RDI REIT appoints Deputy CEO Stephen Oakenfull to its Board of Directors as CEO designate

– UK, London –  RDI REIT Plc (LON: RDI | JSE: RPL) today announced the appointment of Stephen Oakenfull to its Board of Directors effective immediately and that he will succeed Mike Watters who will be retiring and stepping down as an Executive Director and CEO during December 2020.

“While there is work to be done in shaping the future trajectory of the portfolio, the Company is well positioned for growth and Stephen Oakenfull, who has been instrumental in driving much of the recent transformation, is the right person to deliver on the strategy to generate future value.” said Board Chairman, Gavin Tipper.

He added: “I would like to take this opportunity to thank Mike, who founded the business in 2006, for his hard work and dedication over the past 14 years. Mike leaves the business in good shape, with a streamlined, higher quality portfolio and a strong balance sheet.”

Mike Watters, said: “With substantial strategic progress having been achieved and the Company in good shape, I feel now is the right time to step down and hand over the reins. I wish Stephen and RDI every success in taking the business forward.”

About Stephen Oakenfull

Stephen joined RDI in May 2007 and has held the role of Deputy CEO since 2013. He has a broad range of experience within real estate and capital markets and has previously held the role of Chief Operating Officer at RDI. Before joining RDI, Stephen held roles with DTZ Corporate Finance and Turner & Townsend in real estate corporate finance and management consulting roles respectively. Stephen is a CFA charter holder and holds a BSc (Hons) in Construction Management.

As CEO, Stephen will retain his role as a member of the Investment Committee and will also replace Mike Watters on the Sustainability and Social Responsibility Committee following his retirement in December 2020.

Stephen Oakenfull, commented: “We have achieved a great deal of progress over recent months despite the challenging backdrop. There is plenty more to be done in delivering on the strategy and I am excited at the prospect of leading the business going forward.”

About RDI

RDI is an income-focused UK-REIT with a diversified portfolio invested principally in the UK. The investment approach is driven by an in-depth understanding of occupational demand including the impact of technology, transport and infrastructure investment. The portfolio has been repositioned in recent years to increase its weighting to London and the South East and to provide greater exposure to our leading hotel and serviced office operating platforms.

RDI is committed to delivering attractive income-led total returns across the real estate cycle. The current strategic objectives of a lower leverage capital structure and more focused allocation of capital are targeted at delivering an industry-leading and sustainable income return.

RDI is a UK Real Estate Investment Trust and holds a primary listing on the London Stock Exchange and a secondary listing on the JSE. The Company is included within the EPRA, GPR, JSE All Property and JSE Tradeable Property indices.

For more information: https://www.rdireit.com/

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