Supermarket Income REIT, the real estate investment group, has announced the acquisition of a Sainsbury’s supermarket in Swansea, South Wales, and a Tesco supermarket in Maidstone, Kent, for a total purchase price of £73m.
The Sainsbury’s store opened in 1989 and was refurbished in 2016.
The seven acre city centre site comprises a 65,000 sq ft net sales area supermarket, an 18-pump petrol filling station and over 500 car parking spaces.
The store has a “purpose-built” online fulfilment centre which operates 16 vans, supporting Sainsbury’s online grocery network across the region. It is being acquired with an unexpired lease term of 27 years, with five-yearly, upwards only, open market rent reviews.
The Tesco site in Maidstone, Kent, was purpose built for Tesco in 1990 and extensively refurbished in 2007.
This seven acre site comprises a 39,000 sq ft net sales area supermarket, a 12-pump petrol filling station, 369 car parking spaces and a small parade of adjoining units.
It is being acquired with an “unexpired lease term” of 13 years, with five-yearly, upwards only, open market rent reviews.
Ben Green, director of Atrato Capital Limited, the investment adviser to Supermarket Income REIT, said: “These two stores are excellent additions to our growing portfolio of grocery real estate and were funded using the proceeds of our recently oversubscribed equity issue.
“Both assets have attractive underlying fundamentals and long histories of strong trading performances, providing a combined accretive weighted average unexpired lease term of 21 years.”