Supermarket Income REIT PLC RECEIPT OF SECOND TRANCHE OF SRP PROCEEDS (5712F)
11 Julho 2023 - 3:00AM
UK Regulatory
TIDMSUPR
RNS Number : 5712F
Supermarket Income REIT PLC
11 July 2023
11 July 2023
SUPERMARKET INCOME REIT PLC
(the "Company")
LEI: 2138007FOINJKAM7L537
Receipt of Second tranche of Sainsbury's Reversion Portfolio
proceeds
Supermarket Income REIT plc (LSE: SUPR), the real estate
investment trust providing secure, inflation-linked, long income
from grocery property in the UK, announces that, it has as
scheduled received GBP116.9 million in respect of the second
tranche of the consideration from the sale of its interest in the
Sainsbury's Reversion Portfolio (the "SRP Portfolio"), as
previously announced by the Company on 14 March 2023.
The Company will use the second tranche of net proceeds to
reduce debt in the near term. Based on the last published portfolio
valuation as at 31 December 2022, the Company's LTV will be c.33%
following this debt repayment.
As part of the final completion of this transaction, the Company
has acquired Sainsbury's 46% interest in the four remaining stores
in the SRP Portfolio. The net consideration for this acquisition is
GBP28.3 million (net of the Company's existing 54% interest and
excluding acquisition costs). Sainsbury's entered into new 15-year
leases on these stores with five yearly open market rent reviews
and a tenant break option at year ten.
Following the completion of the transaction which has generated
the Company total gross proceeds of GBP430.9 million and delivered
an IRR of 30% [1] , as previously reported, a promote fee of GBP7.5
million has been paid to Atrato Halliwell, an affiliate of the
Investment Adviser to the Company . Full details of the fee
structure are included in note 14 to the 30 June 2022 Annual Report
and Accounts.
FOR FURTHER INFORMATION
Atrato Capital Limited +44 (0)20 3790 8087
Steve Noble / Rob Abraham / Chris ir@atratocapital.com
McMahon
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Young / Matt Blawat / Rajpal
Padam
Goldman Sachs International
Jimmy Bastock / Tom Hartley +44 (0)20 7774 1000
FTI Consulting +44 (0)20 3727 1000
Dido Laurimore / Eve Kirmatzis SupermarketIncomeREIT@fticonsulting.com
/ Andrew Davis
NOTES TO EDITORS:
Supermarket Income REIT plc (LSE: SUPR) is a real estate
investment trust dedicated to investing in grocery properties which
are an essential part of the UK's feed the nation infrastructure.
The Company focuses on grocery stores which are omnichannel,
fulfilling online and in-person sales. All of the Company's
supermarkets are let to leading UK supermarket operators,
diversified by both tenant and geography.
The Company provides investors with attractive, long-dated,
secure, inflation-linked, growing income with the potential for
capital appreciation over the longer term and targets a 7% to 10%
p.a. total shareholder return over the medium term (1) .
The Company is listed on the premium segment of the Official
List of the UK Financial Conduct Authority and its Ordinary Shares
are traded on the Main Market of the London Stock Exchange, having
listed initially on the Specialist Fund Segment of the Main Market
on 21 July 2017.
Atrato Capital Limited is the Company's Investment Adviser.
Further information is available on the Company's website
www.supermarketincomereit.com
1. There is no certainty that these illustrative projections will be achieved
Stifel Nicolaus Europe Limited, which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively for Supermarket Income REIT plc and no one
else in connection with this announcement and will not be
responsible to anyone other than the Company for providing the
protections afforded to clients of Stifel Nicolaus Europe Limited
nor for providing advice in connection with the matters referred to
in this announcement.
Goldman Sachs International, which is authorised by the
Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority in the
United Kingdom, is acting exclusively for Supermarket Income REIT
plc and no one else in connection with this announcement and will
not be responsible to anyone other than the Company for providing
the protections afforded to clients of Goldman Sachs International
nor for providing advice in connection with the matters referred to
in this announcement.
[1] IRR based on gross returns excluding 12 January 2023 BAPTL
stake acquisition
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END
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