Supermarket Inc REIT - Acquisition
ACQUISITION OF A SAINSBURY'S SUPERMARKET IN Hessle,
Originally developed in the early 1980s, Sainsbury's has a long history of trading from this prominent 13-acre site which was substantially refurbished in 2011.
The supermarket comprises 50,000 square feet net sales area with a 12-pump petrol filling station and 584 parking spaces. The store has purpose-built online fulfilment docks and supports Sainsbury's online grocery fulfilment for the surrounding area. It is being acquired with an unexpired lease term of 14 years with annual, upward-only, RPI-linked rent reviews (subject to a cap and floor).
Included in the purchase price is an adjoining Homebase store comprising 21,000 square feet net sales area with an unexpired lease term of four years. Sainsbury's guarantee the Homebase rent for the duration of the lease. Consequently, the combined total net initial yield on this purchase of the Sainsbury's in Hessle, including the rental income from the Homebase, will be 6.3%.
"This Sainsbury's superstore is ideally located for both online and offline grocery sales and adds to
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NOTES TO EDITORS:
The Company provides investors with attractive, long-dated, secure, inflation-linked, growing income with the potential for capital appreciation over the longer term and targeting a 7% to 10% p.a total shareholder return over the medium term. The Company has increased its dividend target for the year ending
The Company's ordinary shares were admitted to trading on the Main Market of the
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Quick facts: Supermarket Income REIT PLC
Market Cap: £516.25 m
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