Supermarket Income REIT PLC Buys Scottish Tesco Store for GBP50 Million
20 December 2017 - 8:45PM
Dow Jones News
By Oliver Griffin
Supermarket Income REIT PLC (SUPR.LN) on Wednesday acquired a
Tesco Extra supermarket in Cumbernauld, Scotland, from Legal and
General for 50 million pounds ($66.9 million).
The company said that the acquisition deal reflected an initial
net yield of 5.5% after the next agreed retail price index-linked
rent review next March.
The 9.5 acre site comprises a 117,000 square foot Tesco Extra
store, approximately 570 parking spaces, and a 12-pump filling
station.
Supermarket Income REIT said that site has been acquired with an
unexpired lease term of 23 years with annual, upward-only,
RPI-linked rent reviews on full repairing and insuring items.
The acquisition was funded by a GBP20 million equity raising
that took place on Nov. 17, and from the company's revolving credit
facility.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
December 20, 2017 04:30 ET (09:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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