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provides shareholders with a levered exposure to a portfolio of Real Estate Credit Investments. Read the full article on Investmentweek.co.uk
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The London Stock Exchange (LSE) has welcomed European Residual Income Investments Cell to [link widoczny dla zalogowanych] the Specialist Fund Market (SFM). The cell is the twelfth fund to be admitted to the SFM and the second fund to join the market this year.
European Residual Income Investments Cell is a cell of Real Estate Credit Investments (RECI) PCC Limited, which is listed on the Main Market of The London Stock Exchange. The shares of European Residual Income Investments Cell are admitted to trading on the SFM following a restructuring of Real Estate Credit Investments PCC Limited.
Tracey Pierce, Director of Equity Primary Markets at London Stock Exchange Group, says: "We [link widoczny dla zalogowanych] are delighted to welcome European [link widoczny dla zalogowanych] Residual Income Investments Cell to the Specialist Fund Market today. This is a great example of the London Stock Exchange's choice of markets supporting the individual growth and development ambitions of different types of companies and funds.
"As the second [link widoczny dla zalogowanych] fund to join the market in as many months, European Residual Income Investments Cell is taking advantage of the SFM's unique ability to provide access to a pool of specialist, professional investors that fully understand the nature and structure of their business."
Real Estate Credit Investments (RECI) is a specialist [link widoczny dla zalogowanych] investor in [link widoczny dla zalogowanych] European residential and commercial credit markets with a focus on fundamental credit and value
The average investment company was neither up nor down, with a 100 [link widoczny dla zalogowanych] investment over six months to 30 June 2011 remaining at 100. The average discount widened slightly, from 8% at the year end, to 9% at 30 June 2011.
With markets so uncertain, it is interesting to see that the Property Direct: Europe sector has seen discounts narrow most from 44% six months ago to 30% at the end of June 2011. Other sectors which saw their discounts narrow include Property Securities, Hedge Funds and Global High Income (see table [link widoczny dla zalogowanych] on page 3).
Specialist sectors dominate
There were some winners too in the first half of the year, particularly in the specialist sectors. Property Direct: Europe was the top performer over six months to 30 June 2011, up 32%. But with average net gearing in this sector standing at 162% against an industry average of 7%, it is not for the faint hearted. Property Securities was the second top performing sector over six months, up 14%, with an average gearing level of a more modest 4%, followed by Private Equity, which was up 13%. Nevertheless, discounts in the Private [link widoczny dla zalogowanych] Equity sector have been largely unchanged on average over the last six months, and were an average of 25% at 30 June 2011.
Illustrating the dominance of specialist funds over the last six months, the top performing AIC Members were El Oro (Sector Specialist: [link widoczny dla zalogowanych] Commodities and Natural Resources), up 50%, Sirius Real Estate (AIM) (Property Direct: Europe), up 45%, Greenwich Loan Income (AIM) (Sector Specialist: Debt), up 42%, Real Estate Credit Investments (Sector Specialist: Debt), up 41% and Tamar European Industrial (Property Direct: Europe), up [link widoczny dla zalogowanych] 36%.
Net [link widoczny dla zalogowanych] Gearing
Across the investment company industry as a whole net gearing on average has been unchanged, and was 7% at 30 June. The Private Equity sector was an exception, with gearing on average down from 15% six months ago to 7% at 30 June 2011. The European Smaller Companies sector was another notable exception, with gearing down from 10% at the end of December to 4% at the end of June 2011. This perhaps reflects instability in the Eurozone and both these sectors have also benefitted from strong performance which will have increased their assets and therefore impacted on gearing levels.
Submitted : 2011-09-27 00:00:00Word Count : 559Popularity: Not RatedTags: cheyne hedge funds, cheyne capital, cheyne news
LSE Welcomes 'European Residual Income Investments' To SFM
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