Supermarket Income Reit (SUPR)

 107.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 109.50
  • 52 Week Low: 97.50
  • Currency: UK Pounds
  • Shares Issued: 239.83m
  • Volume: 61,994
  • Market Cap: £257.82m

Supermarket Income REIT buys Preston Sainsbury's for ?54.4m

By Josh White

Date: Tuesday 27 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Grocery real estate investor Supermarket Income REIT announced the acquisition of the Sainsbury's supermarket in Preston, Lancashire from Legal & General for £54.4m on Tuesday, reflecting a net initial yield of 5.1%.
The London-listed specialist fund said the J Sainsbury store, originally developed in 1992 and extensively refurbished in 2010, had a "long history" of trading from the "prominent" 10 acre site adjacent to Preston town centre.

It said the supermarket comprised a 78,000 square foot net sales area with a 12-pump petrol filling station, 520 parking spaces and purpose built online fulfilment distribution docks, supporting Sainsbury's online grocery business across the region.

It was being acquired with an unexpired lease term of 22.5 years with annual, upward-only, RPI-linked rent reviews, subject to a 4% cap and a 1% floor.

The company said it had also arranged a new five-year, interest-only, term loan facility with Dekabank.

It said the £47.6m facility was "attractively priced" with a fixed rate equal to a 1.35% margin over three-month LIBOR, which was currently equivalent to a total cost of 2.0%.

The facility was secured against the Sainsbury's supermarket in Preston, and the Tesco store in Mansfield, which was acquired in April.

Supermarket Income REIT said the facility also included a £40m uncommitted accordion option for the term of the facility.

"This Sainsbury's supermarket is a great addition to our growing portfolio of omnichannel stores," said Ben Green, director at Supermarket Income REIT's investment advisor Atrato Capital.

"The property has very attractive lease terms, strong fundamentals and provides further diversification to the portfolio."

Green said the firm was also "delighted" to have secured Dekabank as a new lender to the group.

"Our new facility provides us with very competitively-priced, five-year funding with room to grow to support the company's future investment requirements."

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

SUPR Market Data

Currency UK Pounds
Share Price 107.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 109.50
52 Week Low 97.50
Volume 61,994
Shares Issued 239.83m
Market Cap £257.82m

SUPR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
Market averageMarket averageMarket averageMarket averageMarket average
27.78% below the sector average27.78% below the sector average27.78% below the sector average27.78% below the sector average27.78% below the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SUPR Dividends

  Latest Previous
  Q2 Q1
Ex-Div 16-Jan-20 17-Oct-19
Paid 07-Feb-20 07-Nov-19
Amount 1.46p 1.42p

Trades for 28-Jan-2020

Time Volume / Share Price
14:40 4 @ 107.38p
13:52 7,441 @ 107.50p
13:40 9,075 @ 107.50p
12:18 7,407 @ 107.50p
12:15 1,377 @ 107.50p

Top of Page