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Supermarket Income REIT picks up omnichannel Tesco site in Leicester

The £63.4mln acquisition also adds Aldi to the list of tenants

Supermarket Income REIT PLC -
Tesco site has online fulfilment facilities

Supermarket Income REIT PLC (LON:SUPR), the specialist grocery site investor, has acquired a new site in at Beaumont Leys, Leicester from British Land and occupied by Tesco Extra and discount chain Aldi.

Tesco’s site comprises 97,000sq ft net with parking for 700 vehicles and a 12-pump petrol filling station and crucially for Supermarket Income’s strategy it has purpose-built online fulfilment facilities to serve its catchment area. 

The Tesco site is being acquired with an unexpired lease term of seven years, with five-yearly, upwards only, open market rent reviews. The next rent review is in February 2023.

Aldi’s supermarket will open this year and extends to 14,800 sq ft with an unexpired lease term of 25 years.

There is also an additional 33,000sq ft of shopping units next to the Tesco Extra and the Aldi outlets occupied currently by Pets At Home, Costa, Greggs and WH Smith.

The total consideration for the deal is £63.4mln, excluding acquisition costs, reflecting a combined net initial yield of 6.4%. 

Ben Green, a director of Atrato Capital, the trust's investment adviser, said: "We are pleased to have acquired a further omnichannel Tesco Extra, with this asset operating as a key online grocery fulfilment hub for Tesco.

“The Aldi acquisition provides further tenant diversification for the portfolio. Furthermore, we believe this site offers valuable asset management opportunities."

Quick facts: Supermarket Income REIT PLC

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Price: 121 GBX

Market Cap: £981.33 m

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