31st Jan 2020 11:45
(Alliance News) - Real Estate Credit Investments Ltd said Thursday it intends to raise up to GBP33.5 million through an issue of shares, which will be invested into debt secured by properties in the UK and western Europe.
The real estate investor said it will issue up to 19.9 million shares at a price of 168 pence each, through a book build process to be launched immediately, with Liberum as the sole bookrunner.
Shares in Real Estate Credit Investments - which is based in St Peter Port, Guernsey - were down 0.3% at 170.00 pence on Friday in London.
Investment manager Cheyne Capital Management UK LLP will be appointed to provide introducing services, as Real Estate Credit looks to broaden its investor base.
The debt that the proceeds will be invested in will be secured by commercial or residential properties, and may take the form of secured senior real estate loans, securitised tranches of real estate-related debt securities, such as commercial mortgage-backed securities.
By Dayo Laniyan; [email protected]
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