£75.8m deal in the bag for real estate investor

X The Business Desk

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A Sainsbury’s supermarket in Cannock, Staffordshire has been snapped up in a £75.8m deal.

Supermarket Income REIT has bought the asset from a client of CBRE Investment Management.

The store opened in 1997 and was extensively refurbished in 2011.

The 9.1 acre site comprises 73,000 sq ft net sales area supermarket, a 12-pump petrol filling station and 490 car parking spaces.

The store has a purpose-built online fulfilment centre which operates 12 vans, forming a key part of Sainsbury’s online grocery network across the region.

The asset is being acquired with an unexpired lease term of 15 years, with five-yearly, upwards only, RPI-linked rent reviews.

Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income REIT, said:  “This Sainsbury’s in Cannock is an excellent addition to our growing portfolio of high-quality omnichannel stores and was funded using proceeds from the recently oversubscribed equity issue.

“The property has strong trading fundamentals and forms a key part of Sainsbury’s online fulfilment network.”