LONDON (Alliance News) - Supermarket Income REIT PLC will be able to buy at least one supermarket asset, the company said Tuesday, at it plans a share placing.
Supermarket Income will issue 24.8 million new shares at a price of 101 pence each, raising GBP25 million. Shares were 1.9% lower on Tuesday at a price of 102.00p each.
The company said it has found two near-term targets which are in advanced due diligence, while its investment adviser has also begun due diligence on three further opportunities.
Supermarket Income said the GBP25 million will help it buy one supermarket, though if the target issue size is superseded, it may make a further purchase.
Chair Nick Hewson said: "I am very pleased by the opportunities our investment adviser has identified. They provide a pipeline of investment options which meet the company's investment policy and allow us to invest further in the future model of UK grocery.
"This transaction will enhance our existing omni-channel supermarket portfolio adding further geographical and income diversification."
Supermarket Income (SUPR)