£75.8M ACQUISITION OF A SAINSBURY'S SUPERMARKET
SUPERMARKET INCOME REIT PLC
(the "Company")
LEI: 2138007FOINJKAM7L537
ACQUISITION OF a SAINSBURY'S SUPERMARKET FOR £75.8M
Supermarket Income REIT plc (LSE: SUPR), the real estate investment trust providing secure, inflation-protected, long income from grocery property in the UK, announces the acquisition of a Sainsbury's supermarket in Cannock, Staffordshire, from a client of CBRE Investment Management for £75.8 million (excluding acquisition costs), representing a net initial yield of 4.0%.
The Sainsbury's store opened in 1997 and was extensively refurbished in 2011. This 9.1 acre site comprises a 73,000 sq ft net sales area supermarket, a 12-pump petrol filling station and 490 car parking spaces. The store has a purpose-built online fulfilment centre which operates 12 vans, forming a key part of Sainsbury's online grocery network across the region. The asset is being acquired with an unexpired lease term of 15 years, with five-yearly, upwards only, RPI-linked rent reviews (subject to a 4.0% cap and 1.0% floor).
Ben Green, Director of Atrato Capital Limited, the Investment Adviser to Supermarket Income REIT plc, said:
"This Sainsbury's in Cannock is an excellent addition to our growing portfolio of high-quality omnichannel stores and was funded using proceeds from the recently oversubscribed equity issue. The property has strong trading fundamentals and forms a key part of Sainsbury's online fulfilment network."
FOR FURTHER INFORMATION
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Atrato Capital Limited |
+44 (0)20 3790 8087 |
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Steve Noble / Rob Abraham / Carcie Rogers |
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Stifel Nicolaus Europe Limited |
+44 (0)20 7710 7600 |
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Mark Young / Matt Blawat |
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FTI Consulting |
+44 (0)20 3727 1000 |
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Dido Laurimore / Eve Kirmatzis / Andrew Davis |
NOTES TO EDITORS:
Supermarket Income REIT plc (LSE: SUPR) is a real estate investment trust dedicated to investing in grocery properties which are an essential part of the UK's feed the nation infrastructure. The Company focuses on grocery stores which are omnichannel, fulfilling online and in-person sales. All of the Company's 64 supermarkets(1) are let to leading UK supermarket operators, diversified by both tenant and geography.
The Company provides investors with attractive, long-dated, secure, inflation-linked, growing income with the potential for capital appreciation over the longer term and targets a 7% to 10% p.a. total shareholder return over the medium term (2) . The Company has increased its dividend target in line with UK RPI inflation each year.
The Company's ordinary shares were admitted to trading on the Main Market of the London Stock Exchange, Specialist Fund Segment, on 21 July 2017.
Atrato Capital Limited is the Company's Investment Adviser.
Further information is available on the Company's website www.supermarketincomereit.com
1. 38 directly owned supermarkets, plus 26 via joint venture
2. There is no certainty that these illustrative projections will be achieved
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