Supermarket Income REIT PLC buys J Sainsbury PLC supermarket in

Supermarket Income REIT PLC (LSE:SUPR) said it acquired a Sainsbury’s supermarket in Cannock, Staffordshire, from a client of CBRE Investment Management for £75.8mln.

The acquisition represents a net initial yield of 4.0%, the real estate investment trust said in a statement.

The asset is being acquired with an unexpired lease term of 15 years, with five-yearly, upwards only, RPI-linked rent reviews.

The property, which opened in 1997 and was refurbished in 2011, sits on a 9.1-acre site comprising a 73,000 square feet supermarket, a 12-pump petrol filling station and 490 car parking spaces.

The store also has a purpose-built online fulfilment centre with 12 vans that is part of Sainsbury’s online grocery network.

READ: Supermarket Income REIT acquires more Tesco and Sainsbury’s stores

Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income REIT, said: “This Sainsbury’s in Cannock is an excellent addition to our growing portfolio of high-quality omnichannel stores and was funded using proceeds from the recently oversubscribed equity issue. The property has strong trading fundamentals and forms a key part of Sainsbury’s online fulfilment network.”