(Alliance News) - Supermarket Income REIT PLC on Wednesday said it bought a Sainsbury's store in Hessle, UK, from Reassure Ltd for GBP34.0 million, excluding acquisition costs, and reflecting a net initial yield of 5.5%.
The real estate investor said the supermarket comprises 50,000 square feet net sales area with a 12-pump petrol filling station and 584 parking spaces. It is being acquired with an unexpired lease term of 14 years.
Sainsbury's has a long history of trading from this 13-acre site which was refurbished in 2011, Supermarket Income REIT said.
Included in the purchase price, is an adjoining Homebase store, Supermarket Income REIT noted, comprising 21,000 square feet net sales area with an unexpired lease term of four years.
"This Sainsbury's superstore is ideally located for both online and offline grocery sales and adds to Supermarket Income REIT's growing portfolio of omnichannel stores," said Ben Green, director of Atrato Capital, the investment advisor to Supermarket Income REIT.
The stock was trading 0.4% higher in London on Wednesday at 107.43 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Supermarket Income (SUPR)