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RDI REIT PLC (RDI)

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Wednesday 24 April, 2019

RDI REIT PLC

Aviva Facility - Standstill Agreement

RNS Number : 8606W
RDI REIT PLC
24 April 2019
 

RDI REIT P.L.C.

 ("RDI" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00BH3JLY32

LEI: 2138006NHZUMMRYQ1745

 

AVIVA FINANCING FACILITY - STANDSTILL AGREEMENT

 

Further to the announcement on 8 April 2019 in respect of the Aviva Shopping Centre facility, a standstill period has been agreed to 11 October 2019, during which time Aviva has confirmed that it will not take any action to accelerate its security under the facility agreement (the "Standstill Agreement"). RDI and Aviva have agreed to progress a consensual sales process or restructuring of the facility during this standstill period. Notwithstanding the Standstill Agreement, Aviva will retain all of its rights under the facility agreement. 

 

As previously announced, all net operating cashflows after interest costs of approximately £6.5 million (on an annualised basis) will be retained within the facility. The facility is non-recourse to the Company and RDI will not be required to provide further cash in respect of this facility during the period of the Standstill Agreement. Occupancy across the portfolio is 94.5%.

 

Further details relating to the current position of the Aviva Shopping Centre facility and the impact on the Company's financial position will be provided in the Company's half year results to be released on Thursday, 25 April 2019.

 

 

For further information:

 

RDI REIT P.L.C.

Mike Watters, Stephen Oakenfull, Donald Grant

 

 

 

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 a 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 27.0% indexed and has a WAULT of 7.0 years to first break (8.4 years to expiry).  This is complemented by an average debt maturity of 6.7 years of which over 95% 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. 

 

The Company owns properties independently valued at £1.6bn in the United Kingdom and Germany, Europe's two largest, liquid and transparent property markets. RDI invests in assets with strong property fundamentals spread across UK offices (including London serviced offices), UK logistics, UK shopping centres, UK retail parks, UK hotels and German retail. RDI is well placed to take advantage of the increasing occupier requirement for real estate owners to become high quality service providers, given its scalable operational platforms and nearly a third of the portfolio invested in hotels and London serviced offices.

 

RDI holds a primary listing on the London Stock Exchange and a secondary listing on the JSE and 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

 

All figures as at 31 August 2018.

 


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