Supermarket Income REIT has raised more than £300m to go on a major shopping spree.
The REIT had initially planned to raise £175m in an equity issue, but increased the target after realising just how much demand there was from investors.
Chair Nick Hewson said: “We have seen extremely strong demand for this issue. We are grateful for the continued support of our existing shareholders and are pleased to welcome new investors.”
Some of those were able to invest in the REIT for the first time following its move to the premium segment of the London Stock Exchange earlier this year.
Despite increasing the raise to £300m, Hewson said it was still oversubscribed.
Hewson added that its investment adviser had confidence in the REIT’s acquisitions pipeline.
“The team’s focus is now on deploying the capital efficiently into our pipeline of opportunities,” he added. “We have £150m of assets currently in exclusivity and a growing number of additional assets in our pipeline, representing opportunities in aggregate of over £700m.”
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