Supermarket Income REIT raises £300m in oversubscribed issue – Supermarket Income REIT (SUPR) has successfully raised gross proceeds of £300m pursuant to the recently announced issue and a further £6.7m gross proceeds pursuant to the PrimaryBid Offer, well over its initial target of £175m.
The board agreed to raise the larger amount due to its confidence in acquiring assets in the pipeline, the increase in the availability of attractive investment opportunities since the marketing roadshow began and the extremely strong level of support and quality of demand from investors in the issue.
Notwithstanding the increase in the issue size, investor demand substantially exceeded the maximum size of the issue and the PrimaryBid offer, as such a material scaling back exercise was undertaken. 247,933,884 and 5,558,276 new Ordinary Shares will be issued pursuant to the issue and the PrimaryBid Offer respectively.
Applications will be made to the FCA and the London Stock Exchange for the 253,492,160 New Ordinary Shares to be admitted to the premium listing segment (closed-ended investment funds) of the Official List of the FCA and to trading on the premium segment of the London Stock Exchange’s Main Market for listed securities. It is expected that Admission will become effective on, and that dealings for normal settlement in the New Ordinary Shares will commence on 29 April 2022.
The New Ordinary Shares will, when issued, be credited as fully paid and will rank pari passu with the existing Ordinary Shares (save for any dividends or other distributions declared, made or paid on the Ordinary Shares by reference to a record date prior to the allotment of the New Ordinary Shares).
Nick Hewson, chairman of SUPR, said: “We have seen extremely strong demand for this issue. We are grateful for the continued support of our existing shareholders and are pleased to welcome new investors, some of whom were able to participate for the first time following the migration of the Company onto the premium segment of the Official List earlier this year. The team’s focus is now on deploying the capital efficiently into our pipeline of opportunities. We have £150 million of assets currently in exclusivity and a growing number of additional assets in our pipeline, representing opportunities in aggregate of over £700 million.”
SUPR : Supermarket Income REIT raises £300m in oversubscribed issue