The site comprises a 68,000 square foot net sales area with a 12-pump petrol filling station, 654 parking spaces and purpose-built online fulfilment distribution docks that support Tesco's online grocery business across the region.
The Tesco store is being acquired from the Standard Life Pooled Property Fund on a yield of 4.6% with an unexpired lease term of 16 years with annual, upward-only rent reviews.
Tesco has been trading on the site since the 1980s and it was completely rebuilt in 2016, said the REIT.
Supermarket Income focuses on large stores with omnichannel potential that can fulfil online deliveries as well as being a standalone store.
The company also said it has arranged a new revolving credit facility (RCF) of £60mln with Wells Fargo. This secured, interest-only, RCF has an initial five-year term and two further one-year extension options.
Once drawn, the RCF has a margin of 2.0% above 3-month Libor which is currently equivalent to a total cost of around 2.1% and comes with a £100mln uncommitted accordion option.
In a statement, Ben Green, a director of Atrato Capital, the REIT’s investment adviser, said: "This modern Tesco Extra is a great addition to our growing portfolio of omnichannel stores. The property has attractive lease terms, strong fundamentals and is a key online grocery fulfilment hub for Tesco supporting both home delivery and click and collect."
"We are also delighted to have secured Wells Fargo as a new lender to Supermarket Income REIT. Our new facility provides us with very competitively priced, seven-year funding with room to grow to support the company's future investment requirements," he added.
The trust has been growing rapidly in recent months and has agreed deals to acquire six Waitrose stores and a stake in a portfolio of 26 Sainsbury’s sites.