Investor goes on £95m North West supermarket shopping spree
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Real estate investor Supermarket Income REIT has bought five sites across the North West for a total of £94.7m.
The acquisitions support the stock market-listed investment trust’s strategy “to deliver attractive long term income”.
It bought two Aldis, a Tesco, Morrisons, and an M&S Foodhall site in four separate deals across the North West.
Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income REIT, said: “These acquisitions provide geographic and tenant diversification, with the purchase of our first M&S Foodhall, as well as exposure to a number of high quality omnichannel supermarket assets.”
The acquisitions, along with a sixth site of the Morrisons in Murton, Durham, have a weighted average unexpired lease term (WAULT) of 15 years and reflect a combined net initial yield of 4.6%.
The largest individual deal was £50m for the 89,000 sq ft supermarket in Prescot, Merseyside, where Tesco has operated from since 1993.
Supermarket REIT paid Land Securities £28.9m for the Morrisons in Workington, Cumbria, £10.2m to London Metric Property for the Aldi and M&S Foodhall in West Derby, Liverpool, and £5.6m to OPP Investments for the Aldi in Oldham.