Retail park boss Nick Hewson’s company, Supermarket Income REIT, is planning an IPO.
The newly formed company is aiming to raise £200m from the share issue, through Stifel Nicolaus Europe, to buy supermarket freeholds let predominantly to Tesco, Sainsbury’s, Asda and Morrisons.
The company has lined up an initial £263m portfolio of Tesco and Sainsbury’s stores at a net initial yield of 4.9%.
Supermarket Income REIT, which intends to declare its first quarterly dividend in October 2017, is externally managed by Atrato Capital, set up by Ben Green and Steve Windsor, formerly of Goldman Sachs.
The pair have structured and executed £3.5bn of supermarket sale and leasebacks over the past 10 years.
Prior to forming Supermarket Income REIT, Hewson co-founded retail park specialist Grantchester with Paul Whight.
Hewson said: “Supermarkets provide secure, long-term income combined with the potential for substantial capital growth. The company has a strong management team, which has executed the majority of the supermarket property sale-and leasebacks in the UK, and an experienced board of directors.
“We have targeted an initial portfolio of assets and identified a substantial pipeline of additional acquisitions”.
To send feedback, e-mail Shekha.Vyas@egi.co.uk or tweet @shekhaV or @estatesgazette
