Real Estate Credit Investments Limited (RECI) is a closed-ended investment company which originates and invests in real estate debt secured by commercial or residential properties in Western Europe, focusing primarily on the United Kingdom, France and Germany.
RECI is externally managed by Cheyne Capital’s real estate business which was formed in 2008 and currently manages over $5bn via private funds and managed accounts. Its investments span the entire spectrum of real estate risk from senior loans, mezzanine loans, special situations to direct asset development and management.
RECI’s aim is to deliver a stable quarterly dividend with minimal portfolio volatility, across economic and credit cycles, through a levered exposure to real estate credit investments.
Investments may take different forms but are principally in:
- Self-Originated Deals: predominantly bilateral senior real estate loans and bonds
- Market Bonds: listed real estate debt securities such as Commercial Mortgage Backed Securities (CMBS) bonds.