Hardman & Co Research on Real Estate Credit Investments (RECI) 113 0 Kommentare French and German exposures in perspective

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RECI's French exposure: 25% of portfolio, 1.6p NAV hit from Paris office.
German exposure: 1.1p NAV hit from Berlin asset, considered de minimis.
Conservative accounting, portfolio resilience shown in Hardman & Co report.

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

27-Feb-2024 / 15:35 GMT/BST
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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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1846533 27-Feb-2024