Supermarket REIT has acquired a Sainsbury’s supermarket from Legal & General for £54.4m.
The 78,000 sq ft supermarket is located on a 10-acre site adjacent to Preston town centre in Lancashire.
The acquisition price of £54.4m reflects a net initial yield of 5.1%. It has been bought with an unexpired lease term of 22.5 years with annual RPI-linked rent reviews.
The REIT has also agreed a £47.6m five-year, interest-only, term loan facility with Dekabank. It is secured against the Preston Sainsbury’s and the Tesco supermarket in Mansfield, which it acquired in April 2019. The facility includes a £40m uncommitted accordion option.
Supermarket REIT was advised by Atrato Capital. L&G was advised by Colliers.
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