2nd Nov 2020 11:05
(Alliance News) - London-based RDI REIT PLC on Monday said it has completed the disposal of its UK retail parks portfolio of six assets.
The London and Johannesburg dual-listed property investment business said the portfolio went for GBP156.9 million.
RDI REIT said that the transaction marks a significant milestone of the ongoing repositioning of the company's portfolio and reflects a reduction in the group's overall retail exposure to 12% from 28% on February 28.
The proceeds from the transaction will be used to pay approximately GBP100 million of a revolving credit facility with the remainder held in cash within the group to enhance cash headroom, RDI REIT said.
The company's full-year results are due on Thursday, November 5.
On Monday, RDI REIT shares were down 1.6% in Johannesburg at ZAR17.70 each, and down 5.0% at 84.40 pence each in London.
By Greg Roxburgh; [email protected]
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