RDI REIT PLC RDI completes on sale of German retail portfolio (1337A)
January 02 2018 - 2:00AM
UK Regulatory
TIDMRDI
RNS Number : 1337A
RDI REIT PLC
02 January 2018
RDI REIT P.L.C.
("RDI" or the "Company" or the "Group")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
LEI: 2138006NHZUMMRYQ1745
RDI completes on sale of German retail portfolio for EUR205
million
Further to the announcement on 6 November 2017 regarding the
exchange of contracts with PATRIZIA Immobilien AG for the sale of
the Leopard Portfolio, comprising 66 German retail properties (the
"Sale"), RDI, the FTSE 250 income focused UK-REIT, is pleased to
confirm that the Sale successfully completed on 29 December
2017.
The consideration reflects a purchase price of EUR205.0 million,
and a 10.8% premium to book value. The Company continued to benefit
from the income generated by the portfolio until completion on 29
December 2017 and intends to reinvest the disposal proceeds into
new investments at lower leverage. This is in line with RDI's
stated strategy of enhancing the quality of the portfolio and its
growth prospects. Further announcements will be made by the
Company, as appropriate, in due course.
Mike Watters, CEO of RDI commented:
"We remain firm in our commitment to ensuring that the RDI
portfolio is in the very best shape to deliver reliable and
superior income returns, underpinned by a strong balance sheet and
capital structure. While Germany remains a strategically important
market for us, this opportunistic disposal not only allows us to
benefit from a highly attractive premium, but also to further
reduce leverage and recycle proceeds into identified income
enhancing investment opportunities."
For further information:
RDI REIT P.L.C.
Mike Watters, Stephen Tel: +44 (0) 20 7811
Oakenfull 0100
FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Tel: +44 (0) 20 3727
Turvey, Ellie Sweeney 1000
Instinctif Partners
SA Public Relations Adviser
Frederic Cornet, Lizelle Tel: +27 (0) 11 447
du Toit 3030
Java Capital
JSE Sponsor Tel: +27 (0) 11 722
3050
Note to editors:
About RDI
RDI is a FTSE 250 UK Real Estate Investment Trust (UK-REIT)
committed to becoming the UK's leading income focused REIT. The
Company's income-led business model and strategic priorities are
designed to offer shareholders superior, sustainable and growing
income returns, with a target growth in underlying earnings per
share of 3%-5% across the medium term.
Income sustainability is underpinned by a diversified portfolio
and tenant base, with no overreliance on any one sector or tenant,
together with an efficient capital structure. The secure and
growing income stream is 39% indexed and has a WAULT of 7.4 years
to first break (8.5 years to expiry). This is complemented by an
average debt maturity of 7.3 years of which over 90% of interest
costs are either fixed or capped. The Company is focused on all
aspects impacting shareholder distributions and reports one of the
lowest cost ratios in the industry whilst maintaining a low cost of
debt. All figures as at 31 August 2017.
The Company owns properties independently valued at GBP1.5bn in
the United Kingdom and Germany, Europe's two largest and most
transparent property markets. RDI invests in assets with strong
property fundamentals spread across UK shopping centres, UK retail
parks, UK offices, UK logistics, UK hotels and German retail.
RDI holds a primary listing on the London Stock Exchange and a
secondary listing on the Johannesburg Stock Exchange and is
included within the FTSE 250, EPRA and GPR indices.
For more information on RDI, please refer to the Company's
website www.rdireit.com
This information is provided by RNS
The company news service from the London Stock Exchange
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