RECI is a closed-ended investment company, listed on the London Stock Exchange.


The Company was incorporated in Guernsey on 6 September 2005 with registered number 43634. It has been declared to be an authorised closed-ended investment scheme by the Guernsey Financial Services Commission.

The Company’s investments are managed by Cheyne Capital Management (UK) LLP (“Cheyne Capital” or the “Investment Manager”), a London-based investment management company authorised and regulated by the Financial Conduct Authority. Cheyne Capital is also authorised under the AIFM Directive and is the Company’s AIFM for the purposes of the requirements applicable to the Company thereunder.

Ticker: RECI
ISIN: GB00B0HW5366
Number of Shares: 229,332,478


Supplementary Prospectus

Company Overview

The Company’s strategy offers investors exposure to a diversified portfolio of real estate credit investments. The real estate debt strategy focuses on secured residential and commercial debt in the UK and Western Europe, seeking to exploit opportunities in publicly traded securities and real estate loans. The Company has adopted a long term strategic approach to investing and focuses on identifying value in real estate debt.

The Company was established with an unlimited life but the Articles provide for a continuation resolution to be put to Shareholders at the annual general meeting of the Company to be held in 2021 and at every fourth annual general meeting thereafter.

Real Estate Credit Investments Limited (“RECI”) is a closed-ended investment company governed by the Companies (Guernsey) Law 2008.

FCA regulation of 'non-mainstream pooled investments'

The Company currently conducts its affairs so that the shares issued by the Company can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority's ("FCA") rules in relation to non-mainstream pooled investment products and intends to continue to do so for the foreseeable future.

The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment company, which if it were domiciled in the United Kingdom, would currently qualify as an investment trust.

Ordinary Shares

The Ordinary Shares reflect the performance of the Company’s real estate debt strategy. RECI Ordinary Shares shares offer investors a levered play on the European real estate debt markets and pay a quarterly dividend. The Ordinary Shares are currently listed on the premium segment of the Official List of the UK Listing Authority and are admitted to trading on the Main Market of the London Stock Exchange.