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Supermarket Income REIT adds Sainsbury's in Hessle to its growing portfolio

The net initial yield is 5.5% and the site was acquired with an unexpired lease term of 14 years

Supermarket Income REIT plc -
An adjoining Homebase store comprising 21,000 square feet net sales area is also part of the deal

Supermarket Income REIT plc (LON:SUPR) has acquired the Sainsbury's store in Hessle in Yorkshire’s East Riding from Reassure for £34mln.

Originally developed in the early 1980s, the store was substantially refurbished in 2011 and comprises 50,000 square feet of net sales area with a 12-pump petrol filling station and 584 parking spaces.  

The site also has purpose-built online fulfilment docks and supports Sainsbury's online grocery fulfilment for the surrounding area.  

The net initial yield is 5.5% and the site was acquired with an unexpired lease term of 14 years with annual, upward-only, inflation-linked rent reviews.

An adjoining Homebase store comprising 21,000 square feet net sales area with an unexpired lease term of four years is also part of the deal.

The rent is guaranteed by Sainsbury’s and combined income from both the stores amounts to 6.3% of the purchase consideration.

Ben Green, a director of the trust manager Atrato Capital, said: "This Sainsbury's superstore is ideally located for both online and offline grocery sales and adds to Supermarket Income REIT's growing portfolio of omnichannel stores."

Quick facts: Supermarket Income REIT PLC

Price: 103.5 GBX

LSE:SUPR
Market: LSE
Market Cap: £349.7 m
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