23rd Jul 2020 11:54
(Alliance News) - RDI REIT PLC on Thursday said it has now fully let Link 9 in Bicester, UK, to electric van maker Arrival Automotive Ltd.
The real estate investment trust has let unit 1B at Link 9 to Arrival, which will now occupy both units 1A and 1B at Link 9. A "competitive bidding process" took place for the unit with the Link 9 scheme now fully let.
The new 1B lease runs co-terminus with Arrival's 15-year lease on unit 1Am agreed in December. Both leases will expire December 2034, with no breaks and at a total rent of GBP2.3 million, subject to five-yearly rent reviews.
RDI Property Director Adrian Horsburgh said: "Arrival Automotive is an exciting and growing company which has an important role to play in helping cities meet net-zero emissions targets with the provision of their game changing electric buses and delivery vans. We are thrilled that they have decided that Link 9 is the right home to help them achieve their growth ambitions, whilst at the same time it clearly supports our decision to press ahead with the forward funding of this asset 18 months ago."
Shares in RDI were down 0.3% at 90.00 pence in London on Thursday and were down 0.8% in Johannesburg at ZAR18.94.
By Anna Farley; [email protected]
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