Supermarket Income REIT (SUPR) and Blue Owl Capital’s new UK supermarket real estate venture has acquired 10 assets in a £196m (€222m) sale-and-leaseback transaction.

SUPR said the joint venture has acquired the omnichannel Asda supermarkets and has also agreed terms to transfer five of its existing assets into the 50-50 joint venture, valued at £232m.

The FTSE 250 grocery property company said it expects to close on roughly £100m of additional assets currently held under exclusivity before the end of the calendar year.

Rob Abraham, CEO of Supermarket Income REIT, said: “These transactions further demonstrate our ability to deliver on our strategy, as we continue to successfully drive returns for our shareholders.

“Working closely with Blue Owl, we are pleased to have increased the scale of the JV through the addition of these top quartile Asda stores and the expected transfer of five existing stores. Looking ahead, we have further financing capacity to scale both our business and the joint venture portfolio.”

In April, SUPR seeded a new UK supermarket real estate platform by contributing eight properties valued at £403m from its portfolio. In return for a 50% stake, SUPR received £200m from funds managed by Blue Owl Capital.

The venture aims to increase its assets to as much as £1bn in the coming years.

To read the latest IPE Real Assets magazine click here.

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