UK grocery store property investor Supermarket Income REIT has increased its credit line with Sumitomo Mitsui Banking Corporation (SMBC) by £37.5 mln (€43.8 mln) to £104.5 mln (€122.0 mln).
The interest-only loan matures in September 2026 and is priced at a margin of 1.55% above the SONIA interest rate benchmark on the increase amount, with the existing £67 mln (€77 mln) remaining at a margin of 1.40% above SONIA, and is fully hedged for the term of the facility.
Overall, the company's loan-to-value ratio is healthy at 34%.
Ben Green, director of Atrato Capital Limited, the investment adviser to Supermarket Income REIT, said: ?‘We are pleased to continue our relationship with SMBC, a key funding partner to the Company. Our strong relationships with existing lenders, and quality of the portfolio, continues to allow the Company to access debt financing at attractive margins.’
Supermarket Income REIT owns 55 grocery stores with a portfolio value of £1.73 bn (€.01 bn) and catering to both online and in-person shoppers. It rents properties to major UK supermarket chains, including Tesco, Sainsbury’s, Waitrose, Morrisons, Asda, Marks & Spencer, and Aldi.
