Supermarket Income REIT plans fresh GBP50 million equity raise
Supermarket Income REIT PLC said on Tuesday that it intends to raise about £50 million to fund new acquisitions through an institutional placing via an accelerated bookbuild and a retail offer.
The London-based real estate investment trust specialising in supermarket properties plans to use the proceeds to buy six "earnings enhancing transactions", comprising twelve assets across convenience stores and supermarkets and a distribution centre.
The company expects to complete these acquisitions, totalling £65.2 million, by December 2026.
The new share issue will comprise an institutional placing, which will be conducted through an accelerated book-building process; a placing to selected investors in South Africa; and a retail offer to be made via RetailBook.
The latest deals came shortly after Supermarket raised £100 million of equity in July and deployed the proceeds, together with debt, to acquire grocery businesses for £222 million.
In July, the company also completed a £445 million debt refinancing, delivering lower borrowing costs and increasing its average debt maturity.
Supermarket said on Tuesday the new acquisition will further diversify its portfolio across grocery operators and asset types, supporting its ambition to double its portfolio size.
Shares in Supermarket were flat at ZAR18.85 on Tuesday morning in Johannesburg.
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