RDI REIT PLC CEO retirement and succession (3108E)
November 05 2020 - 1:10AM
UK Regulatory
TIDMRDI
RNS Number : 3108E
RDI REIT PLC
05 November 2020
RDI REIT P.L.C.
("RDI" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00BH3JLY32
LEI: 2138006NHZUMMRYQ1745
MIKE WATTERS TO RETIRE AND STEP DOWN AS CHIEF EXECTUIVE
OFFICER;
STEPHEN OAKENFULL APPOINTED AS HIS SUCESSOR
RDI REIT P.L.C. announces that Mike Watters will be retiring
from RDI and stepping down as an Executive Director and CEO during
December 2020. Stephen Oakenfull who will succeed Mike Watters as
Chief Executive, joins the Board today.
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 charterholder 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.
Gavin Tipper, Chairman, commented:
"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."
"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."
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."
Stephen Oakenfull, added:
"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."
In accordance with 9.6.13 R (3) it is disclosed that Stephen was
a director of the following RDI REIT P.L.C. subsidiaries: Pearl
House Swansea Limited, which was taken into creditors voluntary
liquidation and dissolved in December 2019; and of Wichford
Carlisle Limited, Atholl no.1 Limited, Atholl no.2 Limited and
Wichford Ladywell Limited, which were taken into receivership
following the decision by the servicer of the Gamma loan to appoint
a receiver, as reported by the Company on 15 January 2013.
No further details are required to be disclosed under the
Listing Rule 9.6.13.
For further information:
RDI REIT P.L.C.
Mike Watters, Stephen Oakenfull Tel: +44 (0) 20 7811 0100
FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey Tel: +44 (0) 20 3727 1000
rdireit@fticonsulting.com
Instinctif Partners
SA Public Relations Adviser
Frederic Cornet Tel: +27 (0) 11 447 3030
RDI@instinctif.com
JSE Sponsor
Java Capital Tel: + 27 (0) 11 722 3050
Note to editors:
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 (UK-REIT) 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 on RDI, please refer to the Company's website www.rdireit.com
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