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RDI REIT PLC - Disposal of 127 Charing Cross Road, London for GBP59.25m

Release Date: 02/02/2021 09:00
Code(s): RPL     PDF:  
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Disposal of 127 Charing Cross Road, London for  GBP59.25m

(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
LEI: 2138006NHZUMMRYQ1745
("RDI" or the "Company")


RDI, the income focused UK Real Estate Investment Trust ("UK-REIT"), is pleased to announce that it has completed
the disposal of 127 Charing Cross Road for a headline price of £59.25 million to Nomura Real Estate UK Limited.
The disposal price reflects a 1 per cent premium to the 31 August 2020 valuation, a net initial yield of 3.1 per cent,
based on the contracted rental income, and a capital value per of £1,481 per sq ft on the existing area. The property
was acquired as part of the AUK portfolio acquisition in March 2016 for £42.6 million. The disposal price therefore
reflects a 39.1 per cent increase in value since acquisition.

The growth in value has been supported by a successful asset management strategy including securing full planning
permission, which provides an opportunity to increase the overall area of the property by 41.1 per cent through the
development of three additional floors.

Stephen Oakenfull, CEO of RDI commented:
"This disposal marks the conclusion of a well-executed and successful asset management plan designed to enhance the
value of an income generating asset. We believe that the sale captures a significant proportion of the asset’s potential
value and provides us with the ability to recycle capital into opportunities with stronger risk-adjusted returns.
“In the meantime, the proceeds of this transaction further strengthen the balance sheet where we now have cash and
available facilities totalling approximately £275 million to execute on our strategy."

2 February 2021

For further information:

Stephen Oakenfull, Donald Grant                                            Tel: +44 (0) 20 7811 0100
FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey                                              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 an income focused UK Real Estate Investment Trust (UK-REIT) with a diversified portfolio invested
principally in the UK. The investment approach is driven by an in depth understanding of occupational demand
including the impact of technology, transport and infrastructure investment. The portfolio has been repositioned in
recent years to increase its weighting to London and the South East and to provide greater exposure to our leading
hotel and serviced office operating platforms.

RDI is committed to delivering attractive income led total returns across the real estate cycle. The current strategic
objectives of a lower leverage capital structure and more focused allocation of capital are targeted at delivering an
industry leading and sustainable income return.

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

Date: 02-02-2021 09:00:00
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