Supermarket Income REIT has acquired its first Northern Ireland asset with the purchase of a Sainsbury’s supermarket in Bangor for £24.8m.
The price for the 10-acre site, which also includes a Homebase unit, reflects a net initial yield of 6.6%.
Developed in 2011, the site comprises a 44,000 sq ft net sales area supermarket with 650 parking spaces and an 8-pump petrol filling station. The supermarket has been acquired with an unexpired lease term of 15 years with five-yearly rent reviews subject to 2% fixed annually compounded uplifts.
The adjoining Homebase unit has a net sales area of 33,000 sq ft and an unexpired lease term of 10 years with five-yearly, open market rent reviews.
Investment adviser Ben Green said: “This income accretive acquisition is our first in Northern Ireland, adding further geographical diversification to our growing portfolio of UK supermarkets.”
SUPR : Supermarket Income REIT acquires Sainsbury’s in Northern Ireland