25th Apr 2018 13:26
LONDON (Alliance News) - Supermarket Income REIT PLC said Wednesday that it will raise up to GBP65 million via share issue to acquire three assets.
The company plans to issue up to 64.4 million new ordinary shares pursuant to a share placing and offer for subscription at 101 pence per share, a discount to the closing offer price of 102 pence per share on Tuesday.
Shares in the real estate investment trust were trading 0.3% higher at 101.30 pence Wednesday.
Supermarket Income has identified three acquisition opportunities, 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.
"As a board we are very excited by the current investment opportunity offered by the next set of assets in our pipeline. These new assets all meet our investment criteria and, once purchased, will enhance our portfolio by extending weighted average lease length, increasing portfolio net initial yield and providing further diversification," said Chairman Nick Hewson.
Related Shares:
Supermarket Income