A shopper leaves a Tesco supermarket in London. JSE and London listed Supermarket Income REIT plans to soon add three new grocery stores to its portfolio, including a Tesco store in Edinburgh and a Tesco store in Halifax.
UK-based and JSE-listed Supermarket Income REIT (Supr) plans to raise £100 million (about R2,2 billion) via a rights issue, to help it acquire a pipeline of nine grocery assets for £216m.
The acquisitions align with the REIT’s ambitions to double the size of its portfolio.
"This fundraise will enable us to continue executing our growth strategy and is the latest step towards our ambition of doubling the size of our portfolio. The pipeline of assets will be earnings-enhancing and aligns with our portfolio strategy of acquiring well-located grocery assets with strong fundamentals,” said CEO Rob Abraham in a statement.
The rights issue will comprise an institutional placing conducted through an accelerated book build, launched on Wednesday, and will be available to new and existing eligible investors.
