TRADING UPDATES: Supermarket REIT Ups Stake In Sainsbury's Portfolio
Thu, 18th Feb 2021 12:15
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
Supermarket Income REIT PLC - real estate investment trust dedicated to investing in supermarket property - Doubles stake in UK's portfolios of Sainsbury's supermarket properties from an Aviva Investors managed fund. Stake in the portfolio upped to 51% from 25.5%. The 25.5% interest has been acquired through the company's existing 50-50 joint venture with British Airways Pension Trustees Ltd. The purchase price is GBP115.0 million, meaning the company's contribution to the JV to fund the acquisition is GBP57.5 million. The JV acquired its initial 25.5% interest from British Land PLC in May last year. Following this second acquisition, the JV's ownership in the portfolio is 51%. The remaining 49% beneficial interest is held by J Sainsbury PLC. The portfolio was originally created through two sale and leaseback transactions by Sainsbury's in 2000 and consists of the freehold interest in 26 Sainsbury's supermarkets. Company reiterates strategic rationale remains "compelling for this high quality portfolio of predominantly omnichannel supermarkets".