14th Jul 2025 07:54
(Alliance News) - Supermarket Income REIT PLC said on Monday it has acquired an omnichannel supermarket in Ashford, Kent, from Tesco PLC for GBP54.1 million.
The London-based real estate investment trust for property leased to grocery retailers said the purchase price for the 93,000-square-foot property reflects an "attractive" net initial yield of 7.0%.
The acquisition represents the first transaction for the company as it redeploys the proceeds arising from the formation of its strategic joint venture with funds managed by Blue Owl Capital, Supermarket Income said.
Late in April, Supermarket Income said it had formed a strategic joint venture with funds managed by Blue Owl Capital.
The joint venture provides a platform for further growth, seeking to acquire additional supermarket assets, with a view to grow the assets of the joint venture up to GBP1 billion over the coming years, the company said at the time.
"I'm very pleased that we have begun redeploying the proceeds arising from our recent joint venture, acquiring this top trading Tesco supermarket at an attractive price, which will make a material contribution to our earnings from day one," Supermarket Income Chief Executive Officer Rob Abraham said.
Supermarket Income said on Monday it sees a number of complementary routes to help drive growth, scale and liquidity while maintaining sector focus.
"This may include increasing the tenant weighting to operators for which the company currently has limited or no exposure to, and across a broader range of store formats, whilst maintaining the quality of the company's income profile," the group said.
By Artwell Dlamini, Alliance News senior reporter South Africa
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