Supermarket Income REIT (SUPR) has completed the acquisition of a portfolio of 20 Carrefour supermarkets in France, in line with its strategy to deploy capital into accretive pipeline opportunities that support long-term dividend cover and growth.
The portfolio has been acquired through a direct sale and leaseback transaction, for a total purchase price of €123 million ($143 million).
The 20 strong performing omnichannel stores have long trading histories and form a key part of Carrefour’s “Drive” online fulfilment network, according to the release. The portfolio operates under the Carrefour brand and is geographically diversified across France, adding new and complementary locations to SUPR’s existing portfolio. The stores also benefit from low competition within each of their respective catchment areas, have an average gross internal area of about 44,000 square feet and are leased at affordable average rents of €9.70 per square foot ($11 per square foot).
