RDI agrees ‘standstill’ with Aviva after breaching lending covenants

Grand Arcade in Wigan

RDI REIT, which saw off a potential bid from Australian investment giant Cromwell Property Group, has agreed a standstill agreement with lender Aviva after breaching covenants on four of its shopping centres.

Aviva has agreed not to take any action against RDI for a period up until 11 October. In the meantime, RDI will attempt to sell the four shopping centres or restructure the debt.

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