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(Alliance News) - Supermarket Income REIT PLC on Friday said it bought a supermarket store in Cheltenham, Gloucestershire, from Legal & General Group PLC for GBP60.4 million, reflecting a net initial yield of 5.25%.
The supermarket store, operated by J Sainsbury PLC, comprises 62,000 square feet net sales area with a 12-pump petrol filling station and more than 390 parking spaces, Supermarket Income REIT said. It is being acquired with an unexpired lease term of 13 years with five-yearly, upward-only rent reviews.
"With strong fundamentals, this Sainsbury's supermarket is an excellent addition to our growing portfolio of omnichannel stores and provides further investment diversification," said Ben Green, director of Atrato Capital, the investment advisor to Supermarket Income REIT.
Shares in the company, which invests in supermarket property, were trading 0.4% lower on Friday in London at 102.05 pence each, while Legal & General stock was up 3.4% at 249.20p a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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