Supermarket Income REIT PLC ACQUISITION OF A SUPERMARKET & NEW LOAN FACILITY (0897V)
July 19 2018 - 1:00AM
UK Regulatory
TIDMSUPR
RNS Number : 0897V
Supermarket Income REIT PLC
19 July 2018
SUPERMARKET INCOME REIT PLC
(the "Company")
LEI: 2138007FOINJKAM7L537
ACQUISITION OF a Morrisons' Supermarket AND new loan
FACILITY
Supermarket Income REIT (LSE: SUPR), the UK supermarket real
estate investor, announces that it has acquired a Morrisons'
supermarket in Sheffield from Opus North for GBP51.7 million
(excluding acquisition costs), reflecting a net initial yield of
4.9%.
The supermarket is located on an 8.4-acre site in the historic
and prominent Hillsborough Barracks. It comprises a 113,000 sq ft
Morrisons' supermarket, approximately 860 parking spaces and a
12-pump petrol filling station.
It is being acquired with an unexpired lease term of 21 years
with five-yearly, upward-only, RPI-linked rent reviews compounded
annually (subject to cap and floor). The next rent review is
scheduled for October 2019.
The Company has also arranged a new five-year, interest-only
loan facility with Bayerische Landesbank. The GBP52.1 million
facility has a margin of 125 basis points above three-month LIBOR
and is secured against the new Morrisons' supermarket in Sheffield
and the Sainsbury's supermarket in Ashford.
The Company invests in the future model of grocery, acquiring
supermarkets that operate both as physical supermarkets and as
online fulfilment centres. It now owns and manages six of these
"omnichannel" supermarkets, which are let to three of the largest
UK supermarket operators, Tesco, Sainsbury's and Morrisons.
Ben Green, Director of Atrato Capital, the Investment Advisor to
Supermarket Income REIT, said:
"This Morrisons' supermarket is an excellent addition to our
growing portfolio. The property benefits from strong fundamentals,
attractive lease terms and provides further tenant diversification.
This purchase completes our asset acquisition plan, which we set
out at the time of our GBP65 million capital raise in May.
"We are also delighted to have secured Bayerische Landesbank as
a lender to the Company. Our new facility provides us with very
competitively-priced, five-year funding".
For further information, please contact:
Atrato Capital Limited +44 (0)20 3790 8087
Ben Green
Steve Windsor
Steve Noble
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Young
Neil Winward
Tom Yeadon
Tavistock +44 (0)20 7920 3150
Jeremy Carey
James Whitmore
James Verstringhe
NOTES TO EDITORS:
Supermarket Income REIT plc is listed on the London Stock
Exchange. SUPR acquires UK supermarket sites that form a key part
of the future model of grocery in the United Kingdom. SUPR aims to
provide long-term RPI-linked income, from institutional grade
tenants and the potential for capital growth through active asset
management. Atrato Capital is the Company's Investment Adviser.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQGGUMAMUPRGQR
(END) Dow Jones Newswires
July 19, 2018 02:00 ET (06:00 GMT)
Supermarket Income Reit (LSE:SUPR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Supermarket Income Reit (LSE:SUPR)
Historical Stock Chart
From Apr 2023 to Apr 2024