Supermarket Income REIT PLC Acquisition of Tesco Extra, Thetford (7813M)
August 01 2017 - 9:24AM
UK Regulatory
TIDMSUPR
RNS Number : 7813M
Supermarket Income REIT PLC
01 August 2017
1 August 2017
Supermarket Income REIT plc ("Supermarket Income REIT" or "the
Company")
ACQUISITION OF TESCO EXTRA, THETFORD, FOR GBP43.2 MILLION
Supermarket Income REIT plc, the UK supermarket real estate
investor, announces that it has acquired a Tesco Superstore in
Thetford, Norfolk, from M&G Real Estate for GBP43.2 million,
reflecting a net initial yield of 5.35% or 5.55% after the next
agreed RPI-linked rent review in December 2017.
The purchase has been funded out of the equity proceeds of the
IPO, with senior debt finance expected to be introduced in the near
term.
The store comprises 78,000 sq ft (gross) on a 10.4-acre site
with more than 500 parking spaces and a petrol filling forecourt.
It is being acquired with an unexpired lease term of approximately
12.5 years, which is subject to annual upward-only, RPI-linked rent
reviews with a cap at 4% and a floor at zero.
Ben Green, Director of Atrato Capital, the Investment Adviser to
Supermarket Income REIT, said:
"We are delighted to announce the first asset purchase by
Supermarket Income REIT. This is a store with a strong trading
record on site which is adjacent to the future Kingsfleet housing
development. The investment will deliver attractive and growing
income, while its location means that there is excellent asset
upside potential over the longer term".
FOR FURTHER INFORMATION, PLEASE CONTACT:
Atrato Capital Limited
Ben Green
Steve Windsor
Steve Noble
+44 20 3790 8087
Stifel Nicolaus Europe Limited
Mark Young
Neil Winward
Tom Yeadon
+44 (0)20 7710 7600
Tavistock
Jeremy Carey
James Whitmore
James Verstringhe
+44 (0)20 7920 3150
NOTES TO EDITORS:
Supermarket Income REIT plc listed on the specialist fund
segment of the main market of the London Stock Exchange in July
2017. Its objective is to acquire a diversified portfolio of
supermarket real estate assets in the UK, providing long-term
RPI-linked income, from institutional grade tenants of significant
size and the potential for capital growth through active asset
management opportunities. Atrato Capital is the Company's
Investment Adviser.
This information is provided by RNS
The company news service from the London Stock Exchange
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