RDI REIT PLC CEO retirement and succession (3108E)

TIDMRDI

RNS Number : 3108E

RDI REIT PLC

05 November 2020

RDI REIT P.L.C.

("RDI" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00BH3JLY32

LEI: 2138006NHZUMMRYQ1745

MIKE WATTERS TO RETIRE AND STEP DOWN AS CHIEF EXECTUIVE OFFICER;

STEPHEN OAKENFULL APPOINTED AS HIS SUCESSOR

RDI REIT P.L.C. announces that Mike Watters will be retiring from RDI and stepping down as an Executive Director and CEO during December 2020. Stephen Oakenfull who will succeed Mike Watters as Chief Executive, joins the Board today.

Stephen joined RDI in May 2007 and has held the role of Deputy CEO since 2013. He has a broad range of experience within real estate and capital markets and has previously held the role of Chief Operating Officer at RDI. Before joining RDI, Stephen held roles with DTZ Corporate Finance and Turner & Townsend in real estate corporate finance and management consulting roles respectively. Stephen is a CFA charterholder and holds a BSc (Hons) in Construction Management.

As CEO, Stephen will retain his role as a member of the Investment Committee and will also replace Mike Watters on the Sustainability and Social Responsibility Committee following his retirement in December 2020.

Gavin Tipper, Chairman, commented:

"I would like to take this opportunity to thank Mike, who founded the business in 2006, for his hard work and dedication over the past 14 years. Mike leaves the business in good shape, with a streamlined, higher quality portfolio and a strong balance sheet."

"While there is work to be done in shaping the future trajectory of the portfolio, the Company is well positioned for growth and Stephen Oakenfull, who has been instrumental in driving much of the recent transformation, is the right person to deliver on the strategy to generate future value."

Mike Watters, said:

"With substantial strategic progress having been achieved and the Company in good shape, I feel now is the right time to step down and hand over the reins. I wish Stephen and RDI every success in taking the business forward."

Stephen Oakenfull, added:

"We have achieved a great deal of progress over recent months despite the challenging backdrop. There is plenty more to be done in delivering on the strategy and I am excited at the prospect of leading the business going forward."

In accordance with 9.6.13 R (3) it is disclosed that Stephen was a director of the following RDI REIT P.L.C. subsidiaries: Pearl House Swansea Limited, which was taken into creditors voluntary liquidation and dissolved in December 2019; and of Wichford Carlisle Limited, Atholl no.1 Limited, Atholl no.2 Limited and Wichford Ladywell Limited, which were taken into receivership following the decision by the servicer of the Gamma loan to appoint a receiver, as reported by the Company on 15 January 2013.

No further details are required to be disclosed under the Listing Rule 9.6.13.

For further information:

 
RDI REIT P.L.C. 
Mike Watters, Stephen Oakenfull  Tel: [phone] 
FTI Consulting 
UK Public Relations Adviser 
Dido Laurimore, Claire Turvey    Tel: [phone] 
 [e-mail] 
Instinctif Partners 
SA Public Relations Adviser 
Frederic Cornet                   Tel: [phone] 
 [e-mail] 
JSE Sponsor 
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 

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November 05, 2020 02:10 ET (07:10 GMT)