Supermarket Income REIT acquires Llanelli Tesco
Supermarket Income Reit
72.80p
16:39 18/04/24
Real estate investor Supermarket Income REIT has acquired a Tesco supermarket in Llanelli, South Wales, for a total purchase price of £66.8m.
FTSE 250
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17:14 18/04/24
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17:14 18/04/24
FTSE All-Share
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16:54 18/04/24
Real Estate Investment Trusts
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17:14 18/04/24
Supermarket Income REIT said on Wednesday that the store, which was developed for Tesco in 1989, occupies a 10-acre site with an 82,046 square foot net sales area supermarket, a 16-pump petrol filling station, and 753 car parking spaces.
The FTSE 250-listed group store was acquired from M&G with an unexpired lease term of 12 years, with annual, upwards only RPI-linked rent reviews.
Supermarket Income REIT added that the purchase price reflected a net initial yield of 5.3%.
"This acquisition further strengthens SUPR's portfolio of top trading omnichannel supermarkets. The store has strong trading fundamentals, comes at an accretive acquisition yield, and is subject to annual index-linked rent reviews," said Ben Green, a director at Supermarket Income REIT's investment advisor Atrato Capital.
Reporting by Iain Gilbert at Sharecast.com