RDI concludes £75.0 million refinancing of its London Serviced Office portfolio

Posted On Tuesday, 20 August 2019 23:03 Published by
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RDI, the income focused UK-REIT, is pleased to confirm that, further to the announcement on 5 June 2019, the Company has completed the second and final stage of its £75.0 million London Serviced Office portfolio refinancing.

-STEPHEN-OAKENFULL-

The facility, provided by Aberdeen Standard Investments for a seven-year term, has refinanced two existing facilities that were due to mature in December 2019 and August 2022. The first stage drawdown of £25.0 million was completed in May 2019 at a fixed rate of 2.90% and the second stage drawdown of £50.0 million has now completed at a fixed rate of 2.45%. The weighted average fixed rate for the new facility has improved from 3.13% to 2.60%.

The portfolio of four Central London assets, with exposure to two new Crossrail stations and the Southbank market, has maintained a high occupancy rate of 94.5% (28 February 2019) with EBITDA increasing 0.9% since 31 August 2018 and the average stay now above 30 months.

Stephen Oakenfull, Deputy CEO at RDI, commented:

“We are very pleased to have concluded this refinancing with Aberdeen Standard Investments and to have established a new funding relationship for the Group. This refinancing has allowed for the proactive extension of our debt maturity whilst providing us with greater operational flexibility.”

Last modified on Tuesday, 20 August 2019 23:13

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