Supermarket Income REIT has acquired a Tesco supermarket in Stoke-on-Trent, Staffordshire, for £34.7m. The price paid reflects a net initial yield of 7.5%.
The asset comprises a 54,451 sq ft net sales area omni-channel supermarket and petrol filling station, which sits on an 8.7 acre site.
The store, which was built in 1994, has been acquired with an unexpired lease term of 11 years and is subject to annual RPI-linked rent reviews (subject to a 4% cap and a 0% floor).
The acquisition was funded through the drawdown of the company’s existing revolving credit facility.
