5 Jun 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 secures £75.0 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 £75.0 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 £25.0 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 £50.0 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: +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