RDI puts German retail portfolio up for sale


The British REIT RDI (formerly Redefine) wants to dispose of its German retail properties, worth €284.8mn. Management had been considering this for some time, but the decision to sell was only made a few weeks ago, as the REIT’s semi-annual report reveals, and the process is now being actively pursued. The portfolio consists of three shopping centers worth €212.3mn (“Schlossstraßen Center” in Berlin, shopping mall at Hamburg-Altona rail station and “City Arcaden” in Ingolstadt) and ten retail parks and supermarkets worth €72.5mn. The overall valuation corresponds to an initial net return of 4.9%. The portfolio is financed with debt totaling €162.3mn. RDI explains that its intention to sell is in order to reduce its debt ratio along with its retail holdings.

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