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RDI REIT PLC - Aviva financing facility - standstill agreement

Release Date: 24/04/2019 08:00
Code(s): RPL     PDF:  
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Aviva financing facility - standstill agreement

RDI REIT P.L.C.
("RDI" or the "Company")
(Incorporated in the Isle of Man)
(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                                     Tel: +44 (0) 20 3727 1000
 Dido Laurimore, Claire Turvey, Ellie Sweeney

 Instinctif Partners
 SA Public Relations Adviser                                     Tel: +27 (0) 11 447 3030
 Frederic Cornet

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

24 April 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: 24/04/2019 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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