Supermarket Income REIT raises GBP60 million through equity
Supermarket Income REIT PLC said on Thursday that it had raised £60 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 had indicated on Tuesday it planned to raise £50 million through an institutional placing via an accelerated bookbuild and a retail offer.
Supermarket intends to acquire 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.
On Thursday, Supermarket said it will issue 73.1 million new shares at 82.0 pence each. It expects new shares to start trading on Tuesday next week.
The new share issue comprises an institutional placing 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, lowering borrowing costs and extending its average debt maturity.
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