– UK, London – RDI REIT PLC (LSE:RDI / JSE:RPL), the FTSE 250 income-focused UK-REIT, to confirmed the appointment of Gavin Tipper as the Company’s new Chairman, with effect from 24 July 2018.
Following notice of Greg Clarke’s intentions, the Board of RDI appointed an executive search firm to undertake a comprehensive search for external candidates, and an assessment of both internal and external candidates was performed. As a result of this process, it was concluded that Gavin Tipper was the most suitable person to act as the future Chairman of the Company. A long-standing independent non-executive director of RDI, having joined the Board in August 2011, Gavin Tipper brings significant experience and expertise in relation to corporate governance and stakeholder engagement to the role, whilst also benefitting from a thorough understanding of the Company’s strategic direction and dual-listed shareholder base.
Gavin Tipper is a Chartered Accountant and former technical partner at KPMG South Africa and holds Bachelor of Commerce and Accounting degrees, and a Masters degree in Business Administration. He has been involved in the financial services industry for over 25 years and was Chief Operating Officer for the Coronation Holdings Limited Group where he spent 10 years. Gavin Tipper is currently Chairman of Hyprop Investments Limited and AVI Limited, both of which are listed on the JSE.
Michael Farrow, who led the Nominations Committee process, commented: “Following an extensive selection process, we are very pleased to have appointed Gavin to the role of non-executive Chairman and believe his strong knowledge of the Company and deep market experience will be of great benefit in ensuring the Board operates effectively as it focuses on executing its strategy.
“On behalf of the Board I would like to take this opportunity to thank Greg for his leadership of the Board, helping transform the business into a leading income focused REIT.”
RDI is a FTSE 250 UK Real Estate Investment Trust (UK-REIT) committed to becoming the UK’s leading income focused REIT. The Company’s income-led business model and strategic priorities are designed to offer shareholders superior, sustainable and growing income returns, with a target growth in underlying earnings per share of 3%-5% across the medium term.
Income sustainability is underpinned by a diversified portfolio and tenant base, with no overreliance on any one sector or tenant, together with an efficient capital structure. The secure and growing income stream is 25.9% indexed and has a WAULT of 6.8 years to first break (8.2 years to expiry). This is complemented by an average debt maturity of 7.0 years of which over 90% of interest costs are either fixed or capped. The Company is focused on all aspects impacting shareholder distributions and reports one of the lowest cost ratios in the industry whilst maintaining a low cost of debt.
The Company owns properties independently valued at £1.6bn in the United Kingdom and Germany, Europe’s two largest, liquid and transparent property markets. RDI invests in assets with strong property fundamentals spread across UK offices (including London serviced offices), UK logistics, UK shopping centres, UK retail parks, UK hotels and German retail. RDI is well placed to take advantage of the increasing occupier requirement for real estate owners to become high quality service providers, given its scalable operational platforms and nearly a third of the portfolio invested in hotels and London serviced offices.
RDI holds a primary listing on the London Stock Exchange and a secondary listing on the JSE and is included within the FTSE 250, EPRA, GPR, JSE All Property and JSE Tradeable Property indices.
For more information : http://www.rdireit.com
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