Supermarket Income REIT plans to raise GBP100 million for acquisitions
Supermarket Income REIT PLC announced on Wednesday it plans to raise about £100 million through an equity issue to fund several acquisitions.
The London-based real estate investment trust for property leased to grocery retailers said the equity issue will comprise an institutional placing, a placing to selected qualifying investors in South Africa and a conditional retail offer to be made via retail book.
The equity issue, which is subject to shareholder approval, will help Supermarket acquire nine grocery assets for £216 million. The company will also use debt to fund these deals.
Supermarket said it expects imminently to acquire an "attractive" portfolio of three supermarkets for £118 million, which is due to complete in September. These supermarkets include a Sainsbury's in Manchester, and two Tesco stores in Edinburgh and Halifax.
In addition, the company said it has a further pipeline of six grocery assets in the UK let to major grocers, with completion expected in the next three months for £98 million.
Supermarket expects the planned deals to be accretive to earnings per share from the first full financial year.
"This fundraise will enable us to continue executing SUPR's growth strategy, and is the latest step towards our ambition of doubling the size of our portfolio," Supermarket Chief Executive Officer Rob Abraham said.
"These acquisitions will build on the significant strategic progress that we have delivered over the last 18 months, having created one of the most efficient and scalable platforms for growth with one of the lowest EPRA cost ratios in the sector," Abraham said.
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