Supermarket Income REIT has bought six Waitrose & Partners supermarkets for £74.1m, in a sale-and-leaseback.
Excluding purchase costs, the sum represents a net initial yield of 4.4%.
The portfolio comprises an average gross internal area of 32,000 sq ft. The stores are let to Waitrose on new 20-year leases, with a tenant-only break option in year 15.
These are subject to five-yearly, upward-only, CPIH-linked rent reviews, subject to a 3% cap and 1% floor.
The stores also form a key part of Waitrose’s UK online grocery fulfilment network.
Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income REIT, said: “All of the stores have an impressive trading record and are complementary to our existing portfolio, providing further tenant and geographic diversification.”
Full store list:
• Waitrose Eastbourne, High Street, BN21 1HR
• Waitrose Edenbridge, Mont St Aignan Way, TN8 5LN
• Waitrose Ely, Bray’s Lane, CB7 4QJ
• Waitrose Oundle, 66 East Road, PE8 4BZ
• Waitrose Sandbach, Flat Lane, CW11 4BE
• Waitrose Sudbury, Station Road, CO10 2SS
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