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RDI disposes of £26.1 million Leeds office
RDI REIT P.L.C.
(formerly Redefine International P.L.C.)
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
LEI: 2138006NHZUMMRYQ1745
ISIN: IM00B8BV8G91
("RDI" or the "Company")
RDI DISPOSES OF LEEDS OFFICE FOR £26.1 MILLION
RDI, the FTSE 250 income focused UK-REIT, which has a primary listing on the London Stock Exchange and a
secondary listing on the Johannesburg Stock Exchange, today announces that it has exchanged contracts for the disposal
of City Point in Leeds for £26.05 million.
The 5,699 sqm (61,379 sqft) office was originally acquired as part of the Company's AUK Portfolio acquisition in March
2016 for an acquisition price of £21.6 million with over 17% vacancy. In January 2017, RDI let 1,022 sqm (11,000 sqft)
to Blacks Solicitors LLP, bringing the asset to full occupancy. The sale price represents a net initial yield of 5.8% and a
15.3% premium to the last reported market value. The geared internal rate of return ('IRR') over the investment period
was over 20%.
The property, which has been acquired by West Midlands Pension Fund, delivers total gross annualised rental income
of £1.6 million with a WAULT of 3.7 years.
The disposal is in line with RDI's stated strategy of recycling capital out of mature assets and into new growth
opportunities. Further details on the Company's progress against strategic priorities will be provided in its interim results
which will be announced on Wednesday, 25 April 2018.
Mike Watters, Chief Executive, commented:
"The disposal of City Point, Leeds represents yet another example of delivering value from the AUK acquisition. After
two years of owning this asset, we have delivered an excellent 20.6% premium to the acquisition price, whilst also de-
risking the portfolio by reducing our exposure to a maturing regional office investment market and an asset with a
number of upcoming lease breaks and expiries. We are confident that the progress on our active recycling will support
our relentless focus to deliver superior, sustainable and growing distributions."
For further information, please contact:
RDI REIT P.L.C.
Mike Watters, Stephen Oakenfull, Janine Tel: +44 (0) 20 7811 0100
Ackermann
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
10 April 2018
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 £1.5bn 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.
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