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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 £34.7 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.
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