RDI REIT said that it had refinanced its London serviced office portfolio with a new £75m financing facility.

The facility hasdbeen agreed with Aberdeen Standard Investments for a seven-year term to refinance two existing facilities maturing in December 2019 and August 2022.

A first stage drawdown of £25m had been completed to refinance the first of the existing facilities at a fixed rate of 2.90%.

The previous weighted average rate was 3.13%.

The second stage drawdown of £50m was anticipated to complete in August 2019.

'We are very pleased to have established a new funding relationship with Aberdeen Standard Investments which demonstrates the increasing maturity of the London flexible office market as it develops into an institutional asset class,' deputy chief executive Stephen Oakenfull said.

'This refinancing has secured attractive rates as well as proactively extending our debt maturity.'