Supermarket Income to raise £150m to buy more sites
Supermarket Income REIT is planning to raise around £150m through a share placing to buy three properties valued at around £135m.
The REIT has identified a pipeline of potential acquisitions valued at more than £400m. Since the lockdown, it has deployed some £240m across five deals.
Its 104p issue price will represent a 6.3% discount to a closing price of 111p per ordinary share yesterday (16 September), and a 3% premium to NAV per ordinary share as at 30 June.
Supermarket Income REIT is planning to raise around £150m through a share placing to buy three properties valued at around £135m.
The REIT has identified a pipeline of potential acquisitions valued at more than £400m. Since the lockdown, it has deployed some £240m across five deals.
Its 104p issue price will represent a 6.3% discount to a closing price of 111p per ordinary share yesterday (16 September), and a 3% premium to NAV per ordinary share as at 30 June.
The landlord also reported 4% growth in EPRA NAV per share to 101p, during the year ending 30 June.
Net rental income grew by 53% to £26.4m, from £17.2m.
The value of its investment portfolio increased to £539m, from £368m in June 2019. This included £22.4m of valuation growth, excluding acquisition costs.
Profit before tax grew to £32.8m during the period, up from £10.6m in the previous year.
Nick Hewson, chairman of Supermarket Income REIT, said: “In an environment where income has become increasingly scarce, our highly specific investment strategy continues to provide our investors with stable, long-term, inflation-protected income, confirming our belief that supermarket real estate assets remain one of the most compelling asset classes in the UK investment market.”
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
