Business
ACQUISITION OF A TESCO IN WORCESTER FOR £38.3M
ACQUISITION OF A TESCO IN WORCESTER FOR £38.3M.
About this update from Supermarket Income Reit Plc
[{"type":"text","content":"\n\n24 April 2023\n \nSUPERMARKET INCOME REIT PLC \n(the \"Company\") \nLEI: 2138007FOINJKAM7L537 \n \nAcquisition of a tesco in worcester for £38.3 million\n \nSupermarket Income REIT plc (LSE: SUPR), the real estate investment trust providing secure, inflation-linked, long income from grocery property in the UK, announces the acquisition of a Tesco omnichannel supermarket in Worcester, for a total purchase price of £38.3 million (excluding acquisition costs), reflecting a net initial yield of 6.0%. \n \nTesco has been operating at the 6.5 acre site for over 30 years. The site comprises a 47,297 sq ft net sales area supermarket, a petrol filling station and 515 car parking spaces. The store is also an online hub for Tesco operating nine home delivery vans and a Click & Collect facility. The store is being acquired from British Steel Pension Fund, with an unexpired lease term of 12 years, with annual upwards only RPI-linked rent reviews (subject to a 4.0% cap and 0.0% floor).\n \nThe acquisition is being funded from the first tranche of sales proceeds of the Company's stake in the Sainsbury's Reversion Portfolio (the \"SRP\").\n \nBen Green, Director of Atrato Capital Limited, the Investment Adviser to Supermarket Income REIT plc, said: \n \n\"This acquisition further strengthens SUPR's portfolio of top trading omnichannel supermarkets, evidencing our ability to redeploy the proceeds of the SRP sale at yields which are accretive to the portfolio.\"\n \n \n\n\n\nFOR FURTHER INFORMATION \n\n\n \n\n\n\n\nAtrato Capital Limited \n\n\n+44 (0)20 3790 8087 \n\n\n\n\nSteve Noble / Rob Abraham / Chris McMahon \n\n\[email protected] \n\n\n\n\n \nStifel Nicolaus Europe Limited \n\n\n \n+44 (0)20 7710 7600 \n\n\n\n\nMark Young / Matt Blawat / Rajpal Padam \n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nGoldman Sachs International\nJimmy Bastock / Tom Hartley\n\n\n+44 (0)20 7774 100...