Supermarket Income REIT has acquired a Tesco omnichannel supermarket in Worcester, for a total purchase price of €43.3m (£38.3m,excluding acquisition costs), reflecting a net initial yield of 6%.
Tesco has been operating at the 6.5 acre site for over 30 years. The site comprises a 47,297ft² net sales area supermarket, a petrol filling station and 515 car parking spaces. The store is also 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, with annual upwards only RPI-linked rent reviews (subject to a 4% cap and 0% floor).
Ben Green, Director of Atrato Capital Limited, the Investment Adviser to Supermarket Income REIT plc, 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."
