RDI breaches covenant on shopping centres loan

Grand Arcade in Wigan

RDI Reit has breached its lending covenants on four of its shopping centres.

The centres are the Grand Arcade in Wigan, Weston Favell in Northampton, Birchwood in Warrington, and Byron Place in Seaham. All are financed by a long-term fixed rate debt facility with Aviva Commercial Finance, which has an outstanding balance of £144.7m, a fixed rate of 5.5% a year and runs until April 2042.

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