Real Estate Credit Investments (RECI) is a company that focuses on investing in the UK and European real estate credit markets, with a particular emphasis on fundamental credit and value. In a recent interview with Hardman & Co analyst Mark Thomas, we gained insight into the company’s portfolio management strategies and its response to market opportunities.

In his latest report on RECI titled ‘Portfolio Management to Optimise Risk/Reward’, Thomas explains the changes that have been made to the asset mix of the portfolio and how leverage has been adjusted. These adjustments demonstrate the company’s active approach to managing its investments and capitalizing on the latest market trends.

One interesting aspect highlighted by Thomas is a recent reward that RECI has won. While the specific details of the reward were not provided, it speaks to the company’s strong performance and recognition within the industry. However, Thomas also emphasizes the risks associated with investing in real estate credit markets, which investors should carefully consider.

As a specialist investor in this market, RECI offers unique opportunities for investors looking to diversify their portfolios. By focusing on fundamental credit and value, the company aims to identify potential high-growth assets while managing risks effectively. This approach sets RECI apart from other investment companies and positions it as a leader in the real estate credit market.

For investors interested in learning more about RECI, it is possible to register your interest on their website. This provides an opportunity to meet the company and gain a deeper understanding of their investment strategies and future plans.

In conclusion, Real Estate Credit Investments is actively managing its portfolio to optimize risk and reward. By staying attuned to market opportunities and effectively adjusting its asset mix, RECI demonstrates its commitment to delivering positive returns for its investors in the volatile real estate credit markets.

FAQ

Q: What is RECI?RECI stands for Real Estate Credit Investments, which is a specialist investor in the UK and European real estate credit markets.

Q: What is the focus of RECI’s investment strategy?RECI focuses on fundamental credit and value, aiming to identify high-growth assets while effectively managing risks.

Q: How can investors learn more about RECI and its investment strategies?Investors interested in learning more about RECI can register their interest on the company’s website to gain access to additional information and opportunities to meet with the company.

Q: What sets RECI apart from other investment companies?RECI’s active approach to portfolio management and its focus on fundamental credit and value differentiate it from other investment companies in the real estate credit market.

Q: What risks are associated with investing in real estate credit markets?Investing in real estate credit markets carries inherent risks, including market volatility, credit risk, and the potential for capital loss. Investors should carefully consider these risks before making investment decisions.

Real Estate Credit Investments (LON:RECI) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.In this interview Mark gives us an overview of his latest report on RECI, ‘Portfolio management to optimise risk/reward’, he explains what has changed in the asset mix of the portfolio and how the leverage has changed. Mark also highlights a recent reward the company has won and the risks associated with investing.

Hines and Peterson Group, joint venture developers of the former Central Bank building on Dame Street in Dublin, have refinanced the project with an €80m loan from Cheyne Capital.

The developers said the loan is being used to re-finance an existing facility and to support fit-out works the Central Plaza mixed-use property.

Central Plaza comprises 100,000 sq ft of Grade A office space with flexible floorplates.

A further 65,000 sq ft has been earmarked for food and beverage and retail tenants.

Peterson Group is a globally-diversified family business owned by the Yeung family.

Peter Lynn, managing director of Hines, stated: “Following successful completion of construction and substantial lease-up and stabilisation of our Central Plaza portfolio, and in line with business plan, Hines and Peterson Group will replace the existing construction loan facility with a longer-term investment loan.

“We are happy to partner with Cheyne Capital in this regard as we move to the next phase of the ownership’s investment in this truly unique asset.”

Andreas Dimitriou of Cheyne Capital Real Estate said: “Some of the key reasons for making this loan are the strong sponsorship that so far has managed to execute a complicated extensive refurbishment and the asset’s high quality and strong target ESG credentials, including BREEAM Excellent, LEED Gold and a Net Zero Carbon status.”

Based in London, Cheyne Capital is one of Europe’s leading alternative investment managers.

The company invests across the capital structure from the senior debt to the equity of corporates and real estate.

Real estate investments account for around half of the firm’s $11bn under management and span direct real estate lending, securitised European real estate debt and selective special situations, including impact real estate investing in affordable and specialist housing.

Un famoso y emblemático hotel en plena Costa del Sol sale al mercado por un valor aproximado de 150 millones de euros, es decir, unos 392.000 euros por cada una de sus 383 habitaciones.

El Hard Rock Hotel Marbella, inaugurado por todo lo alto el año pasado, encabeza los procesos de venta en el sector una vez transcurrido el verano, confirman a ‘Desarrollo’ fuentes del sector tras la primicia adelantada por reactnews.

Una vez posicionado tras su compra en 2021, sus propietarios, Stoneweg y Bain, han decidido comenzar a tantear posibles ofertas de compra. La alianza entre fondos ha financiado la compra y reforma del establecimiento con Cheyne Capital que ha otorgado un crédito por 63,3 millones de euros.

El hotel de 4 estrellas, antiguo H10 Andalucía Plaza Hotel de Marbella, es operado por Palladium. Entre las novedades tras su reforma destacan las 383 habitaciones, incluidas 64 suites, completamente renovadas, una ‘infinity pool’ con servicio de bar ‘premium’ y exclusivas piezas de destacados artistas y músicos españoles por todo el establecimiento.

Alternative asset manager Cheyne Capital has completed an €80 mln senior loan for a joint venture between Hines and Peterson Group.

The funding is being used to refinance an existing facility and to support select fit-out works at Central Plaza, a mixed-use property in Central Dublin, known for originally being the home of the Central Bank of Ireland.

Central Plaza comprises 100,000 ft2 (9,290 m2) of Grade A office space with flexible floor plates in a prominent location in Dublin. A further 65,000 ft2 houses food & beverage and retail accommodation. Spread across five buildings, Central Plaza is occupied by a diverse mix of 13 tenants.

Andreas Dimitriou of Cheyne Capital Real Estate said: ‘We are pleased to be aiding the completion and stabilisation of this beautiful, landmark property in such a highly sought-after location in Central Dublin.

‘Some of the key reasons for making this loan are the strong sponsorship that so far has managed to execute a complicated extensive refurbishment and the asset’s high quality and strong target ESG credentials, including BREEAM Excellent, LEED Gold and a Net Zero Carbon status.’

Peter Lynn, managing director of Hines added: ‘Following successful completion of construction and substantial lease-up and stabilisation of our Central Plaza portfolio, and in line with business plan, Hines and Peterson Group will replace the existing construction loan facility with a longer-term investment loan.

‘We are happy to partner with Cheyne Capital in this regard as we move to the next phase of the ownership’s investment in this truly unique asset.’

Works at Central Plaza, a landmark mixed-use property in the heart of Central Dublin, known for originally being the home of the Central Bank of Ireland are to be supported by a senior loan from Cheyne Capital and Hines. Central Plaza is one of the project supported by the €80m joint venture loan.

Central Plaza comprises 9,290m2 of Grade A office space with flexible floorplates and a unique structural design in a prominent location in the heart of Dublin’s most iconic square. A further 6,038m2 houses food & beverage and retail accommodation. Spread across five buildings, Central Plaza currently has 13 tenants.

Andreas Dimitriou of Cheyne Capital Real Estate said: “We are pleased to be aiding the completion and stabilisation of this beautiful, landmark property in such a highly sought-after location in Central Dublin. Some of the key reasons for making this loan are the strong sponsorship that so far has managed to execute a complicated extensive refurbishment and the asset’s high quality and strong target ESG credentials, including BREEAM “Excellent”, LEED Gold and a Net Zero Carbon status.”

Peter Lynn, Managing Director of Hines added: “Following successful completion of construction and substantial lease-up and stabilisation of our Central Plaza portfolio, and in line with business plan, Hines and Peterson Group will replace the existing construction loan facility with a longer-term investment loan. We are happy to partner with Cheyne Capital in this regard as we move to the next phase of the ownership’s investment in this truly unique asset.”

Cheyne Capital Real Estate has provided financing to Bain Capital Special Situations to the tune of €250 mln for the development of land in Milan for around 170 new homes in the Lambrate district and 600 further residential units.

The Trotto residential complex will be part of the new urban district master plan called EXTM by Hines.

Rafael Coste Campos, European head of real estate at Bain Capital Special Situations, said the investor estimated Milan would add nearly 30,000 more households by 2030, accelerating the current supply and demand imbalance in the residential market.

He said:”With this project, we will help provide high-quality, modern and energy efficient residential units critically important to the local community”.

The land being developed on has been assembled by Bistrot Fund, with one tranche of 100,000 m2 managed by Natissa SGR, and invested in by Bain Capital and Borio Mangiarotti from seller, the Invictus Fund, managed by Prelios SGR.

The same Bistrot fund has already got control of 16,000 m2 of land from Sammontana in the Lambrate district.

Daniel Schuldes of Cheyne Capital: ”We are very pleased to have been able to support Bain Capital and Borio Mangiarotti with the acquisition of these exciting landmark residential development projects in Milan”.

Global alternative asset manager Cheyne Capital has provided a €250m loan to Bain Capital Special Situations to help fund a residential project in Italy.

The deal represents the fifth transaction that Cheyne Capital and Bain Capital have completed together.

The latest loan will fund Bain Capital’s development of around 170 new homes in the Lambrate district in partnership with Borio Mangiarotti and build around 600 new homes in the former Trotto area of Milan in partnership with real estate manager Hines.

Bain Capital is developing the Lambrate district project in partnership with Borio Mangiarotti through the Bistrot Fund, managed by Natissa SGR. Borio Mangiarotti will serve as the general contractor for the development. The Trotto residential complex will be part of the new urban district masterplan, called EXTM by Hines.

Daniel Schuldes of Cheyne Capital said: “We are very pleased to have been able to support Bain Capital and Borio Mangiarotti with the acquisition of these exciting landmark residential development projects in Milan.”

Jan Moench of Cheyne Capital, said: “These are impactful projects delivering approximately 800 much-needed new homes, and we now look forward to continuing to support Bain Capital and Borio Mangiarotti with our financing of the construction phase.”

Rafael Coste Campos, European head of real estate at Bain Capital Special Situations, said: 

“We are pleased to participate in the development of EXTM, a project aimed at reconnecting and transforming Milan’s urban fabric. We estimate Milan will add nearly 30,000 more households by 2030, accelerating the current supply and demand imbalance in the residential market.

“With this project, we will help provide high-quality, modern and energy-efficient residential units critically important to the local community. We are thrilled that there’s an important emphasis on environmental and social sustainability, with the goal of generating a positive long-term impact for the community and our investors.”

Alternative asset manager Cheyne Capital has detailed how the firm plans to meet increasing demand for affordable key worker accommodation through its impact build-to rent schemes.

Cheyne launched its first Social Property Impact Fund in November 2014 and second Impact Real Estate Trust in April 2020 to help tackle the chronic shortage of affordable housing.

This summer, Cheyne launched its ten-storey impact build-to-rent scheme Poplin, which is based in the New Cross neighbourhood of Manchester and features 3,500 sq ft of amenity space.

Named in honour of the fabric used to manufacture coats on the same site in the Second World War, the brick-clad Poplin scheme includes a mix of design-led one-, two- and three-bedroom apartments.

Thirty-five per cent of the homes are reserved for local key workers at meaningfully discounted rents, and all homes have capped rental increases to offer longer-term certainty for residents.

Jack Greenhalf, development manager at Cheyne Capital, told Insider how the company’s schemes stand out in a competitive market.

“We focus on considered design, wellbeing offerings for residents, the continued provision of discounted rents for local key workers and capped rental increases for all tenants, which is critical in today’s cost of living crisis,” said Greenhalf.

“At Cheyne we consider ourselves long-term custodians and it is our responsibility to ensure developments such as Poplin last the test of time in terms of quality of build and environmental credentials. The Poplin building is an outstanding architectural addition to the city of Manchester and stands proudly on its own merit.”

Greenhalf believes demand for these schemes will continue to grow.

“It is well known that there is a shortage of good quality accommodation across the UK and even more so for well-located affordable accommodation. The Poplin lease-up process is surpassing expectations and we are very pleased with the building’s performance and demand so far. We see this Impact strategy slotting into a wider industry challenge to act upon the severe undersupply of housing across the UK.”

He added: “From engaging with the representatives of local key workers, such as the Manchester University NHS Trust, and Manchester City councillors, it is clear there is significant demand for affordable key worker accommodation in Manchester. We will look to build on this success and deliver a number of Impact BTR and single-family rental schemes across the UK.

“Looking forward, we plan to work with key worker representatives and local authorities to identify strategies bespoke to the needs of each area which we believe will deliver real change.”

Poplin, which was designed by Tim Groom Architects and YOUTH Studios, and built by GMI North West, will be operated by Native Residential which already operate the Kampus scheme in Manchester. Through Native’s pioneering Neighbourhood Hero programme, Poplin will collaborate with local, independent businesses and charities in Manchester.

Jack Greenhalf said residents valued a consistent level of quality “whether it be the external design, interiors or the furnishing included in their rent”.

“With working-from-home now the norm, a good internet connection has become an essential, and Poplin has gone one step further with a best-in-class service speed and platinum Wired Score accreditation,” said Greenhalf.

“The uninterrupted views of Manchester from our terrace with dedicated spaces for activities such as yoga has been well received, along with areas to work and the kitchen/dining space bookable for residents’ personal events. Well-proportioned apartments with Juliet balconies allow plenty of room for residents to make the space their own. Residents have already responded well to community events where they can develop friendships with their neighbours, get to know the operating staff a little better and generally have a good time.”

He added: “The average renter in Manchester now expects a level of service and care that provides solace for the highly worked and often stressed generation of renters. We wish to provide space that will be complementary to residents and emphasise all that Manchester has to offer.

“In time we do expect the BTR market to mature and we have already seen renters starting to make decisions not just on rent and amenities but also their living experience/positioning, design and approach to operation. We already have confirmation from residents’ testimonials and feedback that they value the thoughtful approach we have taken and that they take pride in living at Poplin and the values it represents.”

Dunas Capital Real Estate , an independent real estate asset management platform, has closed a financing agreement of more than 50 million euros with the international alternative investment fund manager Cheyne Capital. The objective is the development of the Noblejas Logistics Technology Park (PTL-Noblejas).

Located in the municipality of Noblejas (Toledo), 50 km from Madrid capital, the PTL-Noblejas project is developed on a sector of land that adds up to a total area of ​​approximately 2,250,000 square meters of resulting net plot, made up of plots large size intended to house logistics and industrial platforms. The plot surfaces range from 30,000 square meters to 500,000 square meters of land, and “tailor-made” solutions can be created for each company.

The area has all the necessary urban approvals to begin the urbanization works immediately and the services have been secured so that companies that want to set up there can carry out their activity.

Located at the crossroads of the main roads, such as the A-4, the A-40, the AP-36 and the R-4, which offers unique connectivity and positions the park as a nerve center for regional and peninsular distribution. and international due to its proximity to the ports of Levante and Southern Spain, as well as any other point in the peninsular territory, which can be accessed in less than 7 hours by road.

The project is designed to meet high ESG standards. It will have the BREEAM certificate, which will allow tenants to obtain the highest environmental certifications. In addition, PTL-Noblejas will have a photovoltaic solar energy plant, will use ecological materials for the construction of roads, includes more than 34 hectares of parks, 200,000 square meters of plots for sports facilities and services, implements water recycling technologies. rain and will have electric vehicle charging stations.

During the urbanization phase, around 230 direct and 400 indirect jobs will be generated. Similarly, the construction of the logistics and industrial buildings will lead to the creation of approximately 650 direct and 1,830 indirect jobs. Additionally, the continued operation of businesses in the park is expected to generate more than 1,300 direct jobs and 2,000 indirect jobs in the long term.

“The commitment of this state-of-the-art project to sustainability and environmental responsibility is evident after work has begun to obtain the BREEAM sustainability certification,” says Pablo Bernabé, Head of Development at Dunas Capital Real Estate .

For his part, David Angulo, president of Dunas Capital , explains: “This operation constitutes a milestone at a time when investment in the development of logistics land is at minimum levels due to the uncertainty introduced by the rise in rates. of interest and the inflation of construction costs.”

“This is surely the most important investment operation in the development of logistics land in the last 18 months due to its volume and because it ensures the placing on the market of a large amount of quality logistics surface in a period of less than two years, with great demand from operators and retailers ,” adds  Rafael de Andrés, Executive Director of Dunas Capital.

Furthermore, Javier Quintela and Daniel Schuldes, from Cheyne Capital , point out: “Spain is a region in which we have been very active in recent years and we continue to see a large number of opportunities in the region. “We are pleased to expand our presence through this development with Dunas Capital Real Estate and look forward to seeing this project grow very soon.”

The Dunas Capital Real Estate team accumulates more than 1,000,000 square meters of logistics surface developed to date. In addition to the PTL – Noblejas, Dunas Capital Real Estate is currently also leading the development of the Alma-Meco Logistics Park, another of the largest logistics macroprojects in Spain and which has more than 2,000,000 square meters of gross area.

Dunas Capital y Cheyne Capital incorporan más de 50 millones para el Parque Tecnológico Logístico de Noblejas