RDI Reit cuts interim dividend as earnings fall

RDI Reit, whose shares lost 13.8% on Wednesday after the landlord rejected a takeover offer, has cut its interim dividend because of lower earnings and a chunk of cash being tied up in a credit facility.At the same time, £11.6m in cash was retained in a credit facility provided by Aviva Commercial Finance linked to four of its malls in the UK.

Meanwhile, RDI said it planned to slash its exposure to the retail sector amid declining mall valuations in the UK. It said earlier in April that after the four malls were revalued by financier Aviva, the lender’s loan-to-value ratio on this facility had breached its covenants.

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