2 Nov 2020 07:00
RDI REIT P.L.C.
("RDI" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00BH3JLY32
LEI: 2138006NHZUMMRYQ1745
RDI completes on the disposal of its UK retail parks portfolio for £156.9m
Further to the announcement of 7 September 2020, RDI, the income focused UK Real Estate Investment Trust ("UK-REIT"), confirms that it has completed on the disposal of its UK retail parks portfolio of six assets.
The headline price of £156.9 million reflects a 3.0 per cent. discount to the last reported 29 February 2020 values and a topped-up net initial yield of 7.5 per cent.
The transaction marks a significant milestone of the ongoing repositioning of the Company's portfolio and reflects a pro-forma reduction in the Group's overall retail exposure to 11.8 per cent. (29 February 2020: 28.4 per cent.). As previously announced, the proceeds from the transaction will be used to pay down approximately £100m of the AUK revolving credit facility with the remainder held in cash within the Group to enhance cash and facility headroom.
The Company will announce its Full Year Results on the Thursday 5 November 2020.
For further information:
RDI REIT P.L.C. |
|
Mike Watters, Stephen Oakenfull | Tel: +44 (0) 20 7811 0100 |
FTI Consulting |
|
UK Public Relations Adviser |
|
Dido Laurimore, Claire Turvey rdireit@fticonsulting.com | Tel: +44 (0) 20 3727 1000 |
Instinctif Partners |
|
SA Public Relations Adviser |
|
Frederic Cornet RDI@instinctif.com | Tel: +27 (0) 11 447 3030 |
JSE Sponsor |
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Java Capital | Tel: + 27 (0) 11 722 3050 |
Note to editors:
About RDI
RDI is an income focused UK-REIT with a diversified portfolio invested principally in the UK. The investment approach is driven by an in depth understanding of occupational demand including the impact of technology, transport and infrastructure investment. The portfolio has been repositioned in recent years to increase its weighting to London and the South East and to provide greater exposure to our leading hotel and serviced office operating platforms.
RDI is committed to delivering attractive income led total returns across the real estate cycle. The current strategic objectives of a lower leverage capital structure and more focused allocation of capital are targeted at delivering an industry leading and sustainable income return.
RDI is a UK Real Estate Investment Trust (UK-REIT) and holds a primary listing on the London Stock Exchange and a secondary listing on the JSE. The Company is included within the EPRA, GPR, JSE All Property and JSE Tradeable Property indices.
For more information on RDI, please refer to the Company's website www.rdireit.com