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Supermarket Income REIT to acquire Tesco omnichannel supermarket in England
Supermarket Income REIT has paid the British Steel Pension Fund £38.3 million ($47 million) to acquire a Tesco omnichannel supermarket in Worcester, England.
Tesco has been operating at the 6.5-acre site for more than 30 years. The site includes a 47,297-square-foot net-sales-area supermarket, a petrol filling station and 515 parking spaces. The store is also an online hub for Tesco.
Supermarket Income REIT said the acquisition is being funded from the first tranche of sales proceeds of the company’s stake in the Sainsbury’s Reversion Portfolio (SRP). In March, Supermarket Income REIT announced the sale of its interest in the SRP to Sainsbury’s for a total gross consideration of £430.9 million ($534 million).
“This acquisition further strengthens SUPR’s portfolio of top-trading omnichannel supermarkets, evidencing our ability to redeploy the proceeds of the SRP sale at