Wrap Text
RDI completes three retail park lettings to strong covenants on favourable terms
RDI REIT 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 COMPLETES THREE RETAIL PARK LETTINGS TO STRONG COVENANTS ON FAVOURABLE TERMS
RDI, the income focused UK-REIT, has agreed three new high quality lettings at two of its retail parks
delivering an average uplift of 40% on gross annualised rents reported for the year ending 31 August 2018.
The three leases were previously let to retailers subject to recent CVA's or administrations, however each
lease was agreed well in advance of the previous tenants vacating and at rents ahead of the pre-CVA gross
annualised rent. The new lettings comprise a total of 37,850 sq ft of space and will generate £1.0 million of
gross annualised rental income.
Aldi supermarket and The Gym Group have signed at Priory Retail Park in Merton, South West London on
long leases of 20 years and 15 years respectively. The new lettings have been agreed at more attractive terms
with no void period in the interim. Priory Retail Park remains fully occupied and the new tenants complement
the current mix of bulky goods retailers and F&B operators, continuing to drive footfall at the well-located
asset.
Bargain Buys, a new concept from the team behind Poundstretcher, has increased its unit size at Banbury
Cross Retail Park in Oxfordshire, signing a seven year term on the 7,477 sq ft vacant adjoining unit, taking its
total holding at the estate to 17,533 sq ft.
Elsewhere across RDI's six retail parks, the gross annualised rent on a 10,000 sq ft unit at Queens Drive Retail
Park in Kilmarnock, which was previously subject to a CVA, has been reinstated to the previous passing rent,
meaning a 33% increase on gross annualised rent to £0.2 million.
RDI's entire retail park portfolio is currently 96.2% occupied, a 140bps improvement on the last reported
figures. Recent leasing activity clearly demonstrates the resilient demand for high quality and well-located
retail assets that continue to attract customers and deliver strong sales performance.
Adrian Horsburgh, Property Director at RDI, commented:
"These three new lettings, to strong covenants, on long leases with favourable terms resulted in a 40% increase
on the previously reported gross rental income and is marginally ahead of pre-CVA rents. Our ability to
proactively secure tenants and avoiding any vacancies in the current challenging market, is a credit to both the
underlying assets' quality and our asset management team's hard work. In the current market environment our
focus remains on driving value from our existing assets and leveraging opportunities to generate income,
maintain high occupancy levels and boost footfall."
For further information:
RDI REIT P.L.C.
Mike Watters, Stephen Oakenfull, Janine Ackermann 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
28 January 2019
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.
Date: 28/01/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
