Hardman & Co Research / GB00B0HW5366
27.02.2024 - 16:35:06Hardman & Co Research on Real Estate Credit Investments (RECI): French and German exposures in perspective
| 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 The issuer is solely responsible for the content of this announcement. 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. Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/french-and-german-exposures-in-perspective/ If you are interested in meeting the company, you can register your interest by clicking on the above link.
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