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Acquisition of Sainsbury's in Cheltenham

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RNS Number : 5484P
Supermarket Income REIT PLC
11 October 2019
 

Supermarket Income REIT

(the "Company")

 

LEI: 2138007FOINJKAM7L537

 

ACQUISITION OF A SAINSBURY'S SUPERMARKET IN Cheltenham, Gloucestershire

 

Supermarket Income REIT (LSE: SUPR), the UK supermarket real estate investor, announces the acquisition of a Sainsbury's supermarket in Cheltenham, Gloucestershire, from Legal & General for £60.4 million (excluding acquisition costs), reflecting a net initial yield of 5.25%.

 

Originally developed in the 1980s, the store was extensively refurbished and extended in 2007.  Sainsbury's has a long history of trading from this prominent seven-acre site.

 

The supermarket comprises 62,000 square feet net sales area with a 12-pump petrol filling station and more than 390 parking spaces.  The store has multiple purpose-built distribution docks and supports Sainsbury's online grocery fulfilment in the local area.  It is being acquired with an unexpired lease term of 13 years with five-yearly, upward-only, RPI-linked rent reviews (subject to a cap and floor).

 

Ben Green, Director of Atrato Capital, the Investment Advisor to Supermarket Income REIT, said:

"With strong fundamentals, this Sainsbury's supermarket is an excellent addition to our growing portfolio of omnichannel stores and provides further investment diversification."

 

For further information, please contact:

 

Atrato Capital Limited

Ben Green

Steve Windsor

Steve Noble

 

+44 (0)20 3790 8087

Stifel Nicolaus Europe Limited

Mark Young

Neil Winward

Tom Yeadon

 

+44 (0)20 7710 7600

Tavistock

Jeremy Carey

James Whitmore

+44 (0)20 7920 3150

 

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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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on 18/10/19