Supermarket Income REIT raises GBP100 million through equity issue

Supermarket Income REIT PLC said on Wednesday afternoon it had raised £100 million as expected after equity issue to pursue acquisitions.

The London-based real estate investment trust offered 120.5 million new shares at 83 pence each, allowing the company to fund the acquisition of the advanced pipeline of nine assets for about £216 million.

Supermarket unveiled equity issue plan early on Wednesday, comprising an institutional placing, a placing to selected qualifying investors in South Africa and a conditional retail offer to be made via retail book.

Later that day it announced it had agreed to acquire a portfolio of three supermarkets for £118 million. The portfolio includes a Sainsbury's in Manchester, and two Tesco stores - one in Edinburgh and the other in Halifax.

In addition, the company said it had 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 has said it expects the planned deals to be accretive to earnings per share from the first full financial year.

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