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Supermarket Income REIT acquires three UK supermarkets
(Sharecast News) - Real estate investment trust Supermarket Income REIT has acquired three UK supermarkets for a total purchase price of £97.6m, at an average net initial yield of 5.5%. Supermarket Income REIT acquired an 110,000 square foot Tesco supermarket in Aylesbury for £56.3m, a 60,000 square foot Sainsbury's supermarket in Sale, and a 30,000 square foot Waitrose supermarket in Frimley.
The FTSE 250-listed group said the acquisitions, which were funded by its existing debt facility, were made up of well-established stores with long trading histories, and were carefully selected to align with its core business strategy and drive further earnings accretion.
Chief executive Rob Abraham said: "The acquisitions come at the end of a transformational year for SUPR, where we delivered on key strategic objectives, including lease renewals, internalisation, our debut bond issuance and changes to our listing.
"We continue to see further opportunities ahead and look forward to continuing to grow the business as we cement our position as the leading landlord to grocery tenants."
Reporting by Iain Gilbert at Sharecast.com
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