RDI REIT PLC Planning Permission Granted for Charing Cross Road (9868A)

TIDMRDI

RNS Number : 9868A

RDI REIT PLC

04 June 2019

RDI REIT P.L.C.

("RDI" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00BH3JLY32

LEI: 2138006NHZUMMRYQ1745

127 Charing Cross Road - Planning Permission Granted for Three Floor Extension

RDI, the income focused UK-REIT, is pleased to announce that it has received a resolution to grant planning permission to deliver a significant extension at 127 Charing Cross Road, London.

The permission will provide for a 47 per cent increase in the overall area of the property to 56,576 sq ft through the development of an additional three floors of office space and an improved reception. The scheme has been designed with an impressive ground floor arrival, efficient floorplates, natural light on three sides, a number of private terraces and a communal roof terrace. The building is currently fully let and is anticipated to remain occupied until 2021.

The property is extremely well located, approximately 150 metres from the new Tottenham Court Road Crossrail station. The area benefits from large scale infrastructure investment and mixed-use development activity, whilst only a short walk from Soho, Covent Garden and Trafalgar Square. This wholesale regeneration, combined with strong transport access, is attracting high levels of pre-letting activity of neighbouring office developments at record rental levels demonstrating the strong occupier demand for the location.

Adrian Horsburgh, Property Director at RDI, commented:

"This is a fantastic result, which provides us with the opportunity to significantly enhance the size of the property without undertaking a complete redevelopment. Recent pre-lettings in the area have been achieved at record rental levels and with momentum building towards the opening of Crossrail in 2021 and other surrounding regeneration activity moving towards completion, we believe this property will be very well positioned to capitalise on the growing attraction of this prime area of London."

For further information:

 
RDI REIT P.L.C. 
Mike Watters, Stephen Oakenfull,              Tel: [phone] 
                                               0100 
FTI Consulting 
UK Public Relations Adviser 
Dido Laurimore, Claire Turvey, Ellie Sweeney  Tel: [phone] 
                                               1000 
Instinctif Partners 
SA Public Relations Adviser 
Frederic Cornet                               Tel: [phone] 
                                               3030 
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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June 04, 2019 02:00 ET (06:00 GMT)