Supermarket Income REIT has secured almost £140m in an oversubscribed share sale to help it buy new sites, close to double the amount it anticipated when announcing the deal earlier this month.
The company issued more than 135,748,000 new shares and raised £139.8m in a deal run by Stifel and Goodbody.
Supermarket Income said the “level and quality of demand” for the shares as well as the scope to acquire new sites allowed it to scale the deal up from the £75m it had planned to raise. Even at the larger size, the deal was “substantially” oversubscribed.
Chairman Nick Hewson, chief financial officer Jon Austen and director Cathryn Vanderspar all bought new shares in the fundraising.
Announcing the deal, the company said it was eyeing acquisitions totalling £295m and is in advanced discussions on two assets valued at £115m.
At the time, Hewson said: “The ability of omnichannel supermarkets to supply the local communities they serve has never been more important than it is now in response to Covid-19.
“As a board, we are fortunate during these difficult times to be able to raise capital to offer liquidity to vendors of supermarkets who may need the proceeds for other purposes.”
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