Supermarket Income REIT PLC on Monday said it has bought a Tesco PLC omni-channel supermarket in Worcester, England for £38.3 million.
The real estate investment trust focused on UK grocery stores said the price reflects a net initial yield of 6.0%.
The site comprises a 47,297 square foot net sales area supermarket, a petrol filling station, and 515 car parking spaces. The store is an online hub for Tesco, operating nine home delivery vans and a Click & Collect facility.
The store is being acquired from British Steel Pension Fund, with an unexpired lease term of 12 years.
The acquisition is being funded from the first tranche of sales proceeds of the company’s stake in the J Sainsbury PLC’s reversion portfolio, Supermarket Income said.
Ben Green, director of Atrato Capital Ltd, Supermarket Income REIT’s investment Adviser, said: ‘This acquisition further strengthens SUPR’s portfolio of top trading omnichannel supermarkets, evidencing our ability to redeploy the proceeds of the SRP sale at yields which are accretive to the portfolio.’
Shares in Supermarket Income REIT were down 0.2% at 83.30 pence each in London early Monday.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
