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LONDON (Alliance News) - Supermarket Income REIT PLC said Thursday that it has bought a Tesco Extra supermarket store located in Scunthorpe, England, for GBP53.0 million.
The supermarket store was bought from Legal & General Pensions Ltd, and the investment firm said it reflects a net initial yield of 5.15.
The store covers 98,000 square feet and includes an eight-pump filling station, and Supermarket Income said it has a "strong" trading record.
It has been bought on a lease term off 22 years with annual, upward-only rent reviews. Supermarket Income has used funds from its GBP65.0 million equity raise on Friday last week.
Ben Green, a director of its investment adviser Atrato Capital, said: "We are delighted to continue our track record of rapidly deploying our capital in high-quality, omni-channel supermarkets. This store has an impressive trading record on site and plays an important role in Tesco's online fulfilment network."
"This investment is a strong addition to our growing portfolio, increasing both the weighted average unexpired lease term and net initial yield of the company's portfolio."
Shares in Supermarket Income were up 0.8% on Thursday at a price of 103.78 each.