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Supermarket Income REIT spends £24.8mln on its first Northern Ireland acquisition

It has bought a Sainsbury's supermarket in Bangor, County Down

Supermarket Income REIT PLC -

Supermarket Income REIT PLC (LON:SUPR) has acquired a Sainsbury's supermarket in Bangor, County Down, for £24.8mln – its first deal in Northern Ireland

Developed in 2011, the 10-acre site comprises 44,000 square feet of selling space, parking for 650 and an eight-pump petrol filling station.

It has an unexpired lease term of 15 years with five-yearly rent reviews subject to 2% fixed annually compounded uplifts.

The acquisition includes the next-door Homebase unit, which has a net sales area of 33,000 square feet and an unexpired lease term of 10 years.

Based on the cost of the deal, the combined net initial yield is 6.6%.

Ben Green, of Atrato Capital, the investment adviser to Supermarket Income REIT, said: "This income accretive acquisition is our first in Northern Ireland, adding further geographical diversification to our growing portfolio of UK supermarkets."

The company is a real estate investment trust providing secure, inflation-protected, long income from grocery property in the UK.

Quick facts: Supermarket Income REIT PLC

Price: 107.5 GBX

LSE:SUPR
Market: LSE
Market Cap: £716.01 m
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