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Supermarket Income REIT to raise £50m to grow portfolio

Supermarket Income REIT SUPR

Supermarket Income REIT to raise £50m to grow portfolio – Supermarket Income REIT has announced its intention to raise £50m through a share placing and offer to fund new acquisitions.

It has set the issue price at 102 pence per new ordinary share, a discount of 5.1% to the closing price of 107.5 pence per existing ordinary share on 11 September 2019 and a premium to the company’s last reported NAV per ordinary share as at 30 June 2019 of 97 pence.

The company has identified three near-term acquisition opportunities, with one asset currently under exclusivity and another two assets in advanced due diligence.

The three assets has an aggregate value of £140m and all benefit from long RPI linked leases, with a weighted average lease term of 15 years, let to Sainsbury’s. The company said all three target assets benefit from low site cover, and geographical locations that would support multiple sales channels including online, and click and collect delivery, in addition to in-store customers.

In addition to the target assets, the company has identified a strong investment pipeline of a further four assets and has started to perform preliminary due diligence on these assets.

SUPR : Supermarket Income REIT to raise £50m to grow portfolio


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