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(Alliance News) - Supermarket Income REIT PLC on Wednesday said it has bought a Tesco PLC supermarket in Llanelli, South Wales for GBP66.8 million.
The real estate investor said the acquisition price reflects a net initial yield of 5.3%. It is acquiring the store from M&G PLC with an unexpired lease term of 12 years, it added.
The store occupies a 10 acre site, comprising a 82,046 square foot net sales area supermarket, a 16-pump petrol filling station and 753 car parking spaces.
It is also an online hub for Tesco, with 10 home delivery vans and a Click & Collect facility in the car park.
Ben Green, director of Atrato Capital Ltd, the investment adviser to Supermarket Income, said: "This acquisition further strengthens SUPR's portfolio of top trading omnichannel supermarkets. The store has strong trading fundamentals, comes at an accretive acquisition yield and is subject to annual index-linked rent reviews."
Shares in Supermarket Income were down 1.0% to 121.79 pence each in London early Wednesday.
By Sophie Rose; sophierose@alliancenews.com
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