Business
Acquisition of Tesco Extra, Thetford
Acquisition of Tesco Extra, Thetford.
About this update from Supermarket Income Reit Plc
[{"type":"text","content":"\n \nRNS Number : 7813M Supermarket Income REIT PLC 01 August 2017 \n\n1 August 2017\nSupermarket Income REIT plc (\"Supermarket Income REIT\" or \"the Company\")\nACQUISITION OF TESCO EXTRA, THETFORD, FOR £43.2 MILLION\n \nSupermarket Income REIT plc, the UK supermarket real estate investor, announces that it has acquired a Tesco Superstore in Thetford, Norfolk, from M&G Real Estate for £43.2 million, reflecting a net initial yield of 5.35% or 5.55% after the next agreed RPI-linked rent review in December 2017.\nThe purchase has been funded out of the equity proceeds of the IPO, with senior debt finance expected to be introduced in the near term.\nThe store comprises 78,000 sq ft (gross) on a 10.4-acre site with more than 500 parking spaces and a petrol filling forecourt. It is being acquired with an unexpired lease term of approximately 12.5 years, which is subject to annual upward-only, RPI-linked rent reviews with a cap at 4% and a floor at zero.\nBen Green, Director of Atrato Capital, the Investment Adviser to Supermarket Income REIT, said:\n\"We are delighted to announce the first asset purchase by Supermarket Income REIT. This is a store with a strong trading record on site which is adjacent to the future Kingsfleet housing development. The investment will deliver attractive and growing income, while its location means that there is excellent asset upside potential over the longer term\".\n \nFOR FURTHER INFORMATION, PLEASE CONTACT:\nAtrato Capital Limited\nBen Green\nSteve Windsor\nSteve Noble\n+44 20 3790 8087\n \nStifel Nicolaus Europe Limited\nMark Young\nNeil Winward\nTom Yeadon\n+44 (0)20 7710 7600\n \nTavistock\nJeremy Carey\nJames Whitmore\nJames Verstringhe\n+44 (0)20 7920 3150\n \nNOTES TO EDITORS:\nSupermarket Income REIT plc listed on the specialist fund segment of the main market of the London Stock Exchange in July 2017. Its objective is to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income, from institutional grade tenants of significant size and the potential for capital growth through active asset management opportunities. Atrato Capital is the Company's Investment Adviser.\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END  ...