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.
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