RDI REIT PLC - Disposal of Schloss-Strassen Center, Berlin

Disposal of Schloss-Strassen Center, Berlin

RDI REIT P.L.C.
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00BH3JLY32
LEI: 2138006NHZUMMRYQ1745
(“RDI” or the “Company”)


DISPOSAL OF SCHLOSS-STRASSEN CENTER, BERLIN


RDI, the income focused UK Real Estate Investment Trust (“UK-REIT”), is pleased to announce the disposal of
the Schloss-Strassen Center, Berlin for €65.5 million to Benson Elliot, a UK-based private equity real estate fund
manager, (“the Disposal”).

The Disposal, which is in line with RDI’s strategic decision to exit its German retail portfolio, reflects a net initial
yield of 6.6% assuming full purchaser’s costs and a 16% discount to the 29 February 2020 market value. The
Disposal includes the transfer of the associated €62.0 million bank facility with a maturity date of 31 March 2021.

The Schloss-Strassen Center is a 18,600 sqm retail centre located on the main retail pitch in the Steglitz-Zehlendorf
area in South West Berlin and is integrally linked to the underground transport network. The centre produces net
rental income of approximately €4.7 million p.a. (£4.2 million p.a.) and is anchored by Primark and Rewe, with
other key tenants including Contipark, Smyths Toys and Fitness First.

The transaction reduces the Group’s overall retail exposure to 24.1% on a pro-forma basis (29 February 2020:
28.4%) and removes a near term refinancing requirement which would have required the contribution of additional
equity into a sector that the Company is seeking to reduce its exposure to.

Mike Watters, CEO at RDI, commented:

“The sale of the Schloss-Strassen Center in Berlin is in line with our stated strategy to reduce RDI’s retail exposure
and focus the portfolio on core assets in the UK market whilst strengthening the balance sheet. We are pleased to
have successfully concluded this disposal, particularly against a highly challenging macro-economic backdrop, and
to have made further progress on our withdrawal from the German market where we now have only €50.5 million
of assets still subject to disposal, all of which are at various stages of negotiation.”

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
rdireit@fticonsulting.com

Instinctif Partners
SA Public Relations Adviser
Frederic Cornet                                                    Tel: +27 (0) 11 447 3030
RDI@instinctif.com

JSE Sponsor
Java Capital                                                       Tel: +27 (0) 11 722 3050

2 September 2020

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: 02-09-2020 08:00:00
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