(Sharecast News) - Supermarket Income REIT said it had bought a 25.5% stake in the Sainsbury's Reversion Portfolio (SRP) for £196m from British Airways Pension Trustees, taking its holding to 51%.
The real estate investment trust's holding in the SRP is now 51% with the rest held by Sainsbury's.
The SRP Portfolio comprises the freeholds to 26 Sainsbury's supermarkets of which 21 properties will be bought by Sainsbury's for £1.04bn in two tranches in March 2023 and July 2023.
Beneficial ownership of the five remaining stores is held between the company and Sainsbury's in the same proportions as the beneficial interests.
As a result of Sainsbury's purchasing the 21 stores, the company will receive a minimum of £380m from the supermarket chain in two tranches, £264m in March 2023 and £116m in July 2023.
In May 2020, the Company formed a 50:50 joint venture with BAPTL to acquire from British Land Plc a 25.5% stake in the SRP Portfolio for £102m. Subsequently, in February 2021 the JV acquired a further 25.5% stake in this portfolio from Aviva for £115m.
Reporting by Frank Prenesti for Sharecast.com
Supermarket Income (SUPR)