Supermarket Income REIT has unveiled plans to invest in its fourth asset, a supermarket in Scotland priced at around £50 mln (€56 mln), reflecting a net initial yield of 5.3%.
The specialist real estate investment trust floated on the London stock exchange in July, and purchased three assets with the net proceeds of the £100 mln raised via its IPO.
It has now announced a share placing to purchase the additional property, placing up to 19,999,999 ordinary shares - 19.99% of the company's existing issued share capital - at a price of 100 pence per share.
The remaining funds for the acquisition will come from its revolving credit facility of £100 mln (€112 mln), which it secured this summer with HSBC.
The asset in question has an unexpired lease term in excess of 20 years, and a significant catchment area within a 30 minute delivery time. Supermarket Income REIT said that the acquisition would provide further asset and geographic diversification while also increasing the weighted average unexpired lease term and net initial yield of the company's portfolio.
