Supermarket Income REIT PLC (LSE:SUPR) said it acquired a Tesco PLC supermarket in Sheffield for £73.2mln, adding to its portfolio of omnichannel supermarkets.
The acquisition price represents a net initial yield of 4.5%. The asset has an unexpired lease term of 17 years, with annual, upwards only, RPI-linked rent reviews, subject to a 4.0% cap.
The store occupies a 7.0 acre site comprising an 88,000 square feet net sales area supermarket, a 12-pump petrol filling station and 640 car parking spaces. It is a hub for omnichannel fulfilment in the region, operating 14 home delivery vans and a click & collect service.
READ: Supermarket Income REIT buys Sainsbury’s supermarket in Cannock for £75.8mln
"This latest acquisition further strengthens Supermarket Income REIT's portfolio of omnichannel supermarkets, which represent the future model for grocery in the UK,” said Ben Green, director of Atrato Capital Ltd, the investment adviser to Supermarket Income REIT.
“The store has attractive underlying fundamentals and a lease that is both index-linked and accretive to the portfolio in respect of its unexpired lease term."