Supermarkets portfolio in UK was sold on a combined net initial yield of 4.6%

Supermarket Income REIT PLC has acquired a Sainsbury’s supermarket in Swansea, South Wales, and a Tesco occupied site in Maidstone, Kent, for a combined £73million.

The Sainsbury’s store, which opened in 1989 and was refurbished in 2016, contains a purpose-built online fulfilment centre that operates 16 vans, supporting the online grocery network across the region.

It is being acquired with an unexpired lease term of 27 years, with five-yearly, upwards only, open market rent reviews.

The Tesco site in Maidstone, Kent, was extensively refurbished in 2007 and like the Sainbury’s site also contains a petrol station.

 It is being acquired with an unexpired lease term of 13 years, with five-yearly, upwards only, open market rent reviews.

The vendor is Argo Real Estate with the sites acquired on a combined net initial yield of 4.6%.