Supermarket Income shareholders endorse GBP100 million equity issue

Supermarket Income REIT PLC on Monday said shareholders have approved its plan to raised £100 million through equity issue to pursue acquisitions.

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

Shareholders voted for the new share issue at a general meeting on Monday.

The equity issue comprised an institutional placing, a placing to selected qualifying investors in South Africa, and a retail offer to be made via the Retail Book platform.

At the same time, Supermarket Income also said 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 Income said it expects the planned deals to be accretive to earnings per share from the first full financial year.

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