role in the direction of various distressed European real estate loans. He began his career on the UK commercial real estate desk at Ernst & Young. He serves on the Executive Committee of the Commercial Mortgage Securities Association in Europe.

Board Of Directors

Bob Cowdell Chairman, John Hallam, Sally-Ann Farnon, Graham Harrison

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Objective, holding data, trust manager and bio information, dividend policy, asset split and fee structure are provided by Morningstar.

The London Stock Exchange does not disclose whether a trade is a buy or a sell so this data is estimated based on the trade price received and the LSE-quoted mid-price at the point the trade is placed. It should only be considered an indication and not a recommendation.

Trades priced above the mid-price at the time the trade is placed are labelled as a buy; those priced below the mid-price are sells; and those priced close to the mid-price or declared late are labelled 'N/A'.