Business
ACQUISITION OF TESCO SUPERSTORE FOR £28.5 MILLION
ACQUISITION OF TESCO SUPERSTORE FOR £28.5 MILLION.
About this update from Supermarket Income Reit Plc
[{"type":"text","content":"\n \nRNS Number : 3456O Supermarket Income REIT PLC 18 August 2017 \n\nSupermarket Income REIT plc\n(\"Supermarket Income REIT\" or \"the Company\")\n \n18 August 2017\n \nACQUISITION OF TESCO SUPERSTORE, BRISTOL, FOR £28.5 MILLION\n \nSupermarket Income REIT (LSE: SUPR), the UK supermarket real estate investor, announces that it has acquired the freehold of a Tesco Superstore, Lime Trees Road, Bristol, from a client of Aberdeen Asset Management for £28.5 million (net of acquisition costs), reflecting a net initial yield of 4.9%.\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 55,000 sq ft on a 5.7-acre site with more than 450 parking spaces. It is being acquired with an unexpired lease term of approximately 13.5 years, which is subject to annual, upward-only, RPI-linked rent reviews with a cap at 4% and a floor at zero and on full repairing and insuring terms.\nBen Green, Director of Atrato Capital, the Investment Adviser to Supermarket Income REIT, said: \"We are delighted to announce our second property, with £72 million now invested since our IPO last month. This Tesco Superstore is situated in a prime Bristol location and has a long history of strong trading performance. This investment will deliver an attractive inflation linked income stream and offers excellent asset upside potential over the longer term.\"\n \nFor further information, please contact:\n \nAtrato Capital Limited +44 (0)20 3790 8087\nBen Green\nSteve Windsor\nSteve Noble\n \n Stifel Nicolaus Europe Limited +44 (0)20 7710 7600\nMark Young\nNeil Winward\nTom Yeadon \n \n Tavistock &n...