Supermarket Income REIT has acquired a Tesco store in Suffolk for £61m and has also secured a new £60m loan facility.
The REIT has sealed the deal for a Tesco Extra in Newmarket from Standard Life Pooled Pension Property Fund, reflecting a net initial yield of 4.6%.
The nine-acre site has a 68,000 sq ft supermarket, a 12-pump petrol station and a 654-space car park.
The REIT has also secured a £60m revolving credit facility with Wells Fargo. The facility has an initial five-year term and two further one-year extension options.
Ben Green, director of Atrato Capital, investment adviser to Supermarket Income REIT, said: “Our new facility provides us with very competitively priced, seven-year funding with room to grow to support the company’s future investment requirements.”
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