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Supermarket Income REIT acquires Sainsbury's, Waitrose stores for £64.8m
StockMarketWire.com
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Retail property investor Supermarket Income REIT said it had agreed o acquired a Sainsbury's supermarket in Melksham, Wiltshire, and a Waitrose supermarket in Winchester, Hampshire, for £64.8 million.
The assets were being acquired from LaSalle Investment Management, with the purchase price representing a combined net initial yield of 4.4%.
The 9-acre Sainsbury's store was developed in the 1990's and subsequently extended and refurbished in 2011.
It is being acquired with an unexpired lease term of 17 years, with annual, upwards only, RPI-linked rent reviews, subject to a 4.0% cap and a 1.0% floor.
The Waitrose site was developed in 2009 and comprised a 25,500 square foot net sales area omnichannel supermarket with 180 parking spaces.
It had been acquired with an unexpired lease term of 24 years, with 5-yearly, upward only, RPI-linked rent reviews, subject to a 3.3% cap and a 1.0% floor.
The acquisitions were expected to complete in the coming weeks upon the completion of property related due diligence.
Story provided by StockMarketWire.com
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