Supermarket Income REIT is looking to raise £75m through a share issue to back £295m in new acquisitions during the pandemic.
The issue price of 103p per share reflects a 5.7% discount to the closing price of 109.25p per share on 8 April 2020.
It is targeting £295m in acquisitions and is in advanced discussions on two assets valued at £115m, with a further pipeline of £180m in assets.
The REIT said the £75m and associated debt would enable these acquisitions and if the target issue size is exceeded it may purchase additional assets in the pipeline.
Chairman Nick 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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