Supermarket Income REIT (SUPR) intends to raise approximately £100m through a proposed equity raise to acquire an advanced pipeline of nine grocery assets for £216m.
The equity issue will comprise an institutional placing and a retail offer with the proceeds to be combined with leverage to enable the REIT to purchase the portfolio of sites.
Rob Abraham, CEO of Supermarket Income REIT, said: “This fundraise will enable us to continue executing SUPR’s growth strategy, and is the latest step towards our ambition of doubling the size of our portfolio. The pipeline of assets will be earnings-enhancing and aligns with our portfolio strategy of acquiring well-located grocery assets with strong trading histories, let on resilient triple-net leases.
“These acquisitions will build on the significant strategic progress that we have delivered over the last 18 months, having created one of the most efficient and scalable platforms for growth with one of the lowest EPRA cost ratios in the sector. We remain confident in the scale of opportunity in grocery real estate and will continue to build on our unique position as the leading landlord in the sector to grow and enhance returns for our shareholders.”
