STORE SOLD IN £66M DEAL
A TESCO store in Llanelli has been bought for £66.8m.
The deal sees FSTE 250 listed real estate investment trust Supermarket Income REIT plc (SUPR) effectively becoming the new landlord with Tesco a rent paying tenant.
The 82,000 sq store was developed for Tesco in 1989 and occupies a 10 acre site at Parc Trostre. It also provide a 16-pump petrol filling station and 753 car parking spaces.
A TESCO store in Llanelli has been bought for £66.8m.
The property investment in the store at the Parc Trostre Retail Park has been acquired by FSTE 250listed real estate investment trust Supermarket Income REIT plc (SUPR), from M&G.
The deal sees SUPR effectively becoming the new landlord with Tesco a rent paying tenant. The 82,000 sq ft store was developed for Tesco in 1989 and occupies a 10acre site at Parc Trostre. It also provide a 16-pump petrol filling station and 753 car parking spaces.
The store is an online hub, with 10 home delivery vans and a dedicated click-and-collect facility. It is being acquired from M&G with an unexpired lease term with Tesco of 12 years, with annual and upwardsonly retail price index-linked rent reviews (subject to a 5% cap and 0% floor).
Ben Green, director of Atrato Capital, the investment adviser to SUPR, said: “This acquisition further strengthens SUPR’s portfolio of top trading omnichannel supermarkets. The store has strong trading fundamentals, comes at an accretive acquisition yield and is subject to annual index-linked rent reviews.”
SUPR has a property investment portfolio of 74 supermarket sites across the UK.