PRUPIM Buys UK Supermarkets
PRUPIM, through the M&G Secured Property Income Fund, has acquired three Sainsbury’s superstores for £125 million in a sale-and-leaseback transaction. The leases are for 25 years, with rent reviews linked to the Retail Prices Index. The assets are located in Huddersfield, Truro and Worcester.
“These assets, which offer long-term income from a high-quality tenant, with the added security of good quality underlying real estate, meet the needs of institutional investors in the fund,” says Steffan Francis, director of fund management at PRUPIM.