Duet Real Estate Finance Limited NAV,Portfolio Update, Invest Performance & Outlook (1729Q)
November 25 2016 - 3:44AM
UK Regulatory
TIDMDREF
RNS Number : 1729Q
Duet Real Estate Finance Limited
25 November 2016
25 November 2016
Duet Real Estate Finance Limited
("DREF" or the "Company")
NAV, Portfolio Update, Investment Performance and Outlook
NAV
As announced previously, at 30 June 2016, the unaudited net
asset value ('NAV') of the Company was 14.60 pence per Ordinary
Share. During the quarter to 30 September 2016, the Company
returned an equivalent of 7.67 pence per Ordinary Share in the form
of an issue and redemption of B shares. We are now pleased to
advise that at 30 September 2016, the unaudited NAV was 6.92 pence
per Ordinary Share.
Portfolio Update
The portfolio of the Master Fund as at 30 September 2016
consisted of 4 assets totalling GBP14.1m of principal and accrued
interest, after impairments, together with the value of foreign
exchange hedging derivatives. The portfolio had a blended loan to
value ratio of 59.0% (including payment-in-kind interest accrued
where applicable), along with blended cash pay and payment-in-kind
coupons of 6.16% and 2.47% respectively. The portfolio provides the
income and total return as targeted in the Company's prospectus,
whilst maintaining a resilient risk profile, and is detailed in the
tables below.
Asset Types: Region:
Offices 68% UK 32%
Healthcare 32% Netherlands 18%
Belgium 50%
Portfolio Asset Country Balance Description
Investment Type (including
accrued
interest)
Loan 5 Healthcare United GBP0.0m(1) mezzanine and senior
Kingdom loan secured by
a portfolio of
care homes
Loan 10 Offices Netherlands EUR3.3m senior loan backed
by an office and
warehouse portfolio
of 13 assets
Loan 11 Offices Belgium EUR8.5m mezzanine loan
secured by an office
CMBS 1 Healthcare United GBP4.5m securitisation
Kingdom backed by a portfolio
of private hospitals
(1) after impairment.
Investment Performance and Outlook
Whilst no longer required to release Interim Management
Statements, the board intends to continue to update Shareholders on
the Company's investment performance and outlook alongside each NAV
update.
The Company raised GBP76.0m and has paid dividends totalling
GBP19.3m and returned capital totalling approximately GBP66.5m. The
total value to paid-in ratio (based on capital raised) of the
Company at 30 September 2016 was 1.193.
The Investment Adviser anticipates the current trend of earlier
repayments to continue as increased liquidity in the financing
markets, the ongoing deleveraging through amortisation of most
transactions and the generally rising trend in asset values
encourage borrowers to refinance or sell the assets that back the
remaining loans in the Master Fund.
As the underlying portfolio of the Master Fund continues to be
realised, and with 87.4% of the original capital raised already
returned, your Board anticipates that the Company will continue to
make distributions of capital via B Share issues and redemptions,
together with payments of income, if any after the Company's
expenses, by way of dividend.
The underlying asset quality and conservative debt metrics leave
the Master Fund in a robust position, with no current significant
concern over the credit-worthiness and recoverability of the
portfolios' investments. We remain hopeful that the Master Fund
will be fully realised within the coming months, and therefore that
the Company will have distributed the majority of its remaining
assets and income shortly thereafter.
For further information, please contact:
DRC Capital LLP +44 (0)20 7042 0600
Dale Lattanzio
Cyrus Korat
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Neil Winward
Mark Bloomfield
Tunga Chigovanyika
This information is provided by RNS
The company news service from the London Stock Exchange
END
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