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Supermarket Income REIT acquires Tesco store in Colchester for £63m
StockMarketWire.com
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Supermarket Income REIT said it had acquired a Tesco supermarket in Colchester, Essex from Standard Life Investments Long Lease Fund for £63.0 million.
The purchase price represented a net initial yield of 4.5%.
The 10 acre site, developed in 1993 and refurbished in 2011, was located in the suburb of Hythe.
It comprised a 54,300 square feet net sales area supermarket, a 16-pump petrol filling station and 570 parking spaces.
The asset was being acquired with an unexpired lease term of 19 years, with annual, upwards only, RPI-linked rent reviews -- subject to a 4.0% cap and a 0.0% floor.
Story provided by StockMarketWire.com
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