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(Alliance News) - Supermarket Income REIT PLC said Thursday it planned to raise GBP50 million through a discounted placing in order to fund further property acquisitions.
The retail-focused real estate investment trust intends to issue up to 49.0 million shares at 102 pence per share. This is a 5.1% discount to the closing price on Wednesday, shares in Supermarket Income were 3.3% lower at 104.00 pence in London on Wednesday.
Despite this, the placing price represents a premium to the 97 pence per share net asset value per share reported at the end of June.
Supermarket Income will use the proceeds to help fund the acquisition of three properties occupied by supermarket chain J Sainsbury PLC, valued at GBP140 million.
"We have made significant progress since our IPO in July 2017, growing our portfolio to more than GBP420 million and delivering total shareholder returns of 16%," Supermarket Income Chair Nick Hewson said.
"We rapidly deployed the GBP45 million we raised in our oversubscribed placing in March and the investment adviser has now identified three further near-term acquisition opportunities in respect of which new funds could be deployed," Hewson added.
"These assets all meet with our strict investment criteria and, once purchased, will enhance our portfolio by increasing portfolio net initial yield and providing further geographic diversification," Hewson continued.
