RDI REIT agrees standstill period with Aviva until October

RDI REIT updated the market on the Aviva Shopping Centre facility on Wednesday, reporting that a standstill period had been agreed to 11 October, during which time Aviva confirmed that it would not take any action to accelerate its security under the facility agreement.

The London-listed real estate investment trust said both itself and Aviva had agreed to progress a consensual sales process or restructuring of the facility during the standstill period.

Notwithstanding the standstill agreement, Aviva would retain all of its rights under the facility agreement.

“As previously announced, all net operating cash flows after interest costs of approximately £6.5m on an annualised basis will be retained within the facility,” the RDI REIT board said in its statement.

“The facility is non-recourse to the company, and RDI will not be required to provide further cash in respect of this facility during the period of the standstill agreement.

“Occupancy across the portfolio is 94.5%.”

Further details relating to the current position of the Aviva Shopping Centre facility and the impact on RDI REIT’s financial position would be provided in its half-year results, the directors confirmed, to be released on 25 April.