LONDON (Alliance News) - Supermarket Income REIT PLC said on Wednesday it has raised GBP65 million through a placing and subscription of 64.4 million shares at a price of 101.0 pence per share.
Shares in the supermarket-focused real estate company were up 2.0% at 103.00 pence on Wednesday.
59.8 million shares were raised through the placing, and 4.5 million shares through the subscription.
Supermarket Income identified three acquisition opportunities in April, with one asset currently under exclusivity and another two assets in advanced due diligence. The fundraise will enable the company to purchase two of the target assets for an aggregate price of GBP104 million, it said.
"We are very appreciative of the support shown by both existing and new shareholders for this fundraising, which was oversubscribed and is a strong endorsement of our strategy. The proceeds of the Initial Issue will be used to fund the acquisition of two further omnichannel supermarket assets, which will enhance our stable, long-term, inflation-protected portfolio. The investment opportunity in the grocery real estate market remains compelling," said Chairman Nick Hewson.
Supermarket Income REIT now has 184.4 million shares issued overall.
Supermarket Income (SUPR)