RDI Disposes of 127 Charing Cross Road for £59.25m

RDI REIT P.L.C.

 ("RDI" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00BH3JLY32

LEI: 2138006NHZUMMRYQ1745

RDI DISPOSES OF 127 CHARING CROSS ROAD, LONDON FOR £59.25m

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."

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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 www.rdireit.com