Supermarket Income REIT has bought a Morrisons supermarket in Telford from Santander Trustees for £14.3m.
The deal for the four-acre site, which is located in the centre of the new 3,550-home Lawley Village development, reflects a net initial yield of 5%.
The 27,000 sq ft shopping centre also includes 220-space car park and an online click-and-collect facility.
It has been acquired with an unexpired lease term of 17 years and a break option in year 12.
The REIT has also increased its debt facilities with Bayerische Landesbank by £34.8m.
This compromises a £27.5m five-year tranche and a £7.3m tranche, and the funds will be used to finance recently acquired stores.
The REIT’s investment advisor, Atrato Capital director Ben Green, said: “This transaction represents an opportunity to acquire a modern Morrisons supermarket that is ideally located to benefit from the growing catchment at the centre of a significant 3,550-home development.
“We are also pleased to extend our relationship with BLB, a key funding partner for us as we grow.”
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