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RDI concludes £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 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
20 August 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
Date: 20/08/2019 08:00:00
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