RDI REIT PLC Refinancing of London Serviced Office Portfolio (1344B)

TIDMRDI

RNS Number : 1344B

RDI REIT PLC

05 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

RDI secures GBP75.0 million refinancing of its London Serviced Office portfolio

RDI, the income focused UK-REIT, is pleased to announce that it has refinanced its London Serviced Office portfolio with a new GBP75.0 million financing facility.

The facility has been agreed with Aberdeen Standard Investments for a seven-year term to refinance two existing facilities maturing in December 2019 and August 2022. A first stage drawdown of GBP25.0 million has been completed to refinance the first of the existing facilities at a fixed rate of 2.90%. The previous weighted average rate was 3.13%. The second stage drawdown of GBP50.0 million is anticipated to complete in August 2019.

The portfolio of four Central London assets, with exposure to two new Crossrail stations and the Southbank market, has maintained a high occupancy rate of 94.5% (28 February 2019) with EBITDA increasing 0.9% since 31 August 2018 and the average stay above 30 months.

Stephen Oakenfull, Deputy CEO at RDI, commented:

"We are very pleased to have established a new funding relationship with Aberdeen Standard Investments which demonstrates the increasing maturity of the London flexible office market as it develops into an institutional asset class. This refinancing has secured attractive rates as well as proactively extending our debt maturity."

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 05, 2019 02:00 ET (06:00 GMT)