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Supermarket Income REIT PLC on Monday said it sold its interest in the J Sainsbury PLC’s reversion portfolio. The real estate investment trust said the sale was completed on Friday, as expected. It received £279.3 million for the first tranche of the total £430.9 million consideration. Supermarket Income said it has used part of the proceeds to repay, in full, a £202.8 million debt facility provided by JPMorgan Chase & Co. Earlier this month, Sainsbury’s bought Supermarket Income’s 51% interest in Highbury and Dragon for £430.9 million. Reversion portfolio is held in the Highbury and Dragon investment vehicles. Sainsbury’s had held a 49% interest in the portfolio since its creation in 2000. The second tranche of £116.9 million will be paid on July 10, and the third tranche of £34.7 million is conditional on the sale of the remaining five stores by Sainsbury’s. Sainsbury’s said then that after the purchase, it will buy a freehold of 21 of the 26 SRP portfolio properties, which will continue to operate as Sainsbury’s supermarkets, while the remaining five stores will be sold by Sainsbury’s. Supermarket Income shares were down 1.6% on Monday morning in London at 85.64 pence each, while Sainsbury’s shares were down 1.3% at 245.96 pence each. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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