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RECEIPT OF SECOND TRANCHE OF SRP PROCEEDS
RECEIPT OF SECOND TRANCHE OF SRP PROCEEDS.
About this update from Supermarket Income Reit Plc
[{"type":"text","content":"\n\n11 July 2023\n \nSUPERMARKET INCOME REIT PLC \n(the \"Company\") \nLEI: 2138007FOINJKAM7L537 \n \nReceipt of Second tranche of Sainsbury's Reversion Portfolio proceeds\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 that, it has as scheduled received £116.9 million in respect of the second tranche of the consideration from the sale of its interest in the Sainsbury's Reversion Portfolio (the \"SRP Portfolio\"), as previously announced by the Company on 14 March 2023.\n \nThe Company will use the second tranche of net proceeds to reduce debt in the near term. Based on the last published portfolio valuation as at 31 December 2022, the Company's LTV will be c.33% following this debt repayment.\n \nAs part of the final completion of this transaction, the Company has acquired Sainsbury's 46% interest in the four remaining stores in the SRP Portfolio. The net consideration for this acquisition is £28.3 million (net of the Company's existing 54% interest and excluding acquisition costs). Sainsbury's entered into new 15-year leases on these stores with five yearly open market rent reviews and a tenant break option at year ten.\n \nFollowing the completion of the transaction which has generated the Company total gross proceeds of £430.9 million and delivered an IRR of 30%[1], as previously reported, a promote fee of £7.5 million has been paid to Atrato Halliwell, an affiliate of the Investment Adviser to the Company. Full details of the fee structure are included in note 14 to the 30 June 2022 Annual Report and Accounts.\n \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...