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RDI REIT PLC - RDI secures 75.0 million refinancing of its London Serviced Office portfolio

Release Date: 05/06/2019 08:00
Code(s): RPL     PDF:  
 
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RDI secures £75.0 million refinancing of its London Serviced Office portfolio

RDI REIT P.L.C.
("RDI" or the "Company")
(Incorporated in the Isle of Man)
(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

5 June 2019

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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