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Supermarket Income REIT buys Tesco omnichannel store for GBP35 million

22nd Mar 2024 09:53

(Alliance News) - Supermarket Income REIT PLC on Friday said it will buy a big Tesco PLC omnichannel supermarket.

The London-based real estate investment trust focused on UK grocery stores said it will buy the Stoke-on-Trent, Staffordshire-based store for a total of GBP34.7 million, which reflected a net initial yield of 7.5%.

Supermarket Income said the acquisition comprises a 54,451 square feet net sales area and a petrol filling station which sits on an 8.7 acre site. "The store was built in 1994 and supports Tesco's online fulfilment operation via both home delivery vans and customer Click & Collect," it explained.

The store is being bought with an unexpired lease term of 11 years and is subject to annual retail price index-linked rent reviews with a 4% cap.

Supermarket Income shares rose 2.0% to 77.55 pence each on Friday morning in London.

By Tom Budszus, Alliance News slot editor

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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