20 Aug 2019 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 concludes £75.0 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 £75.0 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 £25.0 million was completed in May 2019 at a fixed rate of 2.90% and the second stage drawdown of £50.0 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