Property giant acquires Staffordshire Tesco for £34m

Supermarket Income REIT, known for investing in UK grocery properties, has acquired a Tesco supermarket in Stoke-on-Trent, Staffordshire, for £34.7m.

The supermarket, built in 1994 is used for Tesco’s online deliveries and Click & Collect services, it covers 54,451 sq ft and includes a petrol filling station on an 8.7-acre site.

This acquisition comes with an unexpired lease term of 11 years, subject to annual rent reviews linked to the Retail Price Index (RPI), with a capped increase of 4% and a floor of 0%.

To fund the acquisition, Supermarket Income REIT utilised its existing revolving credit facility.

Supermarket Income REIT also revised its investment advisory agreement with Atrato Capital Limited and JTC Global AIFM Solutions.

Changes in amendments clarify termination terms, especially in events like takeovers or liquidation, ensuring a fair and clear process for both parties.