Supermarket Income REIT has bought the Sainsbury’s supermarket in Cannock, Staffordshire, for £75.8m.
The grocery-focused, long-income REIT bought the 73,000 sq ft store from a client of CBRE Investment Management, with a net initial yield of 4%. It has an unexpired lease term of 15 years, with five-yearly, upwards-only, RPI-linked rent reviews, subject to a 4% cap and 1% floor.
As well as the store, the 9.1 acre site includes a 12-pump petrol filling station and 490 car parking spaces. The store also has a purpose-built online fulfilment centre which operates 12 vans.
Ben Green, director of Atrato Capital, the REIT’s investment adviser, said: “This Sainsbury’s in Cannock is an excellent addition to our growing portfolio of high-quality omnichannel stores and was funded using proceeds from the recently oversubscribed equity issue. The property has strong trading fundamentals and forms a key part of Sainsbury’s online fulfilment network.”
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