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(Alliance News) - Supermarket Income REIT PLC announced on Monday it had acquired a Tesco PLC grocery store site for GBP73.2 million.
The seven-acre site in Sheffield was developed for Tesco in 2011 and comprises 88,000 square feet of sales area, a 12-pump petrol filling station, and 640 car parking spaces.
The London-based real estate investment trust said the purchase price represented a net initial yield of 4.5%. Supermarket Income added that the asset was being acquired with an unexpired lease term of 17 years and annual retail price index-linked rent reviews that are subject to a 4% cap and 0% floor.
Shares in Supermarket Income were down 0.3% at 121.60 pence on Monday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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