9th Apr 2020 15:13
(Alliance News) - Supermarket Income REIT PLC on Thursday said it intends to raise GBP75 million through the issue of shares at 103 pence each.
The issue price represents a discount of 5.7% to Wednesday's close of 109.25p per share, and a 6.2% premium to net asset value per share as at the end of December of 97p.
The stock was trading 2.1% lower at 106.98p each on Thursday afternoon in London, giving the real estate investment trust a market capitalisation of GBP361.5 million.
Supermarket REIT said the funds will be used to invest in a pipeline of assets which comprise two assets worth around GBP115 million in total and other assets worth a total of around GBP180 million.
"The ability of omnichannel supermarkets to supply the local communities they serve has never been more important than it is now in response to Covid-19. As a board, we are fortunate during these difficult times to be able to raise capital to offer liquidity to vendors of supermarkets who may need the proceeds for other purposes," said Chair Nick Hewson.
Supermarket Income REIT said the new shares will qualify for the third quarterly dividend of 1.46p due to be paid in May.
By Ife Taiwo; [email protected]
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