Picture: BLOOMBERG/CHRIS RATCLIFFE
Picture: BLOOMBERG/CHRIS RATCLIFFE

London and JSE-listed landlord RDI has agreed to sell its UK retail park portfolio for £156.9m (R3.4bn) as it continues to shed assets exposed to the effects of issues such as Brexit and Covid-19.

The sale of six assets will reduce the group’s retail exposure to 11.8% of the portfolio, RDI said, with the group focusing on assets including light industrial warehouses and flexible-use offices.

The purchase price reflects a 3% discount to the value reported at end-February, and the transaction is expected to be completed in mid-October.

“In just 18 months since announcing our strategic review, we have undertaken about £330m of disposals and our teams working on these transactions deserve to be commended for markedly reducing our exposure to the retail sector,” said CEO Mike Watters.

“This major transaction also further reinforces our balance sheet by bringing our leverage down significantly while extending our cash position,” Watters said.

gernetzkyk@businesslive.co.za

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