Supermarket Income REIT increases stake in portfolio from British Airways Pension Trustees
Supermarket Income REIT has acquired British Airways Pension Trustees’ (BAPTL) 25.5 percent beneficial interest in the Sainsbury's Reversion Portfolio for £196 million (€220 million/$238 million) resulting in the company’s beneficial interest in the SRP Portfolio increasing to 51 percent.
The remaining 49 percent beneficial interest in the SRP Portfolio is held by Sainsbury's plc.
The SRP Portfolio comprises the freeholds to 26 Sainsbury’s supermarkets, of which 21 properties will be acquired by Sainsbury’s for £1.04 billion (€1.17 million/$1.27 million) in two tranches in March 2023 and July 2023.
Beneficial ownership of the five remaining stores is held between Supermarket Income REIT and Sainsbury’s in the same proportions as the beneficial interests. Sainsbury’s has entered into new 15-year leases on four of these stores with five yearly open market rent reviews and a tenant break option at year 10. It is expected that the one store that ha