RDI REIT reduces retail exposure with £156.9m portfolio sale

RDI REIT has completed the sale of its UK retail parks portfolio to M7 for £156.9m. The sale of the portfolio, which contains six assets, reflects a 3% discount to the last reported value at 29 February, and a net initial yield of 7.5%. The REIT has reduced its retail exposure to 11.8%, down from 28.4% as of 29 February. The funds from the transaction will be used to pay down a circa £100m revolving credit facility, with the remainder held in cash to “enhance cash and facility headroom”, the company said.   To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette