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Supermarket Income REIT purchases new Tesco site


Supermarket Income REIT purchases new Tesco site By Proactive Investors

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Published Mar 22, 2024 08:37

© Reuters. Supermarket Income REIT purchases new Tesco site

Proactive Investors – Supermarket Income REIT PLC (LON:SUPR) revealed it acquired a Tesco (LON:TSCO) omnichannel supermarket in Stoke-on-Trent, Staffordshire, for £34.7 million.

The 54,450-square-foot site, which reflects a net initial yield of 7.5%, supports both in-person and online click-and-collect and also has a petrol station situated on the lot.

Supermarket Income REIT will take over an unexpired lease term of 11 years, with the agreement subject to annual RPI-linked rent reviews – albeit subject to a 4% cap and a 0% minimum.

Funding for this acquisition was sourced from Supermarket Income REIT’s existing revolving credit facility.

In addition to the property acquisition, the company has made significant amendments to its Investment Advisory Agreement (IAA).

Investment advisor Atrato Capital Limited (LSE:CAPD) and JTC Global AIFM Solutions Limited, its alternative investment fund manager, will see provisions of their agreements terminated.

Supermarket Income REIT claimed the changes were “to reflect the ongoing commercial intentions of the board and investment advisor”.

Notably, the Revised IAA introduces mechanisms for calculating fees following a “Relevant Event” so that valuations aren’t as affected.

The changes also give the group the chance to terminate agreements if the supermarket is taken over or is delisted.

Read more on Proactive Investors UK


Supermarket Income REIT purchases new Tesco site

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