Real Estate Credit Investments

What Real Estate Credit Investments does

Real Estate Credit Investments Limited (RECI) is a Guernsey-incorporated, London-listed closed-ended investment company that originates and invests in European real estate credit. Founded in 2005 and listed on the premium segment of the LSE Main Market under ticker RECI, the vehicle invests in senior secured real estate loans (predominantly self-originated bilateral loans), Commercial Mortgage-Backed Securities (CMBS) and Residential Mortgage-Backed Securities (RMBS) with LTVs capped around 85%. The company has approximately 229.3 million ordinary shares in issue and is externally managed by Cheyne Capital Management (UK) LLP, which acts as Investment Manager and AIFM; RECI itself employs no direct personnel and operates from a registered office in St. Peter Port, Guernsey. Operating income was £34.2m and net profit £22.8m for the year ended 31 March 2025, with NAV of £318.4m and total assets of £391.7m.

RECI serves UK retail and professional investors seeking stable quarterly income (3.0p per share, totalling 12.0p per annum) and capital-preserving, levered exposure to European real estate debt without direct property ownership. Distribution flows through the LSE Main Market, Independent Financial Advisers (compliant with FCA rules for non-mainstream pooled investment products) and MUFG's share dealing platform; shares cannot be marketed into the US, Australia, Canada, Japan or South Africa. Underlying portfolio construction uses no proprietary technology platform — credit selection is human-judgement-driven by Cheyne Capital's dedicated ~40-person European real estate team — and the company relies on a conventional fund-services stack (Citco administrator, BNY Mellon depositary, Investec corporate broker, Deloitte auditor, Aztec company secretary). GTM is sales-led through LSE distribution and IFA recommendation rather than direct-to-consumer.

Name

Real Estate Credit Investments

Legal name

Real Estate Credit Investments Limited

Website

https://realestatecreditinvestments.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

RECI is a Guernsey-incorporated, LSE Main Market-listed closed-ended investment company that originates and invests in European real estate credit — secured loans, CMBS and RMBS — serving UK retail and professional investors via IFAs, offering quarterly dividends and capital-preservation-focused exposure to real estate debt.

Ownership category

akta.pro rank

Product category

Real Estate Debt Investment

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162), Asset-Backed Securities (6189), Real Estate Investment Trusts (6798)

akta.pro primary industry

Real Estate Private Credit (CRE Debt) (FSANADAG)

akta.pro secondary industries

Balance-Sheet / Portfolio CRE Lending (FSALADAG), Credit Risk Transfer (CRT) & Mortgage Credit Securities (CAS/STACR/ACIS) (FSALAFAH)

Keywords

• Real estate credit
• Secured real estate loans
• CMBS RMBS investments
• Closed-ended investment company
• European real estate debt

Headquarters

HQ city

St. Peter Port

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. Interest Income from Real Estate Loans: The primary revenue stream comes from interest and other income generated from the Company's portfolio of real estate credit investments, including secured real estate loans, CMBS bonds, and other real estate debt instruments. Operating income was £34.2m for the year ending 31 Mar 2025.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Real Estate Credit Investments Limited (RECI) is a Guernsey-incorporated, externally-managed closed-ended investment company listed on the London Stock Exchange that originates and invests in senior-secured real estate debt across the UK and Western Europe. Investors gain exposure through RECI Ordinary Shares to a diversified portfolio comprising self-originated bilateral senior real estate loans and listed CMBS/RMBS bonds, with the goal of generating stable quarterly dividends alongside capital preservation.

Product overview

Real Estate Credit Investments Limited (RECI) is a closed-ended investment company listed on the London Stock Exchange. The company operates as a single unified investment vehicle focused on European real estate credit markets. RECI offers investors exposure through three main investment products: (1) RECI Ordinary Shares listed on the premium segment of the Official List and Main Market of the London Stock Exchange, offering levered play on European real estate debt markets with quarterly dividends; (2) Secured Real Estate Loans — predominantly self-originated bilateral senior real estate loans and bonds secured by mortgages over properties; and (3) Market Bonds including Commercial Mortgage Backed Securities (CMBS) and Residential Mortgage Backed Securities (RMBS) listed debt securities. The company is externally managed by Cheyne Capital Management (UK) LLP and targets capital preservation with stable quarterly dividend delivery.

Differentiator

Problem solved

Functional benefit

Products and services

• RECI Ordinary Shares Ordinary shares admitted to trading on the premium segment of the Official List and Main Market of the London Stock Exchange, offering investors levered exposure to European real estate debt markets with quarterly dividend payments (3.0p per quarter, 12.0p annual for FY2025). Structured to comply with FCA rules for non-mainstream pooled investment products and accessible to retail investors via Independent Financial Advisers as well as to professional and institutional investors.
• Secured Real Estate Loans Self-originated bilateral senior real estate loans and bonds secured by mortgages over commercial or residential properties across the UK and Western Europe, with weighted average life profiles ranging from six months to 15 years. Provides senior-secured cash flow exposure to the real estate debt capital structure for the Company.
• Market Bonds (CMBS / RMBS) Listed real estate debt securities including Commercial Mortgage Backed Securities (CMBS) and Residential Mortgage Backed Securities (RMBS) bonds, providing exposure to securitised tranches of real estate-related debt instruments across UK and Western Europe.

Quantifiable outcome

• NAV Total Return (including dividends) annualised of 7.7% for FY2025
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and supporting.

• MUFG Corporate Markets (Guernsey) LimitedcoreOthersMUFG Corporate Markets serves as the Registrar for RECI, managing shareholder records and providing share dealing services. They offer investor centre platforms, dividend payment options, and customer support for shareholder enquiries.
• Citco Fund Services (Guernsey) LimitedcoreOthersCitco provides fund administration services to RECI including NAV calculations, financial reporting support, and operational services.
• Aztec Financial Services (Guernsey) LimitedsupportingOthersAztec Financial Services serves as the Company Secretary for RECI, providing corporate secretarial services.
• The Bank of New York Mellon (International) LimitedsupportingOthersThe Bank of New York Mellon serves as the Depositary for RECI, providing depositary services as required under AIFMD.
• Deloitte LLPsupportingOthersDeloitte LLP serves as the independent auditor for RECI's annual financial statements and audit requirements.
• Investec Bank plcsupportingOthersInvestec Bank plc acts as the Corporate Broker for RECI, providing advisory and broking services related to the company's shares on the London Stock Exchange.
• Hardman & CosupportingOthersHardman & Co provides independent equity research coverage on RECI, including monthly reports and manager presentations, available to investors on the company's website.

Scale indicators10 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• Shawbrook Group: UK specialist bank with significant exposure to commercial real estate, property development and bridging finance. A broader institutional lender operating at scale in segments adjacent to RECI's loan universe.
• TwentyFour Select Monthly Income Fund: LSE-listed investment company investing across a diversified fixed income and asset-backed credit portfolio, with real estate-backed securities as a component. Comparable as a LSE-listed income-oriented credit fund with similar distribution profile.
• Atom Bank: UK challenger bank with a material specialist mortgage and real estate lending franchise. A larger, deposit-funded real estate credit operator that competes for similar UK property-backed lending opportunities.

Emerging players

• Lendinvest: UK-based specialist real estate lender operating a platform and bridge-to-term lending model. Comparable to RECI's senior secured loan book at the underlying-asset level, though distributed via platform rather than listed fund.
• Kuflink: UK peer-to-peer platform specialising in bridging and development finance secured against UK property. Operates in a comparable segment of the UK real estate debt market (shorter-duration, secured CRE exposure).
• Proplend: UK peer-to-peer / direct lending platform focused on senior secured commercial real estate loans. Targets similar borrowers and risk profile (LTV-capped senior CRE debt) as RECI's self-originated bilateral loan book.
• CapitalRise: Real estate lending and investment platform focused on high-net-worth investors in UK prime property debt. Comparable in target market (UK real estate credit) and risk-conscious senior lending approach.

Direct peers

• RM Secured Direct Lending: LSE-listed closed-ended fund focused on secured direct lending, with material exposure to UK real estate-backed loans. Comparable in vehicle structure, income distribution model, and asset class orientation to RECI.
• GCP Asset Backed Income Fund: LSE-listed closed-ended fund investing in asset-backed and specialty finance assets including real estate debt. Closest structural peer to RECI in terms of listed wrapper, quarterly dividend model, and external manager arrangement.
• ICG-Longbow Senior Secured UK Property Debt Investments: Was an LSE-listed investment company focused on senior secured UK real estate debt, directly comparable in mandate (senior CRE loans, defensive LTVs) and structure to RECI, though vehicle has since wound up — relevant historical comparable.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Real Estate Credit Investments