To view the PDF file, sign up for a MySharenet subscription.

RDI REIT PLC - RDI reduces retail exposure further with the sale of West Orchards shopping centre and Molln

Release Date: 09/02/2021 09:00
Code(s): RPL     PDF:  
Wrap Text
RDI reduces retail exposure further with the sale of West Orchards shopping centre and Molln

(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"), confirms it has exchanged contracts for the
sale of West Orchards, Coventry for £4.85 million. The sale is expected to have a nominal impact on the Company's
net asset value of approximately £1.9 million, reflecting the contribution of West Orchards to the Company's EPRA
NAV as at 31 August 2020. The sale leaves just one remaining retail asset in the UK, St. George’s shopping centre in
Harrow, Greater London.

The Company also continues to make further progress in Germany, where it recently completed on the disposal of a
small retail asset in Molln for €3.8 million (31 August 2020: €4.2m).

These disposals provide further progress towards achieving a full exit from the retail sector during 2021, whilst also
contributing to the further strengthening of the Company’s balance sheet.

Stephen Oakenfull, CEO of RDI commented:
"West Orchards, Coventry has faced a number of significant challenges including its exposure to Debenhams as well
as the general impact from lock down restrictions due to COVID-19. As part of our ongoing strategy, our strict
discipline in terms of capital allocation and decisive action around selling legacy assets continues to enhance the
quality of the portfolio with a full exit from retail now in sight."

9 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: 09-02-2021 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.

Share This Story