Supermarket Income REIT aims to raise £100m in a share issue as it eyes up £600m of deals.
The grocery property investor said it would issue the shares at 115p, a 5p discount to yesterday’s closing prices of 120p per share. The issue will, however, be at a 6.5% premium to the company’s last reported EPRA NTA per ordinary share of 108p.
The £1.4bn REIT said its investment manager, Atrato Capital, had identified “a number of attractive acquisition opportunities”.
These include four assets with a combined value of £180m, three of which are currently under exclusivity and the other in advanced due diligence.
In addition, it has identified seven assets, valued at around £420m, that meet the company’s acquisition criteria. Supermarket Income said that if the target initial issue size is exceeded, it will consider buying additional assets in that pipeline.
Chair Nick Hewson said: “With an attractive pipeline of assets in place, this fundraise will enable the company to continue to execute on a number of transactions that meet our investment criteria, building on our strong track record of deploying capital into additional key omnichannel properties let to some of the UK’s largest supermarket operators.”
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