Tesco superstore secured for £38m

Supermarket Income REIT has revealed its acquisition of a Tesco supermarket in Worcester for £38.3m.

The real estate investment trust has secured the site from the British Steel Pension Fund, through the sales proceeds of the company’s stake in the Sainsbury’s Reversion Portfolio.

Tesco has been operating at the 6.5 acre site for over 30 years. The site comprises a 47,297 sq ft net sales area supermarket, a petrol filling station and 515 car parking spaces. It is also an online hub for Tesco, with nine home delivery vans and a Click & Collect facility.

The store has an unexpired lease term of 12 years with annual upwards only RPI-linked rent reviews.
 
Ben Green, director of Atrato Capital, the Investment Adviser to Supermarket Income REIT plc, said: “This acquisition further strengthens SUPR’s portfolio of top trading omnichannel supermarkets, evidencing our ability to redeploy the proceeds of the SRP sale at yields which are accretive to the portfolio.”