RDI Reit eyes Brexit as it sells Hamburg shopping centre
Property company lightens its debt load by off-loading German assets in shift to UK
RDI Reit, of which SA’s second-largest listed property company, Redefine Properties, owns nearly 30%, has sold its German assets to free up cash and reduce its debt burden.
The company had net debt of £784.5m at end-February that placed its loan-to-value (LTV) at 48.5%. The management aims to reduce the LTV to 30%-40%.