RDI Reit offloads German shopping centre for €91m
By Karl Gernetzky - Sep 18th, 10:23
RDI Reit said on Wednesday it is making progress in offloading its German assets after selling its Bahnhof Center in Hamburg for €91m (R1.47bn).
The sale, expected to be completed by the end of 2019, comes as the company shifts its focus to the UK.
The sales price, the result of a competitive bidding process, reflected a 9.6% premium to the last reported value for the centre, RDI CEO Mike Watters said in a statement.
“As previously indicated, the net proceeds from the sale of assets currently being marketed will be deployed to reduce group debt and strengthen the overall balance sheet at a favourable time in terms of the euro’s relative strength to sterling,” Watters said.
RDI is expected to release its results to end-July on October 24. As of the end of February, the company had a portfolio of £1.61bn (R29bn), with 75% of this in the UK.
The company had net debt of £784.5m (R14.3bn) at the end of February.
The share price of RDI, formerly known as Redefine International, has fallen 20.54% so far in 2019, compared to a 1.91% fall in the JSE property index.
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