Supermarket Income REIT has made its first acquisition in Northern Ireland, buying a Sainsbury’s supermarket and adjoining Homebase in Bangor, County Down, for £24.8m.
The deal for the 10-acre site, sold by John Morgan Estates, reflects a combined net initial yield of 6.6%.
The supermarket – which has 650 parking spaces and a petrol station – has an unexpired lease term of 15 years with five-yearly rent reviews subject to 2% fixed annually compounded uplifts. The 33,000 sq ft Homebase has an unexpired lease term of 10 years with five-yearly, open-market rent reviews
Ben Green, director of Atrato Capital, the REIT’s investment adviser, said the supermarket has “strong trading fundamentals and attractive lease terms”, adding that the debut deal in Northern Ireland adds “further geographical diversification” to the portfolio.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
