Supermarket Income REIT PLC - invests in grocery property in the UK - Intends to raise GBP100 million via issue of 94.3 million shares at 106 pence each. Issue price represents discount of 3.2% to Wednesday's closing price of 109.5p.
Says fundraise, together with associated debt financing, should allow company to buy some of its target assets. Says investment adviser has identified four assets with an aggregate value of GBP230 million. In addition to the target assets, the investment adviser has identified a pipeline of a further nine assets with an aggregate value of approximately GBP184 million.
"With an attractive pipeline of assets in place, this fundraise will enable the company to continue to execute on a number of transactions that meet our stringent criteria, building on its strong track record by investing in additional key omnichannel properties let to some of the UK's largest supermarket operators," says Chair Nick Hewson.
Also launches offer for subscription via PrimaryBid platform at same issue price of 106p per share. Aggregate demand under the PrimaryBid Offer will be limited to EUR8 million.
Current stock price: 107.15p for about GBP700 million market capitalisation
Year-to-date change: up 0.6%
By Lucy Heming;Â lucyheming@alliancenews.com
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Supermarket Income (SUPR)