Supermarket Income REIT has announced the acquisition of a further stake in one of the UK's largest portfolios of supermarket properties from an Aviva Investors managed fund.
The 25.5% interest has been acquired through the company’s existing 50:50 joint venture with British Airways Pension Trustees (BAPTL) for £115 mln (€133 mln), excluding acquisition costs.
The JV acquired its initial 25.5% interest from British Land in May 2020. Following this second acquisition, the JV’s ownership in the portfolio is 51.0%. The remaining 49.0% beneficial interest is held by Sainsbury’s.
The portfolio was originally created through two sale-and-leaseback transactions by Sainsbury’s in 2000 and consists of the freehold interest in 26 Sainsbury’s supermarkets. It is a geographically diverse portfolio of stores with a London and southeast bias.
Nick Hewson, chairman of Supermarket Income REIT, said: ‘This acquisition increases the size of our investment in this high-quality Sainsbury’s property portfolio through our joint venture with British Airways Pension Trustees Limited. We will work closely with our tenant and co-owner, Sainsbury’s, to deliver a long-term occupational solution for them.’
