RDI REIT PLC RDI concludes £75m refinancing of LSO portfolio (5374J)
August 20 2019 - 2:00AM
UK Regulatory
TIDMRDI
RNS Number : 5374J
RDI REIT PLC
20 August 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 concludes GBP75.0 million refinancing of its London Serviced
Office portfolio
RDI, the income focused UK-REIT, is pleased to confirm that,
further to the announcement on 5 June 2019, the Company has
completed the second and final stage of its GBP75.0 million London
Serviced Office portfolio refinancing.
The facility, provided by Aberdeen Standard Investments for a
seven-year term, has refinanced two existing facilities that were
due to mature in December 2019 and August 2022. The first stage
drawdown of GBP25.0 million was completed in May 2019 at a fixed
rate of 2.90% and the second stage drawdown of GBP50.0 million has
now completed at a fixed rate of 2.45%. The weighted average fixed
rate for the new facility has improved from 3.13% to 2.60%.
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 now above
30 months.
Stephen Oakenfull, Deputy CEO at RDI, commented:
"We are very pleased to have concluded this refinancing with
Aberdeen Standard Investments and to have established a new funding
relationship for the Group. This refinancing has allowed for the
proactive extension of our debt maturity whilst providing us with
greater operational flexibility."
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, Ellie Sweeney Tel: +44 (0) 20 3727
1000
Instinctif Partners
SA Public Relations Adviser
Frederic Cornet Tel: +27 (0) 11 447
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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END
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