Supermarket Income REIT PLC ACQUISITION OF TESCO EXTRA IN SCUNTHORPE FOR £53 M (7371P)
31 May 2018 - 4:00PM
UK Regulatory
TIDMSUPR
RNS Number : 7371P
Supermarket Income REIT PLC
31 May 2018
Supermarket Income REIT
(the "Company")
ACQUISITION OF TESCO EXTRA IN SCUNTHORPE FOR GBP53 MILLION
Supermarket Income REIT (LSE: SUPR), the UK supermarket real
estate specialist, announces that it has acquired a Tesco Extra
supermarket in the north Lincolnshire town of Scunthorpe, England,
from Legal and General Pensions Limited for GBP53 million (net of
acquisition costs), reflecting a net initial yield of 5.1%.
Developed in 2002, the store totals 98,000 sq ft on an 8-acre
site with more than 580 parking spaces, an 8-pump filling station
and dedicated online fulfilment distribution docks. The store is
strategically located to support online fulfilment given the
excellent motorway and road connections. The store has a strong
trading record on site and is situated adjacent to the Lincolnshire
Lakes development, which consists of more than 6,000 new homes.
It is being acquired with an unexpired lease term of 22 years
with annual, upward-only, RPI-linked rent reviews (subject to cap
and floor) on fully repairing and insuring terms. The purchase has
been funded from the proceeds of the GBP65 million equity placing
on 25 May 2018.
Ben Green, Director of Atrato Capital, the Investment Adviser to
Supermarket Income REIT, said:
"We are delighted to continue our track record of rapidly
deploying our capital in high-quality, omni-channel supermarkets.
This store has an impressive trading record on site and plays an
important role in Tesco's online fulfilment network.
"This investment is a strong addition to our growing portfolio,
increasing both the weighted average unexpired lease term and net
initial yield of the Company's portfolio".
For further information, please contact:
Atrato Capital Limited +44 (0)20 3790 8087
Ben Green
Steve Windsor
Steve Noble
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Young
Neil Winward
Tom Yeadon
Tavistock +44 (0)20 7920 3150
Jeremy Carey
James Whitmore
James Verstringhe
NOTES TO EDITORS:
Supermarket Income REIT plc is listed on the London Stock
Exchange. SUPR acquires UK supermarket sites that form a key part
of the future model of grocery in the United Kingdom. SUPR aims to
provide long-term RPI-linked income, from institutional grade
tenants and the potential for capital growth through active asset
management. Atrato Capital is the Company's Investment Adviser.
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END
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