An investment trust has topped up its “growing portfolio” of grocery sites by spending millions on two Big 4 stores.
Supermarket Income Reit (SUPR) bought a Tesco in Swansea and the Maidstone Sainsbury’s for £73 million.
The sites, said to have “long histories of strong trading performances”, have a combined sales area of 104,000 square foot.
“These two stores are excellent additions to SUPR’s growing portfolio of grocery assets,” Atrato Capital director Ben Green claimed.
“Both assets have attractive underlying fundamentals and long histories of strong trading performances, providing a… lease term of 21 years.”
The supermarket sweep was apparently funded with “the proceeds of the recently oversubscribed equity issue”.
SURP bought six stores, totalling almost a quarter of a million square foot, in September for £113 million.
Its biggest purchase was a Tesco in Prescot, Merseyside for £50 million, though it also bought two Morrisons, two Aldis, and a Marks & Spencer foodhall.
The trust’s share price is currently hovering around 118p, up 12.6 per cent since this time last year.