Hardman & Co Research on Real Estate Credit Investments (RECI): French and German exposures in perspective

Hardman & Co Research on Real Estate Credit Investments (RECI):

French and German exposures in perspective

We last reviewed RECI’s operations in France, 25% of the latest portfolio, in our note, Vive la difference, published 15 February 2022. The core approach is unchanged, but, following the December 2023 factsheet report of an unrealised hit of 1.6p to the NAV from a prime Grade A Paris office exposure, we thought we would review them again. Also, with the November factsheet reporting a 1.1p NAV hit from a legacy mezzanine position exposed to a Berlin asset, we have considered the de minimis German exposure. While the unrealised losses were unexpected, we show how conservative RECI’s accounting has been and the portfolio resilience.

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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.