Supermarket Income REIT picks up £95m of retail assets
The investor paid £50m for a Tesco store in Prescot, as well as acquiring a Morrisons, M&S Foodhall, and a pair of Aldis elsewhere in the region.
Supermarket Income REIT’s North West acquisitions total £95m.
In addition, the investor also bought a Morrisons in Durham from Janus Henderson UK Property PAIF for £18.4m, taking the total value of the deal to £113m.
The Tesco in Prescot was bought from an undisclosed vendor for £50m.
Tesco has operated from the 89,000 sq ft store since 1993.
The 7.5-acre site comprises the supermarket, a 12-pump petrol filling station and 496 car parking spaces. The shop was acquired with an unexpired lease term of 15 years.
Supermarket Income REIT also bought a 35,000 sq ft Morrisons supermarket in Workington, Cumbria from Land Securities Group for £29m.
Morrisons has operated from the store since 2004 and has 17 years left on its lease. The 13.7-acre site includes an eight-pump petrol filling station and 605 car parking spaces.
In Oldham, Supermarket Income REIT bought a 13,000 sq ft Aldi from O.P.P Investments for £5.6m. Aldi has 10 years remaining on its lease.
Developed in 2011, the site also boasts a 108-space car park.
West Derby Aldi and M&S Foodhall
The pair of Liverpool stores was acquired from London Metric Property £10.2m.
Developed in 2016, the 1.7-acre site comprises a combined 23,000 sq ft net sales area with 120 car parking spaces. The Aldi supermarket has an unexpired lease term of 15 years and the M&S Foodhall has an unexpired lease term of 10 years.
Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income REIT, said: “These acquisitions provide geographic and tenant diversification, with the purchase of our first M&S Foodhall, as well as exposure to a number of high-quality omnichannel supermarket assets.
“With an aggregate WAULT of 15 years, they support our strategy to deliver attractive long-term income.”
This morning, Supermarket Income REIT’s share price was up 0.12% to 121.14p.